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I wonder if Rennova is in this mix...the Mayor has met with 5 different entities...they hope to have something in place within a few months.
https://www.themountainpress.com/lafollette/jellico-mayor-has-met-with-five-different-entities-in-search-for-new-hospital-operator/article_4ca2fe3d-f89c-5bac-b82a-fa66d9c9008f.html
imho
mj
I think I was able to get 500k or 600k so far at .00005. Hopefully those turn out to be the bargain of the century when this thing moves. :)
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mj
I don't see it now on etrade?
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mj
LoL yup I'm with ya. I had 2 goals in mind...got to the first...then ended up having time to get just about to the 2nd by chipping away over the last month or 2.
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mj
Gotcha, gotcha..I need another 2.5m myself to get to a nice round number for me. I'll probably add them soon. I likely won't add anymore after that.
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mj
Is that you? Retail? or the Company? Either way its nice to see more shares being soaked up.
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mj
"While they await to hear news if someone can run Jellico"...The news keeps mentioning that BSFM has found a way to stay open in the face of many closures. Are they starting to put the heat on the city to get Rennova Health back in there? One thing is clear...they seem desperate to get that hospital back up and running soon. Also we know whatever is going on with Rennova...Jamestown is also part of it...whether there is a merger or acquisition in the works or if they are just continuing on the recovery path started a few years ago.
https://www.wvlt.tv/2024/05/22/campbell-county-mayor-explains-what-losing-jellico-hospital-means-community/?outputType=amp
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mj
Sounds good to me. Bring the noise. In the mean time this was nice to see. https://www.wvlt.tv/2024/05/21/one-east-tennessee-medical-center-finds-ways-stay-open-amid-surge-hospital-closures/
They are starting to get noticed.
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mj
Uh Ohhh..Looks like the media is picking up on the fact that BSFM is just a little bit different.
BUCKING THE TREND THEY SAY?!?
One East Tennessee medical center finds ways to stay open amid surge of hospital closures
Big South Fork Medical bucks trend of rural hospital closures.
A group of police officers in Iowa stepped in for their fallen comrade by attending his daughter’s graduation. (KCCI, CNN, The Gowrie News/Family Photos)
By William Puckett
Published: May. 21, 2024 at 7:35 PM EDT|Updated: 16 hours ago
ONEIDA, Tenn. (WVLT) - In an age where rural hospitals in Tennessee are closing at breakneck pace, one in Scott County is bucking the trend.
Big South Fork Medical in Oneida had closed several times over the years, but it found a groove.
”That’s pretty much true of any hospital, big or little, the challenges are just a little different,” said Hal Leftwich, the CEO of Big South Fork Medical.
Leftwich is talking about the struggles his hospital faces, but he said the separation between little and big hospital isn’t that far apart these days.
”Finding qualified and licensed people and being able to afford them,” said Leftwich.
The CEO’s career spans more than four decades, the majority of it in rural hospitals.
”We’ve seen here some of the things that are good and some of the things that are challenges,” said Leftwich.
Leftwich is finding ways to get creative in Oneida, working on payouts from insurance and reclassifying bed space.
”We have a lot of good points to make with the insurance companies. We’ve been fortunate to be considered a critical access hospital, which puts us in a different Medicare category and pays us a little differently,” said Leftwich. ”We’ve started a program we call “swing beds” which are kind of like skilled nursing type beds but we use hospital beds.”
Leftwich exemplified the swing beds as a way to better care for patients, keep money flowing and take the strain of hospital partners in larger metro areas.
”The idea from the larger hospital is we can help them because they’re trying to control their length of stay because they need the bed to turn over for another patient. They’re busy, so they can send that patient back, which helps out the patient and the family,” said Leftwich.
While work doesn’t finish and Leftwich still has positions to fill, this could be a road map of sorts to making rural healthcare work in an era where it’s becoming fewer and further between.
Copyright 2024 WVLT. All rights reserved.
https://www.wvlt.tv/2024/05/21/one-east-tennessee-medical-center-finds-ways-stay-open-amid-surge-hospital-closures/
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mj
Is today the day? Looking for a little hailstorm of filings one of these days... :)
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mj
I'm not sure I have ever been more excited to see financial filings from a .0001 stock. NFREQUENT has been around for and involved in some of the biggest runners in recent OTC history. He's been on this here for 2 years patiently waiting. I feel here we are in some good company here. There is no amount of FUD that can put the brakes on a well performing .0001 stock that has a plan and executes into profitability. This is a former Nasdaq ticker..not your typical pink scam with no earnings. Yep RNVA had to dilute and reverse and dilute to survive their situation. It appears the tides have turned according to the last 2 years worth of filings. I am not sure what the hold up is at this point...maybe quiet period maybe not...but if we see continuation on what we have seen the last year or 2...this one could be getting ready to leave the .0001 dock for good. Seamus mentioned more than once the possibility of growth by acquisition. Def an interesting situation here.
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mj
Quiet period? You have what we believe is a profitable hospital in a state where many have close down in the last few years...what is that worth to a bigger player?
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mj
10k 10Q please :) Lets see whats behind the curtain.
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mj
Whats your take at this point with all of this NT action going on ? I feel like some kind of quiet period could be in play as to not potentially disrupt the current price. My biggest fear is that the accounting is not up to snuff and they are having trouble getting sign offs.
imho
mj
I like that Boom, Boom, Pooow...
When does this eruption occur?...Keep refreshing edgar pg hourly. :)
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mj
Not yet...hopefully soon.
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mj
Hal Leftwich involved in the community!
https://www.indherald.com/2024/01/25/lefwich-elected-scott-county-chamber-president-for-2024/
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mj
Myrtle Recovery Center now open at BSFMC
Independent Herald
By
Independent Herald
08/25/2023 1:43 PM EDT
Share
Big South Fork Medical Center CEO Hal Leftwich and Myrtle Recovery Centers CEO Robert Merritt are pictured at a ribbon-cutting ceremony for the addiction treatment facility.
ONEIDA | Rennova Health Inc., the parent company of Big South Fork Medical Center, has announced the opening of Myrtle Recovery Centers, its alcohol and drug treatment facility at the Oneida hospital.
Myrtle Recovery Centers was granted a license under the TN Dept. of Mental Health & Substance Abuse Services to operate the alcohol and drug treatment facility, which has already begun accepting patients. Myrtle will operate on the campus of BSFMC.
The facility will offer alcohol and drug residential detoxification and residential rehabilitation treatment services for up to 30 patients. Office-based opioid treatment services will be offered on an outpatient basis in the future.
Robert Merritt, CEO of Myrtle Recovery Centers, told directors at the Scott County Chamber of Commerce Thursday that BSFMC converted “a couple of unused floors” at the hospital into addiction treatment space.
“This is an exciting first step in the development of Myrtle,” Merritt said. “The need for behavioral health services, especially alcohol and drug treatment services, in our rural communities is crucial and growing and we look forward to providing the best possible treatment at our facilities.”
Rennova Health, which is based in West Palm Beach, Fla., has owned and operated Scott County’s hospital for six years. Rennova CEO Seamus Lagan said that Myrtle Recovery is a positive step forward for the company.
“We believe Myrtle is a complimentary business model to our current rural healthcare services offerings and an excellent use of available space at our rural, critical access hospital,” Lagan said.
BSFMC is currently the only hospital operating under Rennova’s rural hospital umbrella, though the company still owns the Jamestown hospital and has stated its intent to reopen that facility in the future.
Having stabilized after a long period of financial turbulence, BSFMC has been experiencing growth. Earlier this summer, Rennova announced that the hospital has been approved by Medicare for “swing bed” reimbursement, allowing it the opportunity to provide post-acute care treatment to patients.
https://www.indherald.com/2023/08/25/myrtle-recovery-center-now-open-at-bsfmc/
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mj
BSFM and Jelico mentioned in the same news clip. Could RNVA slide back in there and make Jelico a CAH as well? Lets get the band back together again... BSFM, Jelico and Jamestown.
Healthcare Crunch | East Tennessee communities fight to keep rural hospitals
Tennessee one of leading states for rural hospital loss.
A 2024 study by the Tennessee Health Care Campaign shows between 2010 and 2021, Tennessee experienced 22 hospitals closing.
By William Puckett
Published: May. 6, 2024 at 6:54 PM EDT
ONEIDA, Tenn. (WVLT) - Big South Fork Medical is up and running on a Wednesday in 2024.
Years ago, that sentence would have been hit or miss as the hospital has battled missteps in its past.
”We’re it, the hospital, over the years, has closed for a number of different reasons, and the strain that puts on the ambulance service for instance is incredible,” said Hal Leftwich, the CEO of Big South Fork.
Leftwich has run the hospital for nearly five years now.
He has worked in the healthcare industry for more than four decades, nearly all of them spent working someway with rural hospitals.
”Rural healthcare has always been more difficult,” said Leftwich.
Big South Fork operates with a full-time staff of roughly 75 and a full and part-time staff of about 115.
Daily, Leftwich runs on a budget of $40,000, eclipsing more than $14,000,000 a year.
”Small rural hospitals are wonderful; it’s friends and neighbors taking care of friends and neighbors,” said Lefwich.
Big South Fork has battled its past demons, finding ways to use beds for emergency care and long term care, while partnering with the University of Tennessee Medical Center and becoming a critical care access hospital, a way to keep money flowing, and the need constant in a county of 22,000.
”If you can’t provide those services locally to at least get people into the system and stabilized and manage their care, it makes it much more difficult for the big hospital and the little hospital,” said Leftwich.
An hour away a trip up U.S. 27, along Kentucky 92 and south down I-75 sits the building that once housed Jellico Community Hospital.
”Rural hospitals is one of the four cornerstones of the community,” said Campbell County Mayor Jack Lynch.
Lynch is in a unique position, his county, at one point, had two hospitals, one on the north end and one on the south end.
Today, his county has one, and it’s run by a larger health system.
”I find that every time a community hospital closes, it means that they have to travel 25 miles that they have to travel on average for emergency care,” said Mayor Lynch.
A 2024 study by the Tennessee Health Care Campaign shows between 2010 and 2021, Tennessee experienced 22 hospitals closing, the majority of them in rural counties.
Jellico sits on the border of Kentucky and Tennessee and is also sectioned off from the rest of the county it’s located in by Cumberland Mountain.
When Jellico Community Hospital closed again, and this time for good, for now, it forced people living in north Campbell County, Southern Whitley and parts of McCreary County to have to drive nearly 30 minutes away for the nearest emergency care.
From Jellico, the closest Emergency rooms are in Corbin, Kentucky and Lafollette.
”You start thinking ‘What if my grandparents get sick?’ You don’t realize how lucky you are to have it minutes away,” said 5th District County Commissioner Tyler King.
King is one of three county commissioners elected to serve Jellico on the county commission. He was born at Jellico Community Hospital and worked there in the mid 2010's.
He now works for the county, but he is experiencing first-hand the impact of losing the hospital is having on its people.
Without Jellico Community Hospital, the region has little lab care, little specialty care, and now has nowhere close for expecting mothers to go, driving them to Knoxville often, as Lafollette doesn’t have OB care, and Baptist Health Corbin doesn’t take Tennessee Insurance, according to King.
The county commissioner is hoping the state takes a renewed look at Medicaid expansion, believing that could spell an influx of much needed insurance dollars into a community like Jellico, allowing its community hospital to stay afloat.
”I see their point,” said King. “They have to make money to operate, but then you also have to take into account lives mean more than dollars, people mean more than money.”
Jellico Community Hospital is owned by the City of Jellico.
WVLT News reached out to the Mayor of Jellico for the story, but she didn’t return our requests.
Mayor Lynch vows he would support Jellico in any way it needs.
”I personally want healthcare. I don’t care about the profit; I want healthcare,” said Mayor Lynch.
Copyright 2024 WVLT. All rights reserved.
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mj
I like BSFM and Jelico being in the same news piece. Adds to the many possibilities of what news RNVA could be sitting on.
https://www.wvlt.tv/2024/05/06/healthcare-crunch-east-tennessee-communities-fight-keep-rural-hospitals/
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mj
Hey I'll take it...The wheels are still turning...haha. :) Still feels like a quiet period to me. We shall see.
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mj
After an uptick in deals last year, analysts say they expect more transactions in the coming year, driven by financial need or aiming to keep up with the rapid changes in healthcare.
The pace of hospital mergers increased over the past year, and analysts say it’s safe to expect more deals in 2024.
In 2023, there were 65 announced hospital mergers and acquisitions, up from 53 the year before, according to a report issued last week by Kaufman Hall, a healthcare consulting firm that advises hospitals on mergers.
Industry analysts say they expect to see more deals in 2024. Many will be driven by hospitals and health systems that continue to face financial pressures. About 28% of the hospital mergers in 2023 were driven by hospitals or systems in financial distress, and analysts say many hospitals will continue to see tight margins in the year ahead.
Other health systems may be healthier financially, but they could be scouting for merger partners to stay competitive in a rapidly changing healthcare landscape.
Read more: Hospital mergers will get more attention from regulators
Anu Singh, managing director at Kaufman Hall, points to the mix of strategic deals and mega mergers, along with the transactions driven by hospitals looking for a lifeline.
“I think it's going to be all cylinders firing from an M&A driver perspective,” Singh says. (Healthcare leaders share their projections on mergers in this video. The story continues below.)
Rick Gundling, senior vice president of the Healthcare Financial Management Association, said he expects more merger activity in the coming year.
“I do think that we're going to continue to see mergers and acquisitions, consolidation, across the board,” Gundling tells Chief Healthcare Executive®.
Even in the early weeks of 2024, the industry has seen some noteworthy and unconventional deals.
Last week, the Health Assurance Transformation Corporation, a subsidiary of General Catalyst, the venture capital firm, announced it intends to acquire Summa Health, a hospital system in Ohio. Penn Medicine is continuing its expansion with plans to acquire Doylestown Health. In New Jersey, Hudson Regional Hospital and CarePoint Health System, which operates three hospitals, say they signed a letter of intent for a merger, creating a new system operating for-profit and nonprofit hospitals.
“We're seeing various types of transactions, for sure,” Singh says. “And I think even in the last few days, we've seen the emergence of new types of structures and participants as well. So I think that's a signal of what's to come.”
Analysts note one factor that could affect the pace of dealmaking is the increased scrutiny of regulators, which has spurred some hospitals to abandon merger plans.
Read more: Big deals: Looking at the major hospital mergers of 2023
Systems in need
As more health systems face an uncertain future, they are likely to look for partners, analysts say.
Michael Abrams, a managing partner of Numerof & Associates, a global healthcare consultancy, says some hospitals will look to find partners to keep their doors open.
“The financial pressure that has plagued the sector since the pandemic is not letting up,” Abrams says. “I mean, labor shortages, labor unrest, new contract demands, plus, inflation in everything that they purchase, is putting pressure on all hospitals and healthcare providers. And there's no getting away from that.”
Hospitals continue to cope with the long-term effects of the pandemic. About half of the nation’s hospitals had negative margins in 2022, and many had a slow recovery in 2023.
“A lot of companies were financially damaged by the pandemic, and I don't think that they really had an opportunity to recover,” Abrams says. “And finding a bigger partner for many will be the only path to viability. So they don't really have a choice.”
Analysts expect some improvement for hospitals in the coming year, but many still face substantial headwinds with higher expenses and uneven revenues. Fitch Ratings has projected that nonprofit hospitals should expect another challenging year in 2024, and S&P Global Ratings says the outlook for hospitals is negative.
“The cost impact, the expense impact of the pandemic, is lingering on for these health systems right now,” Singh says. “It's not like other crises where, you know, it's a capital markets or a credit crisis, and you get over that, and then rates stabilize. We're in the opposite position here. We had a clinical event and operational solution, and now we have a financial expense base that's lingering, that is significantly higher than it was before.”
Read more: Expect more healthcare and life sciences deals, and more hospital closures, KPMG says
Seeing opportunities
Some health systems that are healthy are looking at mergers and acquisitions as strategic opportunities.
In 2023, 12% of the hospital deals qualified as mega mergers, with the smaller organizations having more than $1 billion in revenue, according to Kaufman Hall. It’s the third consecutive year such deals topped 10% of all transactions.
Abrams also expects to see more deals involving health systems eyeing more than a single hospital or two.
“I do think that, in the long term, we're going to see more systems merging with systems,” Abrams says.
Singh notes that some systems may be seeing solid performance, but are looking to keep pace with the transformation of healthcare.
“We need to think about telehealth, we need to think about consumerism, we need to think about networks, value-based population health management,” Singh says. “And for some of those organizations, the tool set to get there isn't really homegrown.”
Larger health systems are also looking at ways to expand their services and offerings beyond caring for patients in hospital beds, Singh says. They’re looking at providing more outpatient services and surgical procedures that can be done quickly and don’t require an overnight stay.
Organizations are always better positioned to consider mergers when they are healthy, Singh says. While some organizations may be faring adequately, Singh says some systems that are looking to grow and expand are likely to at least have more conversations about potential mergers and partnerships.
Singh says more organizations will be asking questions such as, “Are we managing for growth? Are we managing for advancement? Are we managing for mission enhancement and accomplishment? And if we're not, organizations who answer those rhetorical questions with either a ‘no’ or ‘maybe’ are going to increasingly start (asking), what do we need to do? How do we need to reposition? What does that look like? And that's going to open up a slew of options all the way from performance improvements, debt capital restructuring, all the way up to, in some cases, M&A.”
Academic health systems have been engaging in more mergers and partners with community hospitals, and Singh also expects that trend to continue in the coming year.
“I think academic medical centers that had a tighter geography are now looking at a broader geography,” Singh says.
Academic health systems are forming networks with community hospitals to ease constraints on capacity. Patients with less serious conditions can be treated in community hospitals, allowing the flagship hospitals of academic systems to focus on those with higher acuity.
Hospitals and health systems are likely going to look at fast-growing markets, such as Texas and Florida, as potential areas for mergers and acquisitions, analysts say. Last year, CommonSpirit Health purchased five hospitals in Utah from Steward Health Care. However, some systems have shown they are pulling out of areas where they are less competitive.
Health systems, for-profit and nonprofit alike, are going to have to assess how long they want to stay in areas where they aren’t big players.
“Large health systems are going to have to make a choice of which markets they think they can be successful in,” Singh says. And he adds, “That's not going to be in every market they’re in.”
Regulatory hurdles
While most analysts project more hospital mergers will take place, they also note the increasing scrutiny from federal regulators.
Kevin Holloran, senior director for Fitch Ratings, says that the current regulatory environment makes it more difficult for mergers in the same region. He stresses that he's not making an assessment about whether that’s good or bad policy, but simply recognizing that’s a factor that could affect deal-making.
Holloran says he expects to see more deals involving systems operating in different markets, such as Atrium Health’s merger with Advocate Aurora Health to form Advocate Health in 2022.
“I expect the big systems to do more of that as time goes on,” Holloran told Chief Healthcare Executive® in a recent interview.
Moody’s Investors Service actually projects that the number of mergers could drop this year due to greater attention from regulators.
“The rate of consolidation among health systems may slow due to increased scrutiny of mergers by federal and state governments, potentially depriving distressed systems of exit strategies and slowing the growth of larger systems active in the M&A space,” Moody’s stated.
Still, most analysts expect to see more mergers, driven by strategy or survival. Singh also expects more hospitals and health systems to pursue mergers beyond other hospitals and systems. He says more hospitals are merging or acquiring partners that can help bolster areas where they’d like to improve, such as telehealth or ambulatory surgical centers.
“I think the complementary side of transactions, and I've said it before, I'll say it again, I think it's representing even more of the activity than we can even measure,” Singh says.
He expects large health systems and smaller community hospitals to look at partnerships that can help with areas such as virtual care, improving the consumer experience and training staff.
“That's going to result in tactical partnerships for a specific service line or a specific solution that are going to probably not just continue, but probably accelerate over time,” Singh says.
https://www.chiefhealthcareexecutive.com/view/hospital-merger-activity-is-projected-to-increase-in-2024
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mj
I figure a few possibilities.
- Quiet period and they don't want the numbers to potentially effect the share price
- They were simply late gathering info for auditors and now they are in line with all the other last minute rushers
- The accounting was sketchy and auditors won't sign off
- SEC has questions regarding all of the warrant deals and restructuring etc...maybe the Sabby issues out there are cause for caution creating delays
Who knows...but it's strange that after years of filing and seemingly getting things even more in order in the past yr that they are this late. In the past they have given a prelim talk about numbers in FEB about the previous year. Being an otc Pink its usually resources or money that sometimes keep co's from filing. They just coughed up $220k at the drop of a hat to reclaim Jamestown...so we know they have money. With them grabbing Jamestown back so fast...and Jelico Hospital closing once again...it feels like something might be in the works and they are in some kind of quiet period.? IDK?
Best of luck to all...hopefully they break their silence soon. I am ready for some new reading material. :)
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mj
https://www.wvlt.tv/2024/05/06/healthcare-crunch-east-tennessee-communities-fight-keep-rural-hospitals/
ONEIDA, Tenn. (WVLT) - Big South Fork Medical is up and running on a Wednesday in 2024.
Years ago, that sentence would have been hit or miss as the hospital has battled missteps in its past.
”We’re it, the hospital, over the years, has closed for a number of different reasons, and the strain that puts on the ambulance service for instance is incredible,” said Hal Leftwich, the CEO of Big South Fork.
Leftwich has run the hospital for nearly five years now.
He has worked in the healthcare industry for more than four decades, nearly all of them spent working someway with rural hospitals.
”Rural healthcare has always been more difficult,” said Leftwich.
Big South Fork operates with a full-time staff of roughly 75 and a full and part-time staff of about 115.
Daily, Leftwich runs on a budget of $40,000, eclipsing more than $14,000,000 a year.
”Small rural hospitals are wonderful; it’s friends and neighbors taking care of friends and neighbors,” said Lefwich.
Big South Fork has battled its past demons, finding ways to use beds for emergency care and long term care, while partnering with the University of Tennessee Medical Center and becoming a critical care access hospital, a way to keep money flowing, and the need constant in a county of 22,000.
”If you can’t provide those services locally to at least get people into the system and stabilized and manage their care, it makes it much more difficult for the big hospital and the little hospital,” said Leftwich.
An hour away a trip up U.S. 27, along Kentucky 92 and south down I-75 sits the building that once housed Jellico Community Hospital.
”Rural hospitals is one of the four cornerstones of the community,” said Campbell County Mayor Jack Lynch.
Lynch is in a unique position, his county, at one point, had two hospitals, one on the north end and one on the south end.
Today, his county has one, and it’s run by a larger health system.
”I find that every time a community hospital closes, it means that they have to travel 25 miles that they have to travel on average for emergency care,” said Mayor Lynch.
A 2024 study by the Tennessee Health Care Campaign shows between 2010 and 2021, Tennessee experienced 22 hospitals closing, the majority of them in rural counties.
Jellico sits on the border of Kentucky and Tennessee and is also sectioned off from the rest of the county it’s located in by Cumberland Mountain.
When Jellico Community Hospital closed again, and this time for good, for now, it forced people living in north Campbell County, Southern Whitley and parts of McCreary County to have to drive nearly 30 minutes away for the nearest emergency care.
From Jellico, the closest Emergency rooms are in Corbin, Kentucky and Lafollette.
”You start thinking ‘What if my grandparents get sick?’ You don’t realize how lucky you are to have it minutes away,” said 5th District County Commissioner Tyler King.
King is one of three county commissioners elected to serve Jellico on the county commission. He was born at Jellico Community Hospital and worked there in the mid 2010's.
He now works for the county, but he is experiencing first-hand the impact of losing the hospital is having on its people.
Without Jellico Community Hospital, the region has little lab care, little specialty care, and now has nowhere close for expecting mothers to go, driving them to Knoxville often, as Lafollette doesn’t have OB care, and Baptist Health Corbin doesn’t take Tennessee Insurance, according to King.
The county commissioner is hoping the state takes a renewed look at Medicaid expansion, believing that could spell an influx of much needed insurance dollars into a community like Jellico, allowing its community hospital to stay afloat.
”I see their point,” said King. “They have to make money to operate, but then you also have to take into account lives mean more than dollars, people mean more than money.”
Jellico Community Hospital is owned by the City of Jellico.
WVLT News reached out to the Mayor of Jellico for the story, but she didn’t return our requests.
Mayor Lynch vows he would support Jellico in any way it needs.
”I personally want healthcare. I don’t care about the profit; I want healthcare,” said Mayor Lynch.
Copyright 2024 WVLT. All rights reserved.
imho
mj
LOL I hope that is all... I own 1/7 of that by myself...that is a drop in the bucket when the real volume hits. I hope that is their true colors..lol No worries there...thx for the heads up.
Interesting Seamus is looking to take this co public soon as well...
https://solarstandby.com/about
https://aeterna.green/
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mj
Looks like some late day volume coming in. More shares soaked up by someone. Hmmm Q1 due soon. Quiet period?
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mj
Do we know if this NANCI system was implemented yet or not? Does this somehow end up fitting into what INQR is doing?
Big South Fork Medical Center Receives Critical Access Hospital Certification
by bsfadmin04/19/2022
Big South Fork Medical Center Sign
On Dec. 03, 2021, Rennova Health, Inc. (OTC: RNVA) announced that the application by its hospital, Scott County Community Hospital, Inc. (DBA Big South Fork) in Oneida, TN, for designation as a Critical Access Hospital (CAH) has been approved by Centers for Medicare and Medicaid Services (CMS). The effective date of approval is retrospective to June 30, 2021.
CAH status means the hospital will be entitled to a cost-based reimbursement from Medicare, which has the potential to increase revenue. There are a number of benefits of CAH including that capital improvement costs are included in allowable costs for determining Medicare reimbursement. This special reimbursement that CAHs receive is intended to improve their financial performance and thereby maintain access to basic health care in rural areas by providing rural health networks and rural emergency medical services.
“We are delighted to be granted Critical Access Hospital Certification for this hospital,” said Seamus Lagan, CEO of Rennova Health. “The opportunity for increased revenue and reimbursement is a welcome boost to the facility for the needed service it provides to the local community.”
https://www.businessmole.com/innovative-mobile-technology-nanci-launches-to-support-patients-in-rural-tennessee-hospital/
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mj
Agreed. In time I think they will but first things first. Pretty soon if the pace of the fins hold true they could start snapping off 5B shares per Q with no problem. They don't have to do it all at once. Just show me the start of intended steady buybacks. I think that would definitely get some attention around here.
imho
mj
Big South Fork Medical Center Receives Critical Access Hospital Certification
by bsfadmin04/19/2022
On Dec. 03, 2021, Rennova Health, Inc. (OTC: RNVA) announced that the application by its hospital, Scott County Community Hospital, Inc. (DBA Big South Fork) in Oneida, TN, for designation as a Critical Access Hospital (CAH) has been approved by Centers for Medicare and Medicaid Services (CMS). The effective date of approval is retrospective to June 30, 2021.
CAH status means the hospital will be entitled to a cost-based reimbursement from Medicare, which has the potential to increase revenue. There are a number of benefits of CAH including that capital improvement costs are included in allowable costs for determining Medicare reimbursement. This special reimbursement that CAHs receive is intended to improve their financial performance and thereby maintain access to basic health care in rural areas by providing rural health networks and rural emergency medical services.
“We are delighted to be granted Critical Access Hospital Certification for this hospital,” said Seamus Lagan, CEO of Rennova Health. “The opportunity for increased revenue and reimbursement is a welcome boost to the facility for the needed service it provides to the local community.”
imho
mj
LOL
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mj
q4 and q1 should show 2 of the best Q's this company has ever had. Q1 could show the pace is set for a $25+M year in 2024 :)
They wasted no time in regainning Jamestown.
imho
mj
I would take .003 as a purchase price and be just fine with that. :) With the debt and other things you wouldn't think they would be acquired at this stage. But when 50% of all rural hospital operate at a loss...The profitable ones are valuable. I don't know if its a merger or acuisition but it does feel like they are in a quiet period. And IF there is something in the works...They may not want to take a chance of the share price fluctuating with a fins drop and it included Jamestown being on the books. In one of the last podcasts Seamus did mention once or twice they would look to grow by acquisition once the business was stablized. Maybe its nothing...but its just odd for a company that has filed for years to all of a sudden be this late once they start actually making money.
https://revcycleintelligence.com/news/half-of-us-rural-hospitals-operate-at-a-loss#:~:text=Half%20of%20rural%20hospitals%20are,rural%20hospitals%20have%20a%20deficit.
imho
mj
Big South Fork has battled its past demons, finding ways to use beds for emergency care and long term care, while partnering with the University of Tennessee Medical Center and becoming a critical care access hospital, a way to keep money flowing, and the need constant in a county of 22,000.
https://www.wvlt.tv/2024/05/06/healthcare-crunch-east-tennessee-communities-fight-keep-rural-hospitals/
imho
mj
A few weeks ago I had posted wondering if there was any possibility of Rennova getting back involved with Jelico Hospital since it closed once again a few months ago. I figured since they left on rough terms that was probably out of the question. But its interesting to me that Big South Fork/Leftwich and Jelico were included in the same news piece a few days ago. Could it be? Imagine BSFM, Jamestown, and Jelico back together again...one can dream right?!?..lol We shall see. One thing is clear...the community wants that hospital open and Rennova now has a great a formula for running rural hospitals.
Also this is an interesting snippet...They have partnered with the University near the Jamestown location...What is up?!?
Big South Fork has battled its past demons, finding ways to use beds for emergency care and long term care, while partnering with the University of Tennessee Medical Center and becoming a critical care access hospital, a way to keep money flowing, and the need constant in a county of 22,000.
https://www.wvlt.tv/2024/05/06/healthcare-crunch-east-tennessee-communities-fight-keep-rural-hospitals/
The wheels continue to turn...
10K Week ?!? Q/K combo pack? The ole 1-2 punch??...
IMHO
mj
Lefwich elected Scott County Chamber president for 2024
?
ByIndependent Herald
01/25/2024 2:28 PM EST
?Officers of the Scott County Chamber of Commerce for 2024 are Hal Leftwich, President; Linda Byrge, Vice President; and Sheneka Burchfield, Treasurer.
Big South Fork Medical Center CEO Hal Leftwich will serve as president of the Scott County Chamber of Commerce in 2024, while Linda Byrge of For the Love of Paws will serve as vice president.
Those were the nominations submitted by the Chamber of Commerce’s Nominating Committee to the Board of Directors at Thursday’s annual meeting, which was held at the Scott County Senior Citizens Center in Oneida. Directors approved the nominations by an all-aye vote.
The outgoing officers were Roane State Community College campus director Sharon Wilson as president and Independent Herald’s Ben Garrett as vice president.
Sheneka Burchfield, marketing director at First National Bank, will serve another year as treasurer.
Three new faces were elected to the Chamber of Commerce’s Board of Directors at Thursday’s meeting, including Ralph Trieschmann of Timber Rock Lodge, Jagger Coffey of S.T.A.N.D., and Dianna Massey of Integrity Tax Service.
Retiring directors were Cheryl Cribbet and Virginia Bruce. Also vacant was the director position of the late Wayne King, who passed away in December.
The rest of the Chamber’s board of directors remained the same, as directors whose terms expired in 2023 were nominated and elected to new terms.
The guest speaker at Thursday’s annual meeting was Eagle Scout Elijah West, a student at Scott High School.
Integrity Tax Service was awarded as the Chamber of Commerce’s Business of the Year for 2023.
Finally, Wayne King was formally presented as the 2023 Independent Herald/Scott County Chamber of Commerce Person of the Year. Attending the meeting were his wife, Kim, his daughter, Tara, his son, Corey, and his sister, Kathy West.
Imho
Mj
I think they have until June 30th for K? Assuming your not referring to the Q.
imho
mj
What is the skinny on this? My apologies if I missed it... but I don't recall much of any discussion regarding Nanci. Seems this could eventually tie in to what InnovaQor is doing?
https://lean6health.com/
https://markets.businessinsider.com/news/stocks/new-automated-mobile-technology-to-support-patients-launches-at-rural-tennessee-hospital-1032722642
New Automated Mobile Technology to Support Patients Launches at Rural Tennessee Hospital
PRESS RELEASE Plentisoft
Oct. 20, 2023, 06:02 AM
ONEIDA TENNNESSE, US. 19th October 2023 - Lean6Health, a medical technology startup based in Oneida, has partnered with Big South Fork Medical Center as the pilot hospital for its new application called Nanci.
Oneida, Tennessee, United States - October 20, 2023 —
Nanci is a new way to support patients once they have been discharged from the hospital. Depending on the patient’s procedure, they will receive scheduled check-ins via their phone. Based on their responses, Nanci will provide the patient with guidance and interactive support while recovering.
“Today, we rely on a stack of discharge paperwork to help patients. That’s 1970s technology. Nanci modernizes this process.” said Scott McNamara, Co-founder, and CEO of Lean6Health.
Rural hospitals face unique challenges, including the number of readmissions and the high costs associated with them. According to the NIH, 65% of readmissions in the US are potentially avoidable. These wasteful readmissions cost the US healthcare system almost $40 billion per year. By providing real-time support over a mobile device, Lean6Health hopes to save hospitals time and money.
However, the big opportunity is saving lives. McNamara continues, “As an example, for every hour that sepsis goes undiagnosed, mortality increases by 7%. If Nanci can help find post-operative sepsis and the patient is instructed to call their care team right away, we can get ahead of a possibly deadly infection.”
Nanci will support all aspects of healthcare including but not limited to ER, surgery, behavioral health, dental, oncology, etc.
There are several large hospital systems across the US that are following the progress of the Big South Fork pilot. Covenant Health, Tennova, UMass Memorial, Trinity Health, and Adventist Health care are just a few. Once the pilot is completed, Lean6Health hopes to begin rolling Nanci out across the country.
In 2024, Lean6Health will also add an optional Artificial Intelligence feature in Nanci to provide information to patients on their recovery, without needing to call their doctor.
Nanci is fully HIPAA compliant and available in both the Apple and Google Play app stores and available to the patient once their Provider has enrolled.
ENDS
About Us: Enclosed photo: Medical professionals from Big South Fork Medical Center create their own unique ways the application will interact with their patients. September 2023. SOURCES: 1 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8342719/ 2 https://blog.cureatr.com/cost-of-hospital-readmissions-what-the-statistics-tell-us
Contact Info:
Name: Scott McNamara
Email: Send Email
Organization: Lean6Health
Website: https://www.lean6.health
Social Media:
LinkedIn: https://www.linkedin.com/company/lean6health/
IMHO
mj
Yes good points being made out there today. Seamus seems to have done a great job turning this co around. In the past decade 16 hospitals have closed in Tennessee. This is not an easy business and it appears Seamus is on a path to bring us back from the brink of bankruptcy for the parent co. {Applause} We still need to see the audited the 10k to confirm 2023...hopefully we see the numbers soon to confirm.
imho
mj