PEABODY, Mass.--(BUSINESS WIRE)--Jun. 30, 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 capacity at its Capstone facility in Detroit,
Michigan has been expanded by 32%, effective immediately, in response to
strong demand for the Company’s behavioral healthcare services in the
area. The increase in total bed capacity from 50 at the previous
location to 66 is expected to generate additional revenue in excess of
$1.5 million annually, with improved operating margins as a result of
more efficient utilization of PHC’s existing infrastructure. Scheduled
admissions will have the census at capacity by the end of this week.
“The decision to increase capacity at our Capstone facility reflects
strong growth in demand for PHC’s core behavioral healthcare services in
Michigan, a trend which has resulted in this Facility turning profitable
in June,” said Alexander Nelson Luvall, Executive Vice President of PHC.
“The increase in number of beds will allow us to service those residents
that we have been unable to accept currently due to capacity
constraints.”
The Company also plans to open a new 24-bed substance abuse program at
its Harbor Oaks Hospital in New Baltimore, MI in September due to the
strong demand for behavioral health related services at the Facility.
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
