HOUSTON, Nov. 9, 2018 /PRNewswire/ -- Nobilis Health
Corp. (NYSE American: HLTH) (NEO: HLTH) ("Nobilis" or the
"Company") announced today it has filed a Form 12b-25 Notification
of Late Filing with the Securities and Exchange Commission (the
"SEC") relating to its 10-Q for the period ended September 30,
2018.
In the filing, the Company stated that additional time is
required for the Company and the auditor to complete their review
of the Company's financial statements in order to finalize the
10-Q. The Company is re-evaluating the Net Realizable Value
on its Accounts Receivable and intends to make a significant
adjustment to the carrying value of accounts receivable, primarily
on out of network claims greater than 365 days old. The final
adjustment is subject to the completion of the Company and the
auditor's review. "We are deeply disappointed by the slow
pace of our collection efforts that have resulted in this impact to
our receivables, which will have a significant negative impact on
our financial results for 2018. Over the last several months
we have completely overhauled the process and leadership of our
revenue cycle and continue to improve our billing and collection
processes and procedures. We continue to work towards the
collection of receivables," said Kenny
Klein, CFO.
This 12b-25 filing gives the
company an additional 5 days to file its 10-Q and still be deemed
to have been a timely filer. The company is working
diligently with our auditors to complete the review of our
financial statements.
About Nobilis Health Corp.
Nobilis
Health (www.NobilisHealth.com) is a full-service healthcare
development and management company, with more than 30 locations
across Texas and Arizona, including hospitals,
ambulatory surgery centers, and multi-specialty clinics. In
addition, Nobilis Health partners with more than 30
facilities across the country. Marketing nine independent
brands, Nobilis Health deploys a unique patient
acquisition strategy driven by proprietary, direct-to-consumer
marketing technology, focusing on a specified set of procedures
that are performed at its facilities by local
physicians. Nobilis Health's business model connects
patients with physicians and delivers the highest quality
healthcare.
Forward Looking Statements
This press release contains
certain forward-looking statements within the meaning of Canadian
and United States securities laws,
including the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements include all statements that do
not relate solely to historical or current facts and may be
identified by the use of words such as "may," "believe," "will,"
"expect," "project," "estimate," "anticipate," "plan" or
"continue." These forward-looking statements are based on current
plans and expectations and are subject to a number of risks,
uncertainties and other factors which could significantly affect
current plans and expectations and our future financial condition
and results. These factors, which could cause actual results,
performance and achievements to differ materially from those
anticipated, include, but are not limited to our ability to
successfully maintain effective internal controls over financial
reporting; our ability to implement our business strategy, manage
the growth in our business, and integrate acquired businesses; the
risk of litigation and investigations, and liability claims for
damages and other expenses not covered by insurance; the risk that
payments from third-party payers, including government healthcare
programs, may decrease or not increase as costs increase; adverse
developments affecting the medical practices of our physician
limited partners; our ability to maintain favorable relations with
our physician limited partners; our ability to grow revenues by
increasing case and procedure volume while maintaining
profitability at the Nobilis Facilities; failure to timely or
accurately bill for services; our ability to compete for physician
partners, patients and strategic relationships; the risk of changes
in patient volume and patient mix; the risk that laws and
regulations that regulate payments for medical services made by
government healthcare programs could cause our revenues to
decrease; the risk that contracts are canceled or not renewed or
that we are not able to enter into additional contracts under terms
that are acceptable to us; and the risk of potential decreases in
our reimbursement rates. The foregoing are significant factors we
think could cause our actual results to differ materially from
expected results. However, there could be additional factors
besides those listed herein that also could affect us in an adverse
manner.
We have not undertaken any obligation to publicly update or
revise any forward-looking statements. All of our forward-looking
statements speak only as of the date of the document in which they
are made or, if a date is specified, as of such date. Subject to
any mandatory requirements of applicable law, we disclaim any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in our
expectations or any changes in events, conditions, circumstances or
information on which the forward-looking statement is based. All
subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in
their entirety by the foregoing factors and in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2017, filed
on March 12, 2018, as updated by other filings with the
Securities and Exchange Commission.
Contact Information:
Marty Spake
Vice President, Corporate Development
(281) 506-9794
mspake1412@Nobilishealth.com
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SOURCE Nobilis Health Corp.