Ethema Posts Positive Q1 Results
West Palm Beach, Florida - (NewMediaWire) - May 16, 2022 - Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”), filed today, the first quarter 2022 10-Q. The Company’s ARIA subsidiary had an increase of 23.4% in total billed claims for the first quarter of 2022 over the total billed claims for fourth quarter 2021 resulting in positive EBITDA for the ARIA subsidiary of $186,640.00 for the quarter. The overall Company loss was due primarily to interest and other debt related expenses.
Mr. Shawn Leon, Company CEO, reported, “While quarter one revenues were up substantially, the collection percentage rates were weaker due to the resetting of client insurance policy deductibles and copays that take place on January 1 each year. We are looking forward to seeing continued positive progress in quarter two with the implementation of the increased billing rates in April and the addition of fourteen new beds at the end of May. We need to continue our focus on eliminating expensive debt with less expensive debt or equity. This is achievable and will improve the overall Company performance.”
The Company also created a new wholly owned subsidiary named PB Billing LLC which will look after the billing for the ARIA subsidiary in May 2022 and for other non-Company owned treatment facilities in the future.
About Ethema Health Corporation
Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last decade and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America. For more information you can visit our website at www.ethemahealth.com .
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Ethema Health Corporation
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