WEST PALM BEACH, Fla., June 27, 2018 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that acquired its second rural hospital in Jamestown, Tennessee on June 1, 2018, announces that it has received confirmation from the Tennessee Department of Health that they have completed the change of ownership (CHOW) process and issued a license number to Jamestown TN Medical Center, Inc.
The Company also received confirmation that Palmetto GBA has completed its part in processing the Change of Ownership (CHOW) for CMS Form 855A for the hospital and has made a ‘Recommendation for Approval’ to the State of Tennessee and to the CMS Regional Office (Center for Medicare and Medicaid). The CMS Regional Office makes the final decision as to eligibility and granting of Medicare billing privileges.
“These are significant hurdles that have been accomplished in record time,” said Seamus Lagan, CEO of Rennova. “Our team is working diligently to complete the CHOW for CMS Form 855A, which enables us to bill and receive payment for the services provided. We look forward to completion of the process and are ready to file claims for the services provided to date immediately when we receive the necessary approvals. We remain confident that this hospital is an excellent business and addition to the model we have adopted to create value for our shareholders”.
“Following the acquisition, we have noted a positive support of our community, medical staff and official bodies as we continue to work through the final stages of the CHOW”, said Lynette Pritchett, CEO of Jamestown TN Medical Center, Inc. “We are excited to complete the CHOW process and focus on growing the services offered to the communities we serve. As we exit the first month post acquisition, initial gross revenues show favorably against historic figures, and with the planned addition of a general surgeon at the facility in August 2018 we expect to see these revenues continuing to grow. With the backing of Rennova, Jamestown Regional Medical Center is poised for a positive future.”
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.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.