Business

Rennova Health Inc (NASDAQ:RNVA) Receives Market’s Disapproval

Rennova Health Inc (NASDAQ:RNVA)

Rennova Health Inc (NASDAQ:RNVA)

Rennova Health Inc (NASDAQ:RNVA) has opened Big South Fork Medical Center in Oneida, TN. Rennova Health Inc. provides supportive software solutions and diagnostic solutions to healthcare providers. The stock of the company fell by 13.83% to close the day at $0.310 in yesterday’s trading session.

Rennova Health Inc (NASDAQ:RNVA)
One month daily Rennova stock price chart

“This is an exciting day for Rennova and as I have stated before, demonstrates our commitment to regrow and diversify our revenue stream from its historical focus on diagnostics services to include the provision of needed healthcare services,” said Rennova Health Inc (NASDAQ:RNVA)’s chief executive officer, Seamus Lagan.

Rennova Health Inc (NASDAQ:RNVA) Various medical services

Some of the services that will be offered at the hospital include MRI, nuclear medicine, ultrasound, CT scans and X-rays. Physical and respiratory therapy will also be offered. Some of the facilities that the hospital will offer include swing beds, laboratory, and surgical units. About 80 full-time members of staff and 20 part-time members of staff have been hired. The hospital already had various in-network contracts and this will help to ensure a reliable and predictable payment for services.

In the fiscal year 2015 the hospital generated unaudited annual revenues totaling about $12 million. Its normalized EBITDA was $1.3 million. 2015 was the last complete year that the hospital was operating and hospital revenues are expected to reach the same levels in the next year.

Rennova Health Inc (NASDAQ:RNVA) Future plans

Among the plans the hospital has include getting DVN credentials as well as seeking a Critical Access Hospital classification. This will enable the hospital to enjoy benefits with insurance payers. Once it is opened, a CMS survey will be conducted with the aim of granting the hospital a Medicare number.

Big South Fork Medical Center was previously known as Scott County Hospital and its purchase by Rennova Health Inc (NASDAQ:RNVA) was finalized earlier in the year. This came after negotiations were conducted with a bankruptcy court following Pioneer Health Services’ collapse.

Some of the staff who were employees of Scott County Hospital have been rehired since the facility was purchased by Rennova Health Inc (NASDAQ:RNVA). Western Healthcare, a staffing firm based in Dallas, Texas is staffing Big South Fork Medical Center’s emergency department. A firm based in Knoxville, Stat Care, will be responsible for operating the facility’s hospitalist program.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

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James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

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