Rennova Health Inc (RNVA)

[MInvesting4867]

aw sheesh messed that one up...

Same Logo though.

https://www.wbir.com/article/news/rennova-update/51-c69dbbb6-0257-4248-ad55-3037f38c32c6

in June 2019 it closed due to lack of medicare funding.

I remember the news on the Medicare reimbursement somewhere stating that the amended filings to be reported will backfill all the way from June?



INVESTIGATIONS
Jamestown Regional Medical Center clears first hurdle in path to re-enter Medicare program
The hospital must re-open and be inspected before it is finally approved and that process could take months.
Author: WBIR Staff
Published: 5:11 PM EDT August 20, 2019
Updated: 6:59 PM EDT August 20, 2019
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JAMESTOWN, Tenn. — A federal contractor has approved Rennova Hospital's application to help Jamestown Regional Medical Center get money from the federal government.

The approval is the first hurdle the hospital has to clear to re-enter the Medicare program. That doesn't mean it is a done deal yet.

The hospital must re-open and be inspected before it is finally approved and that process could take months.

"In order to re-enter the Medicare program, the hospital would have to go through the six-month 'reasonable assurance' period as outlined in the guidelines below. It appears their application has not been denied, it is simply pending in the process," Centers for Medicare and Medicaid Services spokesperson April Washington said in an email to 10News last week.

Rennova closed the doors of the Jamestown Regional Medical Center in June after the Federal Government pulled funding for Medicare and Tenncare patients.

RELATED: Closed Jamestown hospital awaiting Medicare/Medicaid program reinstatement

Fentress County executive Jimmy Johnson said the hospital was low on many supplies it needed to continue operating.

The Centers for Medicare and Medicaid Services removed the hospital from receiving federal payments on June 12, saying it failed to maintain compliance with the Conditions of Participation.



Further Along in August 2019...


Updated: 4:14 PM EDT August 14, 2019
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Editor's note: This article initially said Jamestown hospital was denied Medicare/Medicaid reinstatement because a spokesperson for the Centers for Medicare and Medicaid Services told 10News she "was provided some misinformation."

The Centers for Medicare and Medicaid Services said it has not approved Jamestown Regional Medical Center's application to be re-entered into their program, but it also hasn't denied it.

This means the Rennova-owned hospital will remain barred from billing the federal government for patients if it were to re-open for the time being.

Jamestown’s application to re-enter the Medicare program is pending in the system, according to CMS spokesperson April Washington.

"In order to re-enter the Medicare program, the hospital would have to go through the six-month 'reasonable assurance' period as outlined in the guidelines below. It appears their application has not been denied, it is simply pending in the process," Washington said in an email.

The CMS removed the hospital from receiving federal payments on June 12, saying it failed to maintain compliance with the Conditions of Participation.

It opened the case in February after the Tennessee State Survey Agency conducted a survey into complaints over payroll checks and bills not being paid.

"If and when it’s reviewed and moves forward, in order to qualify for re-entry, the hospital must meet all the requirements of a new provider. In addition, they are subject to a period of time, which runs up to six months, depending on the circumstances, to demonstrate compliance before they are re-admitted into the program as a new provider. This period is called the 'reasonable assurance' period and is outlined in the state Operations manual, Chapt. 2," Washington said in an email.



https://www.wbir.com/article/news/local/closed-jamestown-hospital-awaiting-medicaremedicaid-program-reinstatement/51-a8474173-b4c2-4931-af6a-d6c9fa4eb7f2



Regarding the Conversion of Series P Stock:

Conversion. Each share of the Series P Preferred Stock is convertible into shares of the Company’s common stock, at any time and from time to time, at the option of the holder, into that number of shares of common stock determined by dividing the stated value of such share of Series P Preferred Stock, plus any accrued declared and unpaid dividends, by the conversion price. The conversion price is equal to 90% of the lowest VWAP during the 10 trading days immediately prior to the conversion date. Holders of the Series P Preferred Stock are prohibited from converting Series P Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 9.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after notice to the Company.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000931059/000149315221027462/form8-k.htm