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Ethema Health Corporation (GRST) provides specialized behavioral healthcare services focused on substance use disorder treatment through inpatient programs and strategic facility management. This news hub offers investors and healthcare professionals timely updates on GRST's clinical advancements, operational strategies, and regulatory milestones.
Access comprehensive coverage of GRST's business developments including acquisition announcements, earnings reports, and treatment program innovations. The company's unique approach combines clinical excellence in detoxification services with astute healthcare real estate management, particularly serving Medicaid-insured populations in key markets like Florida and Kentucky.
Key updates include progress on facility expansions, partnership agreements, compliance achievements, and financial performance metrics. This resource centralizes critical information for evaluating GRST's position in the behavioral healthcare sector and its dual focus on patient outcomes and asset optimization.
Bookmark this page for verified updates directly from corporate communications and trusted industry sources. Monitor GRST's execution of its growth strategy through clinical program enhancements and disciplined capital allocation in the evolving healthcare landscape.
Ethema Health Corporation (OTCPINK: GRST) has signed a contract to purchase its currently leased property at 950 Evernia Street, West Palm Beach, for $5,500,000. A $50,000 down payment was made, with the purchase to be finalized by February 2023. The landlord will offer $4,000,000 in financing, requiring a cash balance payment by September 30, 2022. Ethema plans to structure the purchase through a Limited Partnership, investing $100,000 and controlling the property with a 50% income interest. This acquisition aims to enhance their long-term presence in the addiction treatment sector.
Ethema Health Corporation (OTCPINK: GRST) announced a new note to replace expiring notes from Labrys Fund, extending maturity by 9 months and offering a chance to avoid extra costs if paid by October 3, 2022. The Company also reported fully extinguishing a note due to Geneva Roth Remark Holdings Inc. Ethema relocated its registered head office to its ARIA subsidiary's location. CEO Shawn Leon highlighted this collaborative effort with investors as a strategic move to enhance cash flow for debt repayment, underscoring the growing financial stability of the ARIA subsidiary.
Ethema Health Corporation (OTCPINK: GRST) anticipates a 13% revenue increase for Q2 2022 compared to Q1, attributed to new claims and historical collection trends. The company has expanded capacity with 10 new beds and expects 62 beds available in Q3 following renovations. Ethema is formalizing debt extensions and expects to start repayments from cash flow in Q3. CEO Shawn Leon expressed optimism for growth and has integrated a new billing subsidiary, contributing additional profits.
Ethema Health Corporation (OTCPINK: GRST) reported a 23.4% increase in total billed claims for Q1 2022, resulting in positive EBITDA of $186,640 for its ARIA subsidiary. Despite this growth, the overall company experienced a loss attributed to debt-related expenses. CEO Shawn Leon mentioned that revenue rises were tempered by weaker collection rates due to insurance policy resets. Looking ahead, the company projects further growth with new billing rates and additional capacity from 14 new beds. A new subsidiary, PB Billing LLC, was launched to enhance billing operations.
Ethema Health Corporation (OTC Pink: GRST) released its year-end 2021 10K report, showcasing a 20.0% increase in total billed claims for the fourth quarter compared to the third quarter of 2021. This growth led to positive earnings, offsetting earlier losses and resulting in a small net gain for the year. In Q1 2022, billed claims grew 23.4% over Q4 2021, indicating continued revenue growth. CEO Shawn Leon highlighted the significance of revenue improvements and reduced marketing spend, anticipating further growth due to planned increases in available beds.
Ethema Health Corporation (OTCPINK: GRST) is expanding its treatment facilities with plans to increase its bed count from 42 to 68. The addition involves 10 more beds on the second and third floors and a potential lease of adjacent apartments for additional beds. The ongoing construction is nearing completion, with a certificate of occupancy expected in March. CEO Shawn Leon emphasized the importance of this expansion for improving service quality and ultimately saving more lives.
Ethema Health Corporation (OTCPINK: GRST) announced a contract amendment with New Directions Behavioral Health, effective April 10, 2022, increasing rates by 6% to 17% due to rising healthcare costs. This is significant as approximately 97% of Ethema's revenue is billed to New Directions, which manages behavioral health benefits for major insurers such as Blue Cross. CEO Shawn Leon expressed satisfaction with the contract's adjustments, highlighting the importance of maintaining quality service amidst increasing operational costs.
Ethema Health Corporation (OTCPINK: GRST) has announced a strategic approach to debt management, successfully negotiating with its principal creditors to reduce debt levels without resorting to dilutive conversions. The company has made significant payments towards its outstanding notes, including a $550,000 note with Labrys Fund LP, reducing the balance to $386,000. Ethema aims to eliminate over $600,000 in variable rate conversion debt within the first half of 2022, focusing on maintaining strong lender relationships and supporting operational cash flow.
Ethema Health Corporation (OTCPINK: GRST) submitted its 2021 year-end financial statements for early review. The ARIA treatment center reported an EBITDA of approximately $163,000 for Q4, a 370% increase from Q3. Despite the traditional slow-down in December, the center achieved break-even results and maintained 100% occupancy in February. CEO Shawn Leon expressed optimism for a strong first quarter in 2022, driven by ongoing demand for their services. The company aims to build upon its existing platform in West Palm Beach throughout the year.
Ethema Health Corporation (OTCPINK: GRST) announced its third-quarter financial results, highlighting profitability from the ARIA treatment facility since its seventh month of operation. The facility generated an EBITDA of $47,359 and saw a 13% net collection rate, primarily from Blue Cross billing. Increased revenue and occupancy were noted for the fourth quarter, and the company plans to add 10 more beds by December. Ethema is also eliminating debt through equity conversion and is advancing a property purchase using a limited partnership structure to strengthen its balance sheet.
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