PEABODY, Mass., May 9, 2011 /PRNewswire/ -- PHC, Inc., d/b/a
Pioneer Behavioral Health (NYSE Amex: PHC), a leading provider of
inpatient and outpatient behavioral health services, today
announced that effective March 1,
2011, it had instituted a 28% rate increase with a major
Las Vegas customer through its
Harmony Healthcare unit, which will add approximately $2.0 million annually to Pioneer's revenues.
Harmony Healthcare is the largest provider of behavioral health
services to the gaming and transportation industries and through
its customers has relationships established with over 21 casino and
resort properties to provide mental and behavioral healthcare
services to more than 600,000 individuals in southern Nevada.
"This represents an increase to the Company's largest contract,
which we originally signed on January
1 2007," said Bruce A. Shear,
Pioneer's president and CEO. "As there are no new expenses
associated with this increase, it will notably improve our bottom
line contribution in the coming quarters and will help us achieve
our 10% operating margin target."
About PHC d/b/a Pioneer Behavioral Health
PHC, Inc., d/b/a Pioneer Behavioral Health, is a national
healthcare company providing behavioral health services in five
states, including substance abuse treatment facilities in
Utah and Virginia, and inpatient and outpatient
psychiatric facilities in Michigan, Pennsylvania, and Nevada. The Company also offers internet and
telephonic-based referral services that includes employee
assistance programs and critical incident services. Contracted
services with government agencies, national insurance companies,
and major transportation and gaming companies cover more than one
million individuals. Pioneer helps people gain and maintain
physical, spiritual and emotional health through delivering the
highest quality, most culturally responsive and compassionate
behavioral health care programs and services. For more information,
visit www.phc-inc.com.
Statement under the Private Securities Litigation Reform Act
of 1995
This press release may include "forward-looking statements" that
are subject to risks and uncertainties. Forward-looking statements
include information about possible or assumed future results of the
operations or the performance of the Company and its future plans
and objectives. Various future events or factors may cause the
actual results to vary materially from those expressed in any
forward-looking statements made in this press release. For a
discussion of these factors and risks, see the Company's annual
report on Form 10-K for the most recently ended fiscal year.
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Contact:
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PHC, Inc.
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Bruce A. Shear,
978-536-2777
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President & CEO
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Or
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Hayden IR
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Brett Maas,
646-536-7331
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Managing Partner
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E-mail:
brett@haydenir.com
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SOURCE PHC, Inc., d/b/a Pioneer Behavioral Health