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Myrtle Recovery Center now open at BSFMC
Independent Herald
By
Independent Herald
08/25/2023 1:43 PM EDT
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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/
imho
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.
imho
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/
imho
mj
Hey I'll take it...The wheels are still turning...haha. :) Still feels like a quiet period to me. We shall see.
imho
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
imho
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. :)
imho
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/
imho
mj
Looks like some late day volume coming in. More shares soaked up by someone. Hmmm Q1 due soon. Quiet period?
imho
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/
imho
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
imho
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
Looks like another 10M shares vol today...Better than nothing I guess..lol It all adds up. The K or the Q1...what comes first? Quiet period? hm.
imho
mj
And in the last 65 days our avg daily volume is around 50m shares per day.
Imho
Mj
Should be interesting with these fins hitting back to back reporting some of the best numbers this company has likely ever seen. Can't wait to see Billions traded on this one. It won't be just all hype like most pink otcs...there will likely be numbers to support a real move when it happens. It may or may not happen on these releases...but if there is continuation of the turn around in progress...then its just a matter of time. Profits have a funny way of dealing with overhead debt etc... Tick.....tick...
imho
mj
Wacky Weds...Looks like more shares being absorbed...Anyone here accumulating? The company? A suitor been loading them on the cheap? So many possibilities here....Hmmm...
imho
mj
Yes Rennova had $220k cash availabe at the drop of a hat. How many pink otc's have that luxury?!? ...LoL I"ll wait!. And interest was minimal :)
"He said Renova paid some $220,000 that he had spent to buy it and owed minimal interest, given the property only changed hands for a few days."
https://newstalk941.com/renova-healthcare-owns-former-medical-center-again/
Dig it!
imho
mj
In the past they would do a podcast or whatever in FEB and give a rough look as to how the previous yr went well before the numbers were filed. Now they have gone from that to filing over a month late. It could be their delay, it could be the SEC...who knows. Or they could actually be in discussions on a major transaction that requires a quiet period. That is almost what it feels like. Even if they don't PR often. It seems everything they have ever done in the past was 8k'd etc. We know they lost control of Jamestown and regained it. I'm surprised those events were not at least 8k'd. It's not the greatest look for them...but does show they have cash which leads me to believe the past filings of 2023 were at least close to accurate. I am in hopes there wasn't some funny accounting going on and that is what the hold up is. If they are now truly profitable there could actually be some kind of M/A negiations going on. Yes they are carrying debt and have some other issues...but a profitable company in this industry seems pretty valuable and maybe someone is considering making a move on it before numbers are announced and the price potentially goes higher? In time the profits from current operations would eventually take care of the legacy issues...so maybe a merger or acquisition isn't out of the question. Because to me this kinda feels like a quiet period. In the past interviews Seamus mentioned they were looking at growth by acquisition.
Who knows what is going on. We are now roughly 7days out from Q1 numbers which very well could be another one of the best Q's this company has seen in years following Q4 which likely was the same. It just feels strange to me because this company has been filing fins for yrs...and 8k'ing or pr'ing every event...but now silience with an operating hospital we know is there and open for business and access to $220k when they need it. What's the scoop here?!?
imho
mj
Morning all. Is this 10k Wednesday?!? Bring on the new reading material. One this is for sure. Rennova had $220K available at the drop of a hat. Piggy bank seems to be plentiful. Just $1M could extinguish 10B shares from the float...or OS if they chose to do so.
imho
mj
Thx for pointing that out. Correct the asset once again belongs to RNVA so no one else can sell it but them. Awesome! Thx again.
imho
mj
Yes per Fentress County RNVA Assesor did lose control of Jamestown and the new owner had no ties to the medical field. And yes RNVA had $220k at the ready to clean up the mess and regain control of the asset.
Description
The primary function of the Fentress County Register of Deeds is to make and preserve a record of instrument required or allowed by law to be filed or recorded, including but not limited to deeds, powers of attorney, mortgages, liens, contracts, plats, leases, judgements, wills, court orders, military discharges, papers under the Uniform Commercial Code, and other types of instruments. The records provide public notice of property ownership, liens and contracts, and other transactions that affect the public interest. These records and papers must remain in the Register’s office at all times.
Fentress County Register of Deeds office is open Monday through Friday from 8 AM until 4 PM.
Address
101 Main St South
PO BOX 341
Jamestown, TN 38556
Phone
931-879-7818
Fax
931-879-4502
Sometimes it just takes a phone call. Bring on the 10K!
https://fentresscountytn.gov/register-of-deeds/
imho
mj
Yeah looks like they just diluted etc in the past for survival...glad that is being noticed. Interesting that they had $220k ready on call...not many Pink OTC's have that luxury. Lets see this 10k. And very likely Q1 fins are already better than anything we will see in the K :)
imho
mj
How many Pink OTC's can reach into the kitty for $220k when they need it...?!?
imho
mj
Scott County’s 25-bed hospital facility is the backbone of health care in the local community. Operated by Rennova Health Services, Big South Fork Medical Center provides a comprehensive range of health care services, including:
• Surgical
• Acute
• Intensive care
• Diagnostic imaging
• Cardiology
• Rehabilitation
The hospital has a 24-hour emergency department with around-the-clock physician staffing and a fast-track service for worker’s compensation injuries.
https://scottcounty.com/healthcare/hospital/
imho
mj
Looks like roughly 3.2Billion shares traded in the past 65 days with the greater majority going at .0001. Who is buying all these shares? Look at the volume since last August. I would like to know what the available float actually is that is not be held by insiders and longs?? Maybe this thing is grossly over shorted on the back side?
https://www.wsj.com/market-data/quotes/RNVA/historical-prices
Could they be in a quiet period? Or were they just late in gathering all the info for a $20M audit ?
We shall see.
imho
mj
The fact that they had immediate access to $220K+ on call gives a lot of confidence that they are either in some kind of quiet period for one reason or another...or that its just maybe they got a late jump on the audit etc...? But its clear they have access to cash. :)
I would imagine if anything is in negotiations they wouldn't release anything that could potentially change the price 10k or otherwise. So it could even be a potentially intentional delay ?
Time will tell.
imho
mj
This one isn't directly FFLYA related...but interesting for BlueTooth in general.
Hubble Network makes Bluetooth connection with a satellite for the first time
Aria Alamalhodaei@breadfrom / 4:00 PM EDT•May 2, 2024
Comment
Global satellite communications. Conceptual representation of a global network of communications satellites, such as the Starlink satellites.
Image Credits: Getty Images
Hubble Network has become the first company in history to establish a Bluetooth connection directly to a satellite — a critical technology validation for the company, potentially opening the door to connecting millions more devices anywhere in the world.
The Seattle-based startup launched its first two satellites to orbit on SpaceX’s Transporter-10 rideshare mission in March; since that time, the company confirmed that it has received signals from the onboard 3.5mm Bluetooth chips from over 600 kilometers away.
The sky is truly the limit for space-enabled Bluetooth devices: The startup says its technology can be used in markets including logistics, cattle tracking, smart collars for pets, GPS watches for kids, car inventory, construction sites and soil temperature monitoring. Haro said the low-hanging fruit is those industries that are desperate for network coverage even once per day, like remote asset monitoring for the oil and gas industry. As the constellation scales, Hubble will turn its attention to sectors that may need more frequent updates, like soil monitoring, to continuous coverage use cases like fall monitoring for the elderly.
Once it’s up and running, a customer would simply need to integrate their devices’ chipsets with a piece of firmware to enable connection to Hubble’s network.
Hubble was founded in 2021 by Life360 co-founder Alex Haro, Iotera founder Ben Wild (who sold his startup to Ring) and aerospace engineer John Kim. Haro said the first time Wild presented the idea of connecting a Bluetooth chip to a satellite, his initial reaction was, “No freaking way.” And it does sound crazy, especially as consumer electronics can struggle to connect to other Bluetooth-enabled devices that are just a few feet away.
But the demand is there: Existing IoT devices are power hungry, costly to operate and lack global connectivity, the company says. These are fundamental limitations related to Bluetooth-enabled devices today, and they prevent many industries from leveraging IoT for their businesses.
The company joined Y Combinator’s Winter 2022 cohort and closed a $20 million Series A last March. Hubble’s first innovation was to develop software enabling off-the-shelf Bluetooth chips to communicate over very long ranges with low power.
On the space side, the company also patented a phased array antenna that can launch on a small satellite. The antennas work almost like a magnifying glass, and it’s what enables an off-the-shelf Bluetooth chip to communicate with the Hubble satellite. The team also had to solve Doppler-related problems, frequency mismatches that occur between fast-moving objects exchanging data via radio waves.
One of Hubble’s satellites in a terrestrial test chamber. Image Credits: Hubble Network
Hubble is aiming to launch a third satellite on SpaceX’s Transporter-11 mission this summer and a fourth on Transporter-13. Those four satellites will compose what Haro called the “beta constellation,” and pilot customers are starting to turn their integrations on even today, he said. The startup plans to launch the following 32 satellites all at once in the fourth quarter of 2025 or the beginning of 2026, though the launch provider has not been selected yet.
Those 36 satellites will compose Hubble’s first “production constellation,” and they’ll enable connection with a Hubble satellite roughly two-three hours per day from anywhere in the world.
https://techcrunch.com/2024/05/02/hubble-network-connects-a-bluetooth-chip-to-a-satellite-for-the-first-time/
Good Morning all! Is this 10K Tuesday?!?
imho
mj
Good afternoon all...Shooting for a billy in volume today?
imho
mj
Do we get new reading material this week?
Q1 fast approaching.
Imho