Rennova Health Announces Successful Completion of Required CMS Accreditation Survey for Big South Fork Medical Center
WEST PALM BEACH, FL --(Marketwired - September 29, 2017) - Rennova Health,
Inc. (NASDAQ: RNVA) (NASDAQ: RNVAZ) ("Rennova" or the
"Company"), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare
providers, announces that Big South Fork Medical Center had their 2-day accreditation survey conducted by DNV as required by CMS.
After receiving the final report from DNV CMS will issue a Medicare number that is needed to secure payment from Medicare and
Medicaid. Approximately 60% of the services provided in the hospital are payable by federal payers and this number is required to
receive payments and get credentialed with other insurers.
Big South Fork Medical Center (BSFMC) opened on August 8th 2017, with services that include a 24/7 emergency
department along with radiology services that include X-ray, CT scan, ultrasound. Other available services include a laboratory,
respiratory therapy, physical therapy, a medical/surgical unit and swing beds. The first month of operations has exceeded
Rennova's expectations and is indicative of the need for this service in the local community.
"This is the final hurdle to reopening this hospital and it will enable us to collect payment for services provided," said
Seamus Lagan, CEO of Rennova. "We look forward to the continued success and growth of this hospital and remain confident that
this is an excellent business model to create value for our shareholders."
As previously announced, the opening of this hospital signifies a new direction, which the Company believes will ensure
predictable and reliable payment for needed services in the healthcare sector. The hospital had unaudited annual revenues of
approximately $12 million, and a normalized EBITDA of approximately $1.3 million for fiscal 2015, the last full year of the
hospital's operation. Rennova believes that operations during the hospital's first month of business provide a strong indication
that it can rebuild these revenues back to, and exceed, the levels achieved by the hospital in 2015 of approximately $1 million
per month.
"We are delighted that our efforts to date have been ratified by this outcome and we look forward to the provision of
additional services in the near future now that we know we can get paid," said Tony Taylor, CEO of Scott Community Hospital,
Inc.
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and
supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior
clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating
the next generation of healthcare. For more information, please visit www.rennovahealth.com.
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