ProfitScout
6 years ago
First Choice Healthcare Solutions Reports First Quarter 2018 Results and Expansion into New Territory
MELBOURNE, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) ("First Choice" or the "Company"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of othopaedic and spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the three-month period ended March 31, 2018.
Chris Romandetti, President and CEO of First Choice, stated, “We are pleased to report that we achieved record net patient service revenue of $8.2 million and over 51% Adjusted EBITDA growth year-over-year for the first quarter of 2018. With the recent strategic partnership with Steward Health Care we are happy to announce our expansion of the First Choice healthcare delivery platform into Indian River County, Florida. We are in the final steps of our site selection that will house our Indian River County platform. When completed, our facilities will include an imaging center, physical therapy locations and physician offices. We expect our new location will enable us to service up to an additional 3,000 surgeries per year. Given our positive first quarter 2018 results and our expansion into Vero Beach and Sebastian, Florida, we believe First Choice is well positioned to continue this momentum and growth in 2018 and beyond.”
Recent Financial and Operational Highlights
32% Increase in surgery count over comparable quarter
Crane Creek Surgery Center turned profitable in first quarter 2018
Approaching 1,000 physical therapy visits per week
Cash balance of $8.5mm or $0.26 per share
DSO improved by 20%
Extended invitations to three independent board members
Financial Results for First Quarter of 2018
Total revenue was $8.8 million for the first quarter of 2018, an increase of 14% compared to $7.7 million for the same period in 2017.
Net income attributable to First Choice was $279,338 for the first quarter of 2018, compared to net income of $202,519 for the same period in 2017, representing an increase of 38%.
Non-GAAP adjusted EBITDA was $736,077 for the first quarter of 2018, an increase of 51% compared to $487,405 for the same period in 2017. *
Conference Call and Webcast Information
The Company will host a conference call with the investment community on Wednesday, May 9th at 11:00 a.m. Eastern Time featuring remarks by Chris Romandetti, President and CEO of First Choice, and Phillip Keller, CFO of First Choice.
To access the call, please use the following information:
Date: Wednesday, May 9, 2018
Time: 11:00 a.m. EST, 8:00 a.m. PST
Toll-free dial-in number: (866) 682-6100
International dial-in number: (862) 298-0702
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gillian Lee at 321-725-0090 extension 160.
The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/1527/25785 and via the investor relations section of the Company's website at http://ir.myfchs.com/.
(*) Use of Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management's internal comparisons to our historical performance and liquidity. We believe this non-GAAP financial measure is useful to investors both because they allow for greater transparency with respect to a key metric used by management in its financial and operational decision-making. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliation of non-GAAP Adjusted EBITDA Performance".
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Interventional Pain Management, Physical Therapy and other ancillary and diagnostic services in key expansion markets throughout the U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit www.myfchs.com, www.myfcmg.com, www.thebackcenter.net and www.cranecreeksurgerycenter.com.
Contact Information:
First Choice Healthcare Solutions, Inc.
Gillian Lee
Phone: 321-725-0090 ext. 160
Email: IR@myfchs.com
Investor Contact:
Scott Eckstein / Allison Soss
KCSA Strategic Communications
Phone: +1 (212) 896-1210/+1 (212) 896-1267
Email: FCHS@KCSA.com
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2018 2017
ASSETS unaudited
Current assets
Cash $ 8,474,437 $ 2,015,534
Accounts receivable, net 9,908,563 8,699,714
Employee loans 1,268,487 1,155,109
Prepaid and other current assets 630,285 676,931
Total current assets 20,281,772 12,547,288
Property, plant and equipment, net 2,519,638 2,295,163
Other assets 3,824,483 3,908,781
Total assets $ 26,625,893 $ 18,751,232
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued expenses $ 2,545,295 $ 2,379,404
Accounts payable, related party 251,588 251,588
AMT tax payable 230,037 223,899
Line of credit, short term 440,024 440,024
Notes payable, current portion 49,515 29,552
Unearned revenue 44,557 44,607
Deferred rent, short term portion 81,410 105,171
Total current liabilities 3,642,426 3,474,245
Long term liabilities:
Deposits held 41,930 41,930
Line of Credit 1,100,000 1,100,000
Notes payable, long term portion 149,288 60,146
Deferred rent, long term portion 2,641,579 2,589,568
Total long term 3,932,797 3,791,644
Total liabilities 7,575,223 7,265,889
Temporary equity 2022 Put option 7,500,000 -
Equity
Preferred stock - -
Common stock 32,172 27,357
Additional paid in capital 24,982,457 25,185,487
Treasury stock - (249,265 )
Accumulated deficit (13,709,680 ) (13,989,018 )
Total stockholders' equity attributable to FCHS 11,304,949 10,974,561
Non-controlling interest (note 12) 245,721 510,782
Total equity 11,550,670 11,485,343
Total liabilities and equity $ 26,625,893 $ 18,751,232
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31,
2018 2017
Revenues: unaudited unaudited
Patient Service Revenue $ 8,481,672 $ 7,406,986
Allowance for bad debts (278,562 ) (264,996 )
Net patient service revenue less provision for bad debts 8,203,110 7,141,990
Rental Revenue 582,787 578,363
Total Revenue 8,785,897 7,720,353
Operating expenses:
Salaries and benefits 4,329,285 3,716,375
Other operating expenses 2,632,786 2,529,183
General and administrative 1,353,836 1,173,834
Depreciation and amortization 201,912 189,488
Total operating expenses 8,517,819 7,608,880
Net (loss) income from operations 268,078 111,473
Other income (expense):
Miscellaneous income (expense) 40,322 50,102
Interest expense, net (23,512 ) (32,074 )
Total other income 16,810 18,028
Net (loss) income before provision for income taxes 284,888 129,501
Income taxes (benefit) - -
Net (loss) income 284,888 129,501
Non-controlling interest (note 10) (5,550 ) 73,018
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ 279,338 $ 202,519
Net (loss) income per common share, basic $ 0.01 $ 0.01
Net (loss) income per common share, diluted $ 0.01 $ 0.01
Weighted average number of common shares outstanding, basic 28,610,793 26,252,505
Weighted average number of common shares outstanding, diluted 29,410,793 27,052,505
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31,
2018 2017
CASH FLOWS FROM OPERATING ACTIVITIES: unaudited unaudited
Net Income $ 284,888 $ 129,501
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization 201,912 189,488
Bad debt expense 278,562 264,996
Stock based compensation 180,439 63,324
Changes in operating assets and liabilities:
Accounts receivable (1,487,411 ) (1,118,306 )
Prepaid expenses and other current assets 46,646 (229,258 )
Employee loans (113,378 ) (132,791 )
Accounts payable and accrued expenses 165,891 353,849
Deferred rent 28,250 51,871
Unearned income (50 ) 16,918
Net cash used in operating activities (414,251 ) (410,408 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of 25% interest in Crane Creek (400,000 ) -
Purchase of equipment (335,951 ) (173,729 )
Net cash (used in) provided by investing activities (735,951 ) (173,729 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock 7,500,000 -
Proceeds from notes payable 120,709 22,113
Purchase of treasury stock (11,604 ) (130,125 )
Net cash provided by (used in) financing activities 7,609,105 (108,012 )
Net increase in cash, cash equivalents and restricted cash 6,458,903 (692,149 )
Cash and cash equivalents, beginning of period 2,015,534 4,593,638
Cash, cash equivalents and restricted cash, end of period $ 8,474,437 $ 3,901,489
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
NON GAAP EBITDA
For the three months ended March 31,
2018 2017
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS $ 279,338 $ 202,519
Interest 23,512 32,074
Taxes - -
Depreciation and Amortization 201,912 189,488
Stock Based Compensation 231,315 63,324
Adjusted EBITDA 736,077 487,405
8.4 % 6.3 %
ProfitScout
6 years ago
First Choice Healthcare Solutions Reports 2017 Results and Update on Strategic Partnership with Steward Health Care
MELBOURNE, Fla., April 03, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) ("First Choice" or the "Company"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of orthopedic and spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the year ended December 31, 2017.
Chris Romandetti, President and CEO of First Choice, stated, “2017 was a transformative year for First Choice, having achieved several significant milestones in our business that have successfully laid the foundation for future growth. Most notable is our strategic partnership with Steward Health Care (“Steward") which provides us with a large geographic opportunity to rollout our unique delivery platform to Steward’s nationwide hospital network. Additionally, Steward’s $7.5 million investment in First Choice as part of this relationship demonstrates their confidence in our business model and commitment to our partnership going forward. Since the closing, we have been working closely on the integration of the FCHS platform into Steward’s network.”
Recent Operational Highlights
Closed strategic partnership with Steward, the largest private hospital operator in the United States, to expand the FCHS business model into Steward’s national footprint.
Received investment of $7.5 million from Steward in exchange for 5 million shares of FCHS stock.
Acquired an additional 25% ownership interest in Crane Creek Surgery Center (“Crane Creek”) bringing its total ownership interest to 65%.
Assumed management responsibility of Crane Creek and appointed an experienced senior healthcare executive and administrator, Luis Allende-Ruiz, to lead operations.
Strengthened management team with the hiring of Steve Ryland, Director of Physical/Occupational Therapy and Michael Lamb, Director of Ancillary Services.
Appointed Sheila Schweitzer to the Board of Directors.
Financial Results for Full Year 2017
Total revenue was $28.7 million for the full year 2017, a decrease of approximately 2.0% from $29.5 million the prior year. Net patient service revenue was $26.5 million of total revenue in 2017, and rental revenue was $2.3 million. This is compared to net patient service revenue of $27.0 million and rental revenue of $2.4 million for the full year 2016.
Net loss from operations was $4.4 million for the full year 2017, compared to net income from operations of $0.1 million for the prior year.
Non-GAAP adjusted EBITDA was $2.5 million for the full year 2017, compared to $3.3 million for the prior year. *
In the year ended 2017, the Company changed its estimates of the allowance for doubtful accounts related to its customers, primarily based on historical experience of write-offs of outstanding accounts receivable. This change resulted in an increase compared to the year ended December 31, 2016 to the allowance for doubtful accounts by approximately $3.2 million in the year ended 2017.
Conference Call and Webcast Information
The Company will host a conference call with the investment community on Tuesday, April 3rd at 11:00 a.m. Eastern Time featuring remarks by Chris Romandetti, President and CEO of First Choice, and Phillip Keller, CFO of First Choice.
To access the call, please use the following information:
Date: Tuesday, April 3, 2018
Time: 11:00 a.m. EDT, 8:00 a.m. PDT
Toll-free dial-in number: (866) 682-6100
International dial-in number: (404) 267-0373
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Julie Hardesty at 321-725-0090 extension 288.
The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/1527/25257 and via the investor relations section of the Company's website at http://ir.myfchs.com/.
(*) Use of Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management's internal comparisons to our historical performance and liquidity. We believe this non-GAAP financial measure is useful to investors both because they allow for greater transparency with respect to a key metric used by management in its financial and operational decision-making. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliation of non-GAAP Adjusted EBITDA Performance".
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Interventional Pain Management, Physical Therapy and other ancillary and diagnostic services in key expansion markets throughout the U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit http://www.myfchs.com, http://www.myfcmg.com, http://www.thebackcenter.net and http://www.cranecreeksurgerycenter.com.
Contact Information:
First Choice Healthcare Solutions, Inc.
Julie Hardesty
Phone: 321-725-0090 ext. 288
Email: IR@myfchs.com
Investor Contact:
Valter Pinto / Allison Soss
KCSA Strategic Communications
Phone: +1 (212) 896-1254/+1 (212) 896-1267
Email: FCHS@KCSA.com
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2017 AND 2016
2017 2016
ASSETS
Current assets
Cash $ 2,015,534 $ 4,593,638
Accounts receivable, net 8,699,714 9,536,830
Employee loans 1,155,109 820,341
Prepaid and other current assets 676,931 422,512
Total current assets 12,547,288 15,373,321
Property, plant and equipment, net 2,295,162 2,544,816
Other assets
Total other assets 3,908,781 4,227,957
Total assets $ 18,751,232 $ 22,146,094
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued expenses $ 2,379,404 $ 2,083,231
Accounts payable, related party 251,588 251,588
AMT tax payable 223,899 181,029
Line of credit, short term 1,540,024 1,539,524
Notes payable, current portion 29,552 519,452
Unearned revenue 44,607 26,936
Deferred rent, short term portion 105,171 237,923
Total current liabilities 4,574,245 4,839,683
Long term liabilities:
Deposits held 41,930 41,930
Notes payable, long term portion 60,146 14,531
Deferred rent, long term portion 2,589,568 2,293,594
Total long term liabilities 2,691,644 2,350,055
Total liabilities 7,265,889 7,189,738
Equity
Preferred stock - -
Common stock 27,357 24,631
Additional paid in capital 25,185,487 24,020,610
Treasury stock (249,265 ) -
Accumulated deficit (13,989,018 ) (10,100,534 )
Total stockholders' equity attributable to FCHS 10,974,561 13,944,707
Non-controlling interest (note 12) 510,782 1,011,649
Total equity 11,485,343 14,956,356
Total liabilities and equity $ 18,751,232 $ 22,146,094
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
For the year ended December 31,
2017 2016
Revenues:
Patient Service Revenue $ 30,678,449 $ 27,978,106
Allowance for bad debts (4,209,820 ) (924,916 )
Net patient service revenue less provision for bad debts 26,468,629 27,053,190
Rental Revenue 2,275,418 2,410,892
Total Revenue 28,744,047 29,464,082
Operating expenses:
Salaries and benefits 16,291,238 13,696,590
Other operating expenses 10,327,434 9,271,684
General and administrative 5,593,705 5,534,446
Depreciation and amortization 941,836 821,709
Total operating expenses 33,154,213 29,324,429
Net (loss) income from operations (4,410,166 ) 139,653
Other income (expense):
Gain on sale of property and improvements - 9,207,846
Miscellaneous income (expense) 120,799 278,358
Amortization financing costs - (15,654 )
Interest expense, net (99,984 ) (343,161 )
Total other income 20,815 9,127,389
Net (loss) income before provision for income taxes (4,389,351 ) 9,267,042
Income taxes (benefit) - -
Net (loss) income (4,389,351 ) 9,267,042
Non-controlling interest (note 10) 500,867 (92,659 )
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS, INC. $ (3,888,484 ) $ 9,174,383
Net (loss) income per common share, basic $ (0.15 ) $ 0.38
Net (loss) income per common share, diluted $ (0.15 ) $ 0.37
Weighted average number of common shares outstanding, basic 26,658,926
23,843,239
Weighted average number of common shares outstanding, diluted 26,658,926 24,643,239
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31,
2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) Income $ (4,389,351 ) $ 9,267,042
Adjustments to reconcile net (loss) income to cash used in operating activities:
Depreciation and amortization 941,836 821,709
Amortization of financing costs - 15,654
Bad debt expense 4,209,820 924,916
Gain on sale of property - (9,207,846 )
Stock based compensation 1,167,603 1,276,681
Changes in operating assets and liabilities:
Accounts receivable (3,372,704 ) (3,837,852 )
Prepaid expenses and other current assets (266,819 ) (105,739 )
Restricted funds - 359,414
Employee loans (334,768 ) (148,048 )
Accounts payable and accrued expenses 296,173 (2,502,528 )
Income taxes payable 42,870 -
Settlement payable - (600,000 )
Deposits 302 (25,502 )
Deferred rent 132,752 271,508
Unearned income 17,671 (15,768 )
Net cash used in operating activities (1,554,615 ) (3,506,359 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property - 15,113,497
Purchase of equipment (330,439 ) (254,627 )
Net cash (used in) provided by investing activities (330,439 ) 14,858,870
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayments) of advances - (43,082 )
Proceeds from notes payable 86,713 -
Proceeds from line of credit 500 372,636
Payment to acquire previously issued warrants - (600,000 )
Purchase of treasury stock (249,265 ) -
Net payments on notes payable (530,998 ) (8,083,425 )
Net cash provided by (used in) financing activities (693,050 ) (8,353,871 )
Net increase in cash, cash equivalents and restricted cash (2,578,104 ) 2,998,640
Cash and cash equivalents, beginning of period 4,593,638 1,594,998
Cash, cash equivalents and restricted cash, end of period $ 2,015,534 $ 4,593,638
FIRST CHOICE HEALTHCARE SOLUTIONS, INC
RECONCILIATION OF NON-GAAP ADJUSTED EBITDA PERFORMANCE
For the year ended December 31,
2017 2016
NET (LOSS) INCOME ATTRIBUTABLE TO FIRST CHOICE HEALTHCARE SOLUTIONS $ (3,888,484 ) $ 9,174,383
Interest 99,984 343,161
Taxes - -
Depreciation and Amortization 941,836 837,363
Bad Debt 4,209,820 924,916
Stock Based Compensation 1,144,147 1,276,681
Gain on Sale of Building - (9,207,846 )
Adjusted EBITDA $ 2,507,303 $ 3,348,658
ProfitScout
6 years ago
First Choice Healthcare Solutions Announces Closing of Strategic Partnership with Steward Health Care
MELBOURNE, Fla., March 02, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) ("First Choice" or the "Company"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of care for patients through diagnosis, treatment and recovery, today announced the closing of its strategic partnership with Steward Health Care System (“Steward”), the largest private hospital operator in the United States. The closing was formalized with Steward’s investment of $7.5 million in exchange for 5 million shares of FCHS stock.
First Choice has been given the opportunity to expand its orthopaedic and spine care delivery platform into Steward’s nationwide hospital network. As strategic partners, First Choice and Steward are in the process of evaluating the next Steward Hospital System where First Choice can implement its targeted delivery platform. Also, as previously announced, Steward is now in the final steps of identifying two board members for appointment to First Choice’s board of directors.
Chris Romandetti, President and CEO of First Choice, stated, "The finalization and closing of this strategic partnership with Steward provides excellent momentum for all parties involved. An investment of this magnitude allows First Choice to expeditiously continue to rollout our unique and proven delivery platform among Steward’s nationwide network. Our team is proud to create a healthcare delivery platform that is capable of changing the lives of so many throughout the nation. Both teams have worked long and hard to improve healthcare, and the alignment of our two Companies will allow this growth to flourish.”
About Steward Health Care
Steward Health Care, the largest private hospital operator in the United States, is a physician-led health care services organization committed to providing the highest quality of care in the communities where patients live. Headquartered in Boston, Massachusetts, Steward operates 36 community hospitals nationwide that employ approximately 37,000 people and regularly receive top awards for quality and safety. The Steward network includes more than 26 urgent care centers, 42 preferred skilled nursing facilities, substantial behavioral health services, over 7,300 beds under management, and more than 1.5 million full risk covered lives through the company’s managed care and health insurance services. The total number of paneled lives within Steward’s integrated care network is projected to reach 3 million in 2018.
Steward’s unique health care service delivery model leverages technology, innovation, and care coordination to keep patients healthier. With a culture that prioritizes agility, resourcefulness, and continuous improvement, Steward is recognized as one of the nation’s leading accountable care organizations. The Steward Health Care Network includes thousands of physicians who help to provide more than 12 million patient encounters per year. Steward Medical Group, the company’s employed physician group, provides more than 1 million patient encounters per year. The Steward Hospital Group operates hospitals in Arizona, Arkansas, Colorado, Florida, Louisiana, Massachusetts, Ohio, Pennsylvania, Texas, and Utah.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Interventional Pain Management, Physical Therapy and other ancillary and diagnostic services in key expansion markets throughout the U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit http://www.myfchs.com, http://www.myfcmg.com, http://www.thebackcenter.net and http://www.cranecreeksurgerycenter.com.
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
Contact Information:
First Choice Healthcare Solutions, Inc.
Julie Hardesty
Phone: 321-725-0090 ext 288
Email: IR@myfchs.com
Investor Contact:
Valter Pinto / Allison Soss
KCSA Strategic Communications
Phone: +1 (212) 896-1254/+1 (212) 896-1267
Email: FCHS@KCSA.com
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