BUSINESS DESCRIPTION
Rennova Health, Inc. is a vertically integrated Public Company that provides industry leading Diagnostics and supportive software solutions to healthcare providers. Rennova recognizes that modern healthcare requires a combination of technology and diagnostics to deliver an efficient and effective patient experience and superior clinical outcome. Rennova will continue bringing innovation to healthcare providers and deliver a single source solution through an ever-expanding group of strategic brands that work in unison to empower customers and drive growth.
HOSPITALS
Jamestown Regional Medical Center is an 85-bed facility and is fully accredited by the DNV serving Jamestown and the surrounding areas. The hospital offers a 24-hour Emergency Department, a Radiology Department, a Surgery Center and a Wound Care & Hyperbaric Center.
Mountain View Physician Practice, previously known as Upper Cumberland Surgical Clinic, has been serving Jamestown and its surrounding areas for over 20 years, providing the highest standards in patient care and treatment plans. Mountain View offers a wide range of services including Hernia Repair, Appendectomy and Cholecystectomy.
Big South Fork Medical Center is a 25-bed DNV accredited hospital offering quality healthcare for Oneida and the surrounding area, providing 24/7 Emergency Department Services, Diagnostic Imaging (including the county’s only 64 Slice CT Scanner), Clinical Laboratory Services, Cardiopulmonary and other patient care needs for both inpatients and outpatients. Big South Fork Medical Center is also home to Doc’s Diner – providing wholesome food for the local community.
Jellico Medical Center is a fully operational 54-bed acute care facility in Jellico, TN that offers comprehensive services including ultrasound and CT, nuclear medicine, surgery (general, gynecological and vascular),wound care and hyperbaric medicine, laboratory services, emergency care, and physical therapy.
Rennova Health’s Medytox Diagnostics subsidiary owns and operates five high-complexity CLIA-certified labs, strategically located across the country and offering superior logistics and specimen integrity, faster turn-around times, dedicated customer service and access to Advantage, a complete laboratory ordering and reporting software application. Medytox diagnostic testing is supported by a full professional staff, 24/7 service and the most advanced analytical technology, including ultra-performance LC-MS/MS.
RENNOVA HEALTH ANNOUNCES APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER AT JAMESTOWN MEDICAL CENTER
WEST PALM BEACH, Fla., June 10, 2019 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that acquired Jellico Community Hospital, its third rural hospital in Tennessee, at the beginning of March 2019, announces the appointment of Michael Alexander, FACHE as Chief Executive Officer of Jamestown Medical Center, Inc. effective June 10, 2019.
Mr. Alexander is a highly accomplished and experienced Operations Executive specialized in hospital administration and healthcare operations. Prior to joining Rennova Health as CEO of its Jamestown hospital, Mr. Alexander spent 10 years as Hospital Administrator with Tanner Health Systems in Georgia, where he managed overall operations of a 25-bed joint commission-accredited Critical Access Hospital with over $98 million in revenue and over 22,000 ED visits per year.
Mr. Alexander has a B.S. in Psychology from Troy University, Troy, Alabama, and an M.S. in Community Counseling from Georgia State University, Atlanta, Georgia.
“We are delighted to welcome Michael to the Rennova team,” said Seamus Lagan, CEO of Rennova Health, Inc. “His knowledge and experience in the rural hospital sector will ensure excellent leadership for our Jamestown hospital. Michael is originally from Dothan, AL and has spent a large portion of his career in Georgia. He now lives in East Tennessee and fully understands the needs and workings of a rural community.”
“I believe that Jamestown Medical Center can effectively serve the medical needs of our area in a manner that is professional and efficient” said Michael Alexander “and I look forward to applying my knowledge and experience to oversee the hospital through its current challenges and to provide the very best medical care possible to this community.”
Jamestown TN Medical Center, Inc. is an 85 bed facility of approximately 90,000 square feet on over eight acres of land, which offers a 24-hour Emergency Department with two spacious trauma bays and seven private exam rooms, inpatient and outpatient medical services and a Progressive Care Unit which provides telemetry services.
As has been publicized, CMS has decided to terminate the hospital from participation in the Medicare program effective June 12th. Every effort is currently being made to correct this matter in the immediate future. Rennova is committed to the citizens of the communities served, for the long term, and we look forward to sharing more positive actions in the coming months as we correct the current situation with CMS, invest in and provide additional services from the hospital.
Contacts:
Rennova Health
Sebastien Sainsbury, 561-666-9818
ssainsbury@rennovahealth.com
Source: Rennova Health, Inc. Released June 10, 2019
RENNOVA HEALTH GIVES FINANCIAL UPDATE ON 2018
WEST PALM BEACH, Fla. (February 20, 2019) – Rennova Health, Inc. (OTC: RNVA), (OTC: 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 Tennessee on June 1, 2018, announces that its 2018 revenues demonstrate continued growth momentum.
Rennova is pleased to announce preliminary net revenues for the year ended December 31, 2018 of approximately $15.3 million. This number remains subject to final review and potential adjustment before the annual financial statements are filed. This represents an increase of approximately $10.7 million from the reported net revenues for 2017. This preliminary revenue includes operations of Rennova’s second hospital in Jamestown, Tennessee, which it acquired on June 1, 2018. The Company continues to take a conservative position on revenue recognition in hospital operations and will maintain this position until we have adequate historical information to evidence total collection rates.
“We believe that 2018 was a pivotal year and expect our business model for the rural hospital sector to deliver profits and significant growth for Rennova in the coming years,” said Seamus Lagan, CEO of Rennova. “We expect increased revenue in 2019 from ownership of existing facilities for the full year and continue to analyze additional acquisition opportunities with an expectation that one or more will be accomplished in 2019. We expect to file our 2018 financial statements on time and look forward to providing a further update when filed.”
Contacts:
Rennova Health, Inc.
Sebastien Sainsbury, 561-666-9818
ssainsbury@rennovahealth.com
RENNOVA REJECTS INVITE TO SELL JAMESTOWN REGIONAL
JAMESTOWN — Rennova Health has declined an offer to sell Jamestown Regional Medical Center, the company said Wednesday.
Rebecca Lagan, Rennova’s marketing manager, said Wednesday that “a private individual” had made an offer to purchase the Jamestown hospital. But, she added, Rennova declined the offer.
"Rennova has a long term business plan to own and operate the hospitals it purchased and has no plans to sell any of them."
The Fentress Courier was the first to report, earlier Wednesday, that an offer had been submitted for the hospital. The newspaper quoted Fentress County Executive Jimmy Johnson as saying, “There has been an offer made to buy the hospital, this time in writing. I talked to Mr. Michael Alexander, the CEO of JRMC, who said that he would forward the offer to Mr. (Seamus) Lagan (Reennova CEO).”
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Rebecca Lagan said that “Rennova has a long term business plan to own and operate the hospitals it purchased and has no plans to sell any of them.”
Rennova, a Florida-based company, owns hospitals in Oneida and Jellico, in addition to Jamestown.
Jamestown Regional has been closed since June 17. The hospital closed its doors just days after its licensure was revoked by the Centers for Medicare & Medicaid Services (CMS), meaning it could no longer be reimbursed for services provided to patients covered by those insurances.
The hospital’s closure culminated months of financial turmoil. CMS surveys had painted a bleak picture of the hospital’s hopes for long-term survival: Millions of dollars in unpaid invoices that had resulted in a loss of some services, employees who said that their tax withholdings weren’t being paid to thee IRS, and doctors who were declining to use the facility.
Since the hospital’s closure, however, Rennova has said that it has made full payments to the IRS, as well as payments to the State of Tennessee that allows the hospital’s laid-off employees to collect unemployment insurance, and that it has begun the process of reobtaining its CMS licensure.
“Jamestown Regional Medical Center Inc. has initiated the process to get reinstated in the MC program and has submitted paperwork as guided by its legal team who continue to communicate and work diligently on the matter,” Rennova said in a June 21 statement. “We look forward to a successful outcome on this matter but have no control of the timeframe that the relative parties will complete their part in the process.”
Jamestown Regional was the second hospital purchased by Rennova, a diagnostics and laboratory firm. The company purchased the Fentress County hospital from Tennova in early 2018. Earlier, Rennova had purchased Scott County Hospital from Pioneer Health Services as the Mississippi-based company navigated bankruptcy procedures. Rennova reopened the Oneida facility as Big South Fork Medical Center on August 8, 2017. Following the acquisition of the Jamestown hospital, Rennova purchased Jellico Community Hospital in northern Campbell County.
As financial woes mounted at the Jamestown hospital, there were accusations of efforts within the hospital to undermine its operation, according to multiple sources who spoke to the Independent Herald in May and June. As the situation worsened, it was reported on May 16 that the hospital was closing, after CMS ordered it to voluntarily lock its doors by nightfall or be forced to close. It was never clear where that report — first reported in the Cookeville Herald-Citizen, which quoted State Rep. John Mark Windle, D-Livingston — originated. The Independent Herald questioned the veracity of the report; CMS does not have the authority to order hospitals to close. The federal agency confirmed to the IH days later that it was actively working with the hospital after notifying the facility in February that it would revoke its licensure in 90 days, but said it did not give the hospital an ultimatum to close.
After news broke of the hospital’s apparent near-closure on May 16, Windle became a vocal public critic of Seamus Lagan. He referred to the Rennova CEO as an “Irish gangster” on multiple occasions, and called on authorities to investigate Lagan. Lagan has since sued Windle for $100,000 in a defamation claim. That case is proceeding in federal court.
While the Jamestown hospital remains closed, Big South Fork Medical Center and Jellico Community Hospital remain open. In fact, BSFMC will mark its second anniversary on Thursday, and issued a statement on social media Wednesday morning assuring the public that it remains open. The statement was in response to an apparent mistake that was reported by a Knoxville television station late Tuesday.
Outstanding and Authorized
Outstanding Shares as of 07/26/2019: 6,508,936,775
Authorized Shares: 10B
Financials as of Sep 2018
https://ir.rennovahealth.com/all-sec-filings/content/0001493152-18-016174/0001493152-18-016174.pdf
Net Income (loss)
Our net income from continuing operations was $97.4 million for the three months ended September 30, 2018, as compared to a net loss of $4 million for the three months ended September 30, 2017. The net income is due primarily to the revaluation of our derivative instruments resulting in a gain of $109.3 million, among other items.
2018 Preliminary Earnings Report
February 20, 2019 16:06 ET | Source: Rennova Health, Inc.
WEST PALM BEACH, Fla., Feb. 20, 2019 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: 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 Tennessee on June 1, 2018, announces that its 2018 revenues demonstrate continued growth momentum.
Rennova is pleased to announce preliminary net revenues for the year ended December 31, 2018 of approximately $15.3 million. This number remains subject to final review and potential adjustment before the annual financial statements are filed. This represents an increase of approximately $10.7 million from the reported net revenues for 2017. This preliminary revenue includes operations of Rennova’s second hospital in Jamestown, Tennessee, which it acquired on June 1, 2018. The Company continues to take a conservative position on revenue recognition in hospital operations and will maintain this position until we have adequate historical information to evidence total collection rates.
“We believe that 2018 was a pivotal year and expect our business model for the rural hospital sector to deliver profits and significant growth for Rennova in the coming years,” said Seamus Lagan, CEO of Rennova. “We expect increased revenue in 2019 from ownership of existing facilities for the full year and continue to analyze additional acquisition opportunities with an expectation that one or more will be accomplished in 2019. We expect to file our 2018 financial statements on time and look forward to providing a further update when filed.”
https://www.globenewswire.com/news-release/2019/02/20/1738811/0/en/UPDATE-RENNOVA-HEALTH-GIVES-FINANCIAL-UPDATE-ON-2018.html
Spin Offs
The Company’s condensed consolidated financial statements are prepared assuming the Company can continue as a going concern, which contemplates continuity of operations through realization of assets, and the settling of liabilities in the normal course of business. Initial cost savings were realized by reducing the number of laboratory facilities to one for most of its toxicology diagnostics, thereby reducing the number of employees and associated operating expenses. During 2017, the Company’s Board of Directors voted unanimously to spinoff Advanced Molecular Services Group (“AMSG”) and Health Technology Solutions, Inc. (“HTS”), as independent publicly traded companies by way of tax-free distributions to its shareholders. Completion of these spinoffs is expected to occur during the second half of 2018. The spinoffs are subject to numerous conditions, including effectiveness of Registration Statements on Form 10 to be filed with the Securities and Exchange Commission and consents, including under various funding agreements previously entered by the Company. The intent of the spinoffs of AMSG and HTS is to create three public companies, each of which can focus on its own strengths and operational plans. In accordance with ASC 205-20 and having met the criteria for “held for sale”, the Company has reflected amounts relating to AMSG and HTS as disposal groups classified as held for sale and included as part of discontinued operations. AMSG and HTS are no longer included in the segment reporting following the reclassification to discontinued operations
Contact Info
New & Secondary Issue=10-95 4,100,000 shs at $12 by Merrill Lynch & Co. et al.
Capital Change=shs decreased by 1 for 12 split Pay date=07/25/2006.
Capital Change=shs decreased by 1 for 5 split Pay date=06/17/2011.
Capital Change=shs decreased by 1 for 10 split Ex-date=11/03/2015.
Capital Change=shs decreased by 1 for 30 split Ex-date=02/23/2017.
Note = Delisted from Nasdaq on 10-25-2017
Capital Change=shs decreased by 1 for 15 split Ex-date=10/06/2017.
Capital Change=shs decreased by 1 for 500 split. Ex-date=11/13/2018. Pay date=11/13/2018.