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Rennova Health Inc. (RNVA)

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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.

 

Brands

 

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

June 10, 2019

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

 

 

logo.jpg

 

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

 


 

 

Home  News  Local News  Rennova rejects invite to sell Jamestown Regional

RENNOVA REJECTS INVITE TO SELL JAMESTOWN REGIONAL

By
 IH Staff
 -
August 7, 2019

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

 

 
SECURITY NOTES
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.
RNVA
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RNVA News: Annual Report (10-k) 10/21/2019 06:02:34 AM
RNVA News: Current Report Filing (8-k) 10/02/2019 04:39:20 PM
RNVA News: Current Report Filing (8-k) 09/03/2019 05:21:12 PM
RNVA News: Current Report Filing (8-k) 07/29/2019 09:00:51 AM
RNVA News: Current Report Filing (8-k) 07/01/2019 05:16:23 PM
News News Alert: Annual Report (10-k) 10/21/2019 06:02:34 AM
PostSubject
#81391  Sticky Note https://youtu.be/RHi49WzLtXk George1234 09/30/19 03:08:32 PM
#75967  Sticky Note RNVA is one of the most heavily shorted stock. John/bal 06/04/19 09:53:58 AM
#83212   0.0003 this week? George1234 10/22/19 04:32:35 AM
#83211   By penny standards, today filing was pretty promising, fnyack 10/22/19 12:22:41 AM
#83210   That's been the biggest kicker/puzzle to this for stockplayer-11 10/22/19 12:17:47 AM
#83209   I agree, when’s the next filing due? fnyack 10/22/19 12:14:48 AM
#83208   You got a point there, let’s see what happens. fnyack 10/22/19 12:13:30 AM
#83207   I'm following the big money. As long as stockplayer-11 10/21/19 11:39:41 PM
#83206   It's a really nice release. It shows the stockplayer-11 10/21/19 11:38:01 PM
#83205   Laughable... PennyPiranha 10/21/19 11:00:28 PM
#83204   Bull. For some reason jolly’s pod casts Benwahsauce 10/21/19 10:50:58 PM
#83203   nice release billy7460 10/21/19 10:22:54 PM
#83202   Exactly because we're on Earth not in hell;) Devils lettuce 10/21/19 09:55:10 PM
#83201   Not a chance in hell.... PennyPiranha 10/21/19 09:28:47 PM
#83200   50 mil revs is for 2020 but you Devils lettuce 10/21/19 09:28:14 PM
#83199   Well from what I can tell all ceo's Devils lettuce 10/21/19 09:16:31 PM
#83198   Soon in Seamus time or Real time? Filterthenoise 10/21/19 09:07:36 PM
#83197   I changed my mind. New prediction....soon Devils lettuce 10/21/19 08:32:18 PM
#83196   You were aware? Cmon now. Benwahsauce 10/21/19 08:19:55 PM
#83195   Yeah what? It was always this number.....he Benwahsauce 10/21/19 08:18:19 PM
#83194   Next week Devils lettuce 10/21/19 08:05:48 PM
#83193   Q's this week or next? Filterthenoise 10/21/19 07:30:40 PM
#83192   Who is the majority shareholder? fnyack 10/21/19 06:44:10 PM
#83191   Don’t put any money in the pennies you fnyack 10/21/19 06:41:21 PM
#83190   Agreed, but the R/S is coming and it fnyack 10/21/19 06:36:42 PM
#83189   You the the one that expired and was stockplayer-11 10/21/19 06:35:36 PM
#83188   That one has literally expired and that is stockplayer-11 10/21/19 06:33:40 PM
#83187   That’s what they promised. fnyack 10/21/19 06:33:22 PM
#83186   Yeah but not 10,000:1 lol Slcdiver 10/21/19 06:32:35 PM
#83185   Come on guy, you know better than that, fnyack 10/21/19 06:30:31 PM
#83184   Hey Macd, where is your sense of community? fnyack 10/21/19 06:25:17 PM
#83183   There is no 1/10,000 coming. That expired. 100% facts. stockplayer-11 10/21/19 06:17:34 PM
#83182   ok...u might be right...i saw buying at .0001's macdwatcher1 10/21/19 06:17:27 PM
#83181   That's wishful thinking. There is no run here. stju1979 10/21/19 06:12:23 PM
#83180   There is no rewards in buying this stock. stju1979 10/21/19 06:11:11 PM
#83179   Sorry, they’re not making promises 1>10,000 is coming fnyack 10/21/19 06:06:19 PM
#83178   Less than $20K buying power will max out George1234 10/21/19 05:48:05 PM
#83177   Sure. I would rather buy above 0.0006 than George1234 10/21/19 05:35:17 PM
#83176   i was thinking of buying this...but got cold macdwatcher1 10/21/19 05:25:06 PM
#83175   I see movement Barryspc 10/21/19 04:54:56 PM
#83174   That’s all this board is.... lol PennyPiranha 10/21/19 04:20:45 PM
#83173   Actually 100% false information was posted. Imagine that. stockplayer-11 10/21/19 04:20:03 PM
#83172   Obviously someone posted the truth and it got PennyPiranha 10/21/19 04:17:20 PM
#83171   LINK or SOURCE PLEASE DeafTrader2 10/21/19 04:02:04 PM
#83170   When?!?!?!?! Stop spreading lies! Slcdiver 10/21/19 03:52:11 PM
#83169   Lolol you really don't understand this at all stockplayer-11 10/21/19 03:50:47 PM
#83167   Provide a link please. Thanks Backstabbed 10/21/19 03:30:41 PM
#83165   Seriously LOL! Slcdiver 10/21/19 03:26:39 PM
#83164   Where in all of that says a 10,000:1...? Slcdiver 10/21/19 03:25:46 PM
#83163   You would think it wouldn't be that difficult stockplayer-11 10/21/19 03:21:31 PM
#83162   It's one of the most bizarre flips I've stockplayer-11 10/21/19 03:18:49 PM
#83161   I still believe there is a major short Backstabbed 10/21/19 03:17:51 PM
PostSubject