Rennova Health, Inc. (NASDAQ: RNVA, RNVAX), a vertically integrated public holding company serving the health care sector, focuses on offering comprehensive single-source solutions to health care providers ranging from diagnostic laboratory testing to technology solutions, revenue cycle management and financial and billing services. With a declared goal of creating efficient, innovative and empowering solutions, the company is dedicated to putting the needs of health care providers and their patients at the center of everything it does.
The company’s single-source solutions are designed to help health care providers increase operational efficiency and obtain added value, with the purpose of ultimately supporting better treatment outcomes, increasing patient care efficiency and optimizing revenue streams. Available individually or as a package, these industry-leading supportive software and diagnostics solutions and services work together to empower customers and help shape the next generation of health care.
The diagnostics testing solutions include highly complex clinical, toxicology and esoteric laboratory services, offered via Rennova Health’s subsidiary, Medytox Diagnostics, and its five labs located strategically across the country. These laboratories offer specialized services of urine drug testing for prescription medication, abuse drugs and pain medication, as well as toxicology, clinical chemistry, hematology, serology, immunology and esoteric testing services such as neurotransmitter tests. The testing and sampling process uses the company’s proprietary StableSpot™ methodology.
The company currently has an active customer base with 139 clients and possesses Medicaid licenses in a total of 28 states. Also part of its clinical lab operations segment, Rennova Health recently initiated the acquisition of various assets of a rural clinical access hospital that filed for Chapter 11 bankruptcy. The acquisition process is to be completed early next year, with the hospital and its laboratory likely back in operation in the third quarter of 2017. Another major acquisition the company plans is that of Genomics, Inc., a biomedical diagnostics company that offers personalized medicine via DNA-guided management. Genomics uses a patented combination of genes and a proprietary platform that correlates gene and physiological variability to come up with ideal medication for pain, diabetes, mental illness and heart disease.
Another essential component of Rennova’s comprehensive solutions offering is health care technology. The company’s integrated software solutions include both specialized applications and simplified technologies for electronic health records, an advanced laboratory information management system and a reporting application designed to help streamline diagnostic laboratory testing, as well as information solutions for precision oncology. The company launched an electronic health records service in the substance abuse sector in the last quarter of 2015 and currently has approximately 100 EHR clients across all verticals.
As for revenue cycle management services, Rennova’s in-house medical billing services solution, Medical Billing Choices, offers a customer-centered workflow designed to minimize errors, streamline customers’ billing cycles and maximize cash flow by expediting tasks such as insurance eligibility checks, claims submissions, and payment collecting. The company launched a specialized medical billing division for substance abuse facilities in the third quarter of the year and currently has approximately 20 facilities as customers.
Rennova also offers financial service solutions to health care providers, designed to help them maintain positive cash flows and overcome any income gaps cause by slow-to-pay customers. From special loans collaterized by accounts receivable to acquisitions of qualifying accounts receivable at a discounted rate, the company offers a wealth of financial solutions tailored to every customer.
For 2017 as well as long term, Rennova Health has plans to create and maintain a sustainable relationship with its customers, to grow revenue and provide added value to its shareholders by increasing and diversifying its diagnostics business, offering improved supportive software solutions and exploring new ways to improve provider and patient outcomes for various diagnostics, including cancer and diabetes. The company’s main target markets at the moment are pain management and drug and alcohol rehabilitation.
For more information, visit www.RennovaHealth.com