Veltex Recovery Group Announces Launch of In-patient Services at Mount Hope
Nov 23rd, 2022 11:33 EST
CHICAGO, Nov. 23, 2022 /PRNewswire/ -- Veltex Corporation (OTCQB:VLXC) ("Veltex"), a Health and Wellness Acquisition Firm, is pleased to announce its wholly owned subsidiary Veltex Medical, Inc. d/b/a Veltex Recovery Group ("VRG"), in partnership with Elena Behavioral Health Services, Inc., a West Virginia Corporation, has been approved by the West Virginia Office of Health Facility Licensure and Certification, The Bureau of Medical Services ("BMS"), and The United States Drug Enforcement Agency ("DEA") to provide residential treatment for twenty-eight (28) licensed beds at its Behavioral Health Recovery center at 101 Martin Drive, Mount Hope, WV 25880 ("The Mount Hope Campus") starting November 28, 2022. Veltex seeks to develop and acquire companies which have established or advanced the latest modalities in the areas of health wellness, and recovery, specifically targeting substance use disorder ("SUD") treatment in the State of West Virginia. VRG currently operates an out-patient only SUD treatment facility at the Mount Hope Campus. The in-patient program will exclusively treat women and is a major necessity for the region to aid in the treatment of substance use disorder.
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VRG has been credentialed by the Bureau of Medical Services for in-patient residential treatment with Medicaid and HMO providers Unicare, Aetna Better Health of WV; and The Health Plan ("THP"). VRG is obtaining credentialling with additional insurance carriers as well. VRG's OHFLAC Certificate of Occupancy provides for the following levels of care pursuant to the BMS provider manual Chapter 504 - Substance Use Disorder: 504.18.4 Residential Adult Services ASAM® Level 3.7 – six (6) beds; 504.18.3 Residential Adult Services ASAM® Level 3.5 – fourteen (14) beds; and 504.18.1 Residential Adult Services ASAM® Level 3.1 – eight (8) beds, full details regarding VRG's approved levels of care can be found at dhhr.wv.gov. Out-patient services at the Mount Hope Campus are now offered five (5) days per week, and VRG has established a consistent market to expand in this regard.
Initially, in patient revenue is projected at $425 a day, per resident, for the first seven (7) days. Residents can then maintain this status based on the recommendations of Medical Staff and renewed prior authorizations. This program can be renewed up to a period of eighteen (18) months per resident and graduated residents open a new space for treatment of additional residents. Furthermore, VRG will gain additional revenue from services such as counseling, peer recovery services, lab work, and testing, among others. VRG leases a laboratory space within the Mount Hope Campus, to Appalachian Labs of WV, LLC and maintains lab-work collection with Charleston Area Medical Center ("CAMC") Lab Works.
VRG's ultimate vision at the Mount Hope Campus will be realized in three (3) phases. Phase I, described above, will begin with a limited number of residents and will quickly escalate to twenty-eight (28) residents. Phase II, of which construction has already begun, will consist of an additional fifty (50) residents in twenty-five (25) double occupancy rooms. Phase II should be completed by early spring of 2023. Phase III will begin shortly after Phase II residents are admitted with plans to bring an additional thirty (30) residents to the Mount Hope Campus.
VRG has also been approved for review by the West Virginia Alliance of Recovery Residences ("WVARR"). The WVARR certification process is designed for recovery residence program operators who are currently operating recovery housing programs in WV. All residences and levels of housing in an organization will be reviewed prior to on-site visits, including policies and procedures for homes that aren't open yet. To become a WVARR certified residence, a dwelling will need to be in operation for at least 60 days and have 60% occupancy at the time of final review.
Additionally, VRG has partnered with WIN West Virginia Foundation, Inc. (Women and Infant Narcotic Rehabilitation Program). WIN is an organization self-described as women winning against Substance Use Disorder and SUD in pregnancy. The program delivers judgment free, comprehensive medical care with hope and compassion. WIN will be providing peer recovery services at the Mount Hope Campus through its four-part plan focused on prevention, treatment, peer and community support, and empowerment. VRG envisions a future where it will collaborate with West Virginia's Department of Child Protective Services to reunite mothers with children they have lost due to substance use disorder.
Dr. Harry L. Haroutunian M.D., Chief Medical Director of Veltex Corporation commented, "This is a crucial step for Veltex Recovery Group and the clearing of a major hurdle for West Virginian women, the community, the Appalachian Region, and the Nation as a whole. This facility will not only give hope, but also serve as a beacon for healing in the State of West Virginia. When we help women and mothers, we help children, when we help children, we help families, when we help families, we help the community, and when we help the community, we help the world."
Stephen G. Macklem, Chief Financial Officer, stated, "The barrier of entry into this industry is extreme and for good reason. Veltex Medical, Inc., our wholly owned subsidiary, required numerous licenses and inspections by both federal and state authority. Phase I is now underway at the Mount Hope Campus. Revenue generated from this phase will assist in the expansion of Phase II, along with Grants from the State of West Virginia. From a financial perspective the holding company couldn't be more pleased. We are exactly on target with the goals that have been laid out previously.
Veltex Corporation's wholly owned subsidiary, Veltex Properties, Inc., a Delaware Corporation, leases the 35,000 sq.ft. facility and approximately five (5) acres of land to Veltex Corporation's wholly owned subsidiary, Veltex Medical, Inc., a Delaware Corporation. This facility and land operates as a Veltex Recovery Group Campus. Future plans in Phase IV, call for architectural drawings, permits and construction of, at least two (2), additional residential facilities on the premises to operate expanded in-patient Behavioral Health Center services. This future expansion will allow the campus to house as many as five-hundred (500) additional residents.
Veltex Corporation, (OTCQB: VLXC), incorporated in Utah September 17, 1987, is a public holding corporation, which maintains its corporate headquarters in Chicago, Illinois. Veltex's common shares trade OTC Markets under the symbol VLXC. Veltex is a premier Health and Wellness Acquisition Firm, specifically targeting Substance Use Disorder ("SUD") treatment entities. Veltex Medical, Inc. d/b/a Veltex Recovery Group ("VRG"), a Delaware corporation and Veltex Properties, Inc. ("VPI"), a Delaware corporation are both wholly owned subsidiaries of Veltex. VMI operates an approximately 30,000 Sq. Ft. out-patient substance use disorder treatment facility at 101 Martin Drive, Mount Hope, WV 25880, providing both out-patient and in-patient SUD treatments.
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SOURCE Veltex Corporation