JRMC Closed for Entire Year as Rennova Opens Knoxville Office

By Jacob E. Rosenbaum

West Palm Beach, FL based Rennova Health announced this week that they have opened an administrative office in Knoxville, TN to oversee the  operations and management of its rural hospitals in Tennessee and Kentucky. This announcement comes just days after the 1 year anniversary of the closure of Jamestown Regional Medical Center, which shut its doors on June 13, 2019.

Heading the new Knoxville office will be former Jamestown Regional Medical Center CEO Michael Alexander, who has consistently said that reopening the Jamestown Hospital is one of his top priorities.

Over the past three years, Rennova has changed its business focus from diagnostics to rural hospital management. The transition has not been without difficulty, as the company has lost millions over the course of the last three years, one of its hospitals (JRMC) shut down, and other Rennova facilities have reported payroll and supply issues over the course of the last year.

In spite of numerous, unsettling statements contained in Rennova’s (typically late) SEC filings concerning the company’s ability to pay its debts, it seems that the next step will be to open this office in Knoxville, in the hopes of attracting talent to run its operations:

“We believe the opening of an office in Knoxville, local to our operations will make it easier to attract the management team and employees we require to centralize a number of services like financial management, revenue cycle management and purchasing that can be centralized and shared by our various locations” said Seamus Lagan, CEO of Rennova Health, Inc. “Centralizing these management services is a key component of our business strategy to own and operate a cluster of rural hospitals.”

Read the full story in this weeks Fentress Courier.