Monday, May 16, 2022 4:08:50 PM
Mr. Shawn Leon , Company CEO, reported, “While quarter one revenues were up substantially, the collection percentage rates were weaker due to the resetting of client insurance policy deductibles and copays that take place on January 1 each year. We are looking forward to seeing continued positive progress in quarter two with the implementation of the increased billing rates in April and the addition of fourteen new beds at the end of May. We need to continue our focus on eliminating expensive debt with less expensive debt or equity. This is achievable and will improve the overall Company performance.”
The Company also created a new wholly owned subsidiary named PB Billing LLC which will look after the billing for the ARIA subsidiary in May 2022 and for other non-Company owned treatment facilities in the future.
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