Renewals Offer Significant Additional Revenue Opportunity
PEABODY, Mass.--(BUSINESS WIRE)--Aug. 25, 2009--
PHC, Inc., d.b.a. Pioneer Behavioral Health (NYSE AMEX: PHC), a leading
provider of inpatient and outpatient behavioral health services,
announced today that it has been awarded a contract by the Salt Lake
City Veteran’s Administration Medical Center (VA) to provide behavioral
health services at the Company’s Highland Ridge Hospital in Salt Lake
City, Utah. The initial term of the contract is nine months, with
six-month renewal periods. PHC is guaranteed a minimum of $1.24 million
under the initial term. Revenue for each six-month contract extension
would be $792,000. Highland Ridge will provide the VA with eight
psychiatric and detoxification beds. PHC also has the opportunity to
receive additional revenue for providing care for patients beyond the
allocated beds on a fee-for-service basis.
“We are pleased to expand our relationship with the VA and to provide
needed behavioral health services for the veterans in the Salt Lake City
area,” said Bruce A. Shear, president and CEO of PHC. “Highland Ridge
has a reputation for providing safe, fast and effective detoxification
and behavioral health programs, and this contract reflects the long
relationship with the VA and the growing awareness on the part of
government agencies of the important role that behavioral health
services play in improving the quality of life of former members of our
armed forces.”
Highland Ridge Hospital is a 41-bed psychiatric and chemical dependency
treatment facility located in the heart of the Salt Lake Valley. It is
the oldest specialty treatment program in the state of Utah. The
Hospital expertly evaluates, assesses and treats, clients from across
the United States. By employing state-of-the-art treatment and
assessment technologies, the Hospital tailors its services to meet the
unique needs of each client.
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.
Source: PHC, Inc.
PHC, Inc.
Bruce A. Shear, 978-536-2777
President & CEO
or
Investor
Relations:
CEOcast, Inc.
Dan Schustack, 212-732-4300
