Replies to post #9555 on Rennova Health Inc (RNVA)

[bar1080]

"Stop cascade of rural hospital closures in Tennessee"

Consider the state of Tennessee as a canary in the coal mine — and the canary is critically ill. Tennessee leads the country in the rate of closures of rural hospitals and could be a harbinger for other states. "

https://www.tennessean.com/story/opinion/2017/06/23/stop-cascade-rural-hospital-closures-tennessee/425504001/

[bar1080]

Rennova re-opened a Twice-Shuttered Bankrupt Hospital.

West Palm Beach-based Rennova said it will buy the 52,000-square-foot Scott County Hospital and an adjacent 6,300-square-foot building out of bankruptcy. The 25-bed hospital closed in June 2016 after its owner filed for Chapter 11 reorganization — and a previous owner closed the facility in 2012, according to the Tennesseean.

http://realtime.blog.palmbeachpost.com/2016/12/27/losing-money-on-urine-testing-rennova-health-buys-failed-hospital-in-rural-tennessee/

[whitie]

I’d say if the population is below the poverty level the government is picking up the check. Since the economy over the past 10 years has been in the crapper, government has become a slow payer. So with the resent uptick in the economy and hopefully the treasury the money will start to flow and the bills will get paid.

[powerbattles]

They Bought the Hospital in B/K penny on the dollar that is a great news. A big corporation holding multi-hospitals. They are in B/K is because most of the times big hospital not making money and dragging the small one into B/K.
If you read RNVA their financial statement is already much improved. F.irst, they manage to pay down huge debt. Secondly, They changed their business plan and now in the stage of massive growth revenues. Thirdly, they managed to restructure the remaining debt and they don't have to pay them back until Sept 2019. This will add HUGE MONEY to the bottom line which will SHOW HUGE NET PROFITS.

I have nothing to worry. At this price we paid for the stock is like we paid for a company that lists on b/k but they are not in b/k.

"Mr. Lagan added, "We have spent the past year investing in Oneida and are delighted with the progress that we have accomplished over the last couple of months. The recent success in receiving our certification number from CMS in October was the last hurdle to allow us to receive payment, and we now have claims generated and are awaiting our first payments from federal and other payers. Receipt of payments will end the significant investment and cash requirement to carry monthly costs to date. We now have a fully functioning hospital, with plans to expand services in 2018. For fiscal 2015, the last full year of its operation, the hospital had unaudited annual revenues of approximately $12 million and a normalized EBITDA of approximately $1.3 million. We anticipate that revenues will more than return to 2015 levels within the next 12 months, with early revenues supporting our expectations. While the hospital has had a positive impact on our third quarter revenue, for revenue recognition purposes we have used 10% to 20% of gross claims as a collectible revenue in the startup months with an expectation based on historical numbers which we expect to increase significantly to 45% to 47% when payments are evidenced."