AdCare Health Systems Expands Senior Management, Names Barry Somervell SVP Strategy and Development Experienced Healthcare Industry Veteran to Focus on Hospital Relationships to Improve Census and Revenue
ATLANTA, Nov. 6, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PA) a leading long-term care provider, today announced that Barry Somervell has joined the senior management of the Company in the newly created position of Senior Vice President of Strategy and Development. Mr. Somervell will focus on building strategic long-term relationships with acute care systems in AdCare markets, with the goal of improving the census at facilities and improving the company's revenue mix.
Mr. Somervell is an experienced leader with a strong history of success in growth strategy and infrastructure transformations as well as sales and business development. Most recently, he was Senior Vice President of Growth for Baptist Health System in San Antonio, Texas. Prior to that, he was Senior Vice President, Sales and Business Development for Kindred Healthcare, where he managed the development and execution of sales, marketing and business development strategies for Kindred's $2.2 billion Nursing Center Division in 224 skilled nursing and transitional care centers and was responsible for a team of over 300 sales reps and nearly 30 sales leaders. Prior to this, he held other sales leadership positions in a variety of post-acute companies. Mr. Somervell has a BS in Communications from the University of Central Missouri.
"With much of the work to improve the quality and program management of our recently acquired facility-level operations complete, we are increasing our focus on revenue growth and adding Barry is an important step toward achieving that goal," commented Boyd Gentry, CEO of AdCare Health Systems.
Mr. Somervell added, "This is an exciting and important time for the Company as the healthcare landscape changes and faces new challenges and I am committed to assisting AdCare achieve its strategic and growth initiatives."
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PA) is a recognized provider of senior living and health care facility management. AdCare owns and manages, long-term care facilities and retirement communities, and since the Company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to: (i) statements regarding drivers of operational growth; (ii) statements regarding expense reductions and expense run-rate; (iii) statements regarding improvements in the admissions process; (iv) statements regarding financial and operational improvements; and (v) statements regarding the Company's current plans to issue equity instruments. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
In addition, each facility mentioned in this press release is operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.
References to the consolidated Company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.
SOURCE AdCare Health Systems, Inc.