If you are like me, you have probably heard this name being thrown about in recent conversations concerning the possible reopening of the Scott County Hospital. They are not to be confused with Tennova, which is a totally different group.
Rennova Health, Inc. (NASDAQ: RNVA) (NASDAQ: RNVAZ), is a vertically integrated provider of industry-leading diagnostics, supportive software and medical billing services. They are based in West Palm Beach, FL.
In their Third Quarter 2016 Financial Report, released in November, they told their shareholders that they have "Submitted a bid and proposal accompanied by a deposit for the purchase of certain assets related to a rural critical access hospital. We expect to know if our bid has been successful in December 2016."
Though not specifically mentioned by name, this has been interpreted to mean the Pioneer based hospital here in Scott County, which is currently in the Federal Bankruptcy Court System.
In their report, the following was management's commentary on the 3rd quarter financial status of Rennova: "Our third quarter financial results are disappointing and do not reflect the continued performance and success the Company has had in recent months in securing new customers in all divisions of our business. Sales for the third quarter were less than the second quarter as a result of the adjustment of our model towards business for which we are more likely to secure payment, and longer onboarding and integration times to start new customers. Underlying sales in our software division have grown in the third quarter, and we achieved a number of milestones and advanced several initiatives to create cost efficiencies and drive growth in the fourth quarter and throughout 2017," said Seamus Lagan, Rennova's chief executive officer. "Our immediate focus is to return Rennova to profitability. To that end, we believe it is vital to secure preferred provider contracts with insurance companies and other third-party payers. This, we believe, will ensure adequate and timely payment for our core business of laboratory testing services. Our success in securing licensure and contracts throughout the year has driven the refocus of our sales efforts on securing new business for which these licenses and contracts enable us to receive payment."
Commenting on expectations for the remainder of the year, Mr. Lagan said, "While the lag in sales revenue from our recently added customers and the losses incurred throughout the year have created an uncomfortable financial position for the Company that has resulted in the Company being in default of certain obligations, the Company is currently seeking, and expects to secure, the additional capital required to get to cash flow break even and profitability in the near future. The Company expects that recent achievements have created the opportunity to grow revenues adequately in all divisions to service its financial commitments and meet its business objectives," Mr. Lagan concluded.
Now you know about as much as anyone in the county. Knowing the federal court system the way I do (retired federal law enforcement), Rennova may or may not know anything by the end of December as to their effort to secure the 'rural critical access hospital.'