ATLANTA, Dec. 20, 2016 /PRNewswire/ -- AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a
self-managed healthcare real estate investment company that invests
primarily in real estate purposed for senior living and long-term
healthcare, today announced the company's Jeffersonville facility has been recertified
by the Centers for Medicare and Medicaid Services ("CMS") and has
received a new Medicare/Medicaid provider contract.
Bill McBride, AdCare's Chairman
and Chief Executive Officer, commented, "We are pleased with the
rapid progress of our new tenant, Peach Health Group. It is
encouraging that the Advanced Health and Rehab of Twiggs County facility (formerly named
Jeffersonville) has been
recertified so quickly, including receiving a deficiency free
survey in the process. Attaining recertification of the
Jeffersonville facility allows the
operator to bill Medicare and Medicaid and begin paying rent on the
facility. We anticipate the recertification of the Oceanside
facility in the near-term, and when received, all facilities will
be back to paying rent."
The Jeffersonville facility was
decertified by CMS in February 2016
while subleased to New Beginnings Care LLC. Since that time, the
company has subleased the facility to a new operator, an affiliate
of Peach Health Group LLC, and worked closely with this new tenant
to identify and make significant improvements to the physical
property by investing over $1 million
in efforts to regain CMS recertification. As a result, the
Jeffersonville facility has
received the necessary licenses and agreements necessary to begin
billing Medicare and Medicaid for reimbursement. Annual, full
rent on the facility is $636,000 per
annum.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA)
is a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions. AdCare currently owns, leases or manages for third
parties 29 facilities. For more information about AdCare, visit
www.adcarehealth.com.
Important Cautions Regarding Forward-Looking
Statements
Statements contained in this press release that are not
historical facts may be forward-looking statements within the
meaning of federal law. Such statements can be identified by the
use of forward-looking terminology, such as "believes," "expects,"
"plans," "intends," "anticipates" and variations of such words or
similar expressions, but their absence does not mean that the
statement is not forward-looking. Forward-looking statements
reflect management's beliefs and assumptions and are based upon
information currently available to management and involve known and
unknown risks, results, performance or achievements of AdCare,
which may differ materially from those expressed or implied in such
statements. Such factors are identified in the public filings made
by AdCare with the Securities and Exchange Commission, including
AdCare's Annual Report on Form 10-K for the year ended December 31, 2015, and AdCare's subsequently
filed Quarterly Reports on Form 10-Q. There is no assurance that
such factors or other factors will not affect the accuracy of such
forward-looking statements. Except where required by law, AdCare
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this press release.
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SOURCE AdCare Health Systems, Inc.