The CEO of Rennova Health said recently that the company’s focus for the remainder of 2019 remains on reopening Jamestown Regional Medical Center, one of three rural hospitals it owns in the Cumberlands — along with Oneida’s Big South Fork Medical Center and Jellico Community Hospital.
Speaking to Stock Day host Everett Jolly, Rennova CEO Seamus Lagan said that the company would move forward with a 1-for-10,000 reverse stock split that had been previously planned, which he said would “start to reflect a very different value for the company.”
When asked by Jolly about an opening date for the Jamestown facility, Lagan said that a date has not been specified, but added that hiring has begun.
“There’s quite a lot to do, but we’re really looking forward to all three facilities operating,” he said. “It’s then that we can start to get some real synergy in costs, savings, and services, and see the revenues increasing.”
Lagan said that Jellico Community Hospital — which Rennova acquired in March — has finally begun to see a cash flow.
“That is making life a lot easier for operations,” he said. “It allows us to get our focus back to reopening the Jamestown hospital. It’s good to see that cash flow starting and these hospitals starting to pay their own way.”
Lagan said that Rennova is overcoming its financial challenges by way of perseverence.
“I think anyone looking at this company and this management team will have to realize that we don’t give up. So, we will get there,” he said.