– USA, FL – Inspira Financial Inc. (TSXV:LND), announced today that CEO David Forstadt has been elected to join the Board of Directors effective immediately. Mr. Forstadt brings with him a successful track record in the addiction treatment industry and inside Inspira.
In conjunction, Edward Brann has informed Inspira that he is stepping down from the Board and Inspira to pursue noncompetitive ventures. “We want to thank Edward for his highly effective efforts and dedication to Inspira,” said Chairman of the Board, Dr. Jaime Gerber. “With his leadership, Inspira has successfully curtailed spending, and has organized the billing division and our cash and loan book assets into distinct divisions whereby a potential transaction can maximize shareholder value. Mr. Brann has agreed to assist on a contractual basis with the completion of the year-end audit.”
“I’m pleased to have Mr. Forstadt join the Board with his extensive experience in the addiction treatment industry and successful leadership of the business to date,” continued Dr. Gerber. “I’m confident over the next few months we will be able to organize this business to drive shareholder value.” While Inspira continues to consider its alternatives, there can be no assurance that a viable transaction will result or successfully conclude in a timely manner, or at all. Additional information will be released by Inspira as it occurs.
About Inspira Financial
The mental health and substance abuse market in the U.S. is a rapidly expanding industry, with current spending exceeding $35 billion. Within this industry, thousands of businesses have annual revenues in the $1 million to $50 million range. Due to the significant increase in addiction treatment as a result of the Parity Act, the large and permanently elevated volumes of claims has led payers to impose upon facilities in the mental health sector similarly complex reimbursement requirements as those imposed in the physical healthcare sector. Substance abuse facilities tend to use several software applications and a non-automated billing company to document services provided and bill insurance companies. This cumbersome process slows down the tracking, billing and collection process as the customer’s billings increase, and were not designed to handle the volume, or level of detail, now required by payers for prompt payment. As a result, across the mental health and substance abuse industry there are collection delays and consequently a need for capital.
For more information : http://www.inspirafin.ca
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