AAC HOLDINGS, INC. (NYSE:AAC)
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3 Months : From Nov 2017 to Feb 2018
BRENTWOOD, Tenn., Dec. 7, 2017 /PRNewswire/ -- AAC Holdings, Inc. (NYSE: AAC) announced that Michael Nanko, Ph.D, will become AAC's President and Chief Operating Officer, effective January 15, 2018.
Mr. Nanko has served as President of Behavioral Health Services (BHS) for HCA, Inc. since July 2016 and previously as Chief Operating Officer of BHS from August 2015 to July 2016. The HCA behavioral service line includes 66 inpatient facilities, 40 facilities with outpatient services across the enterprise, several access centers serving HCA emergency departments and acute care hospitals utilizing extensive telepsychiatric services.
Commenting on the announcement, Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings, Inc., said, "We have made measurable strides in improving the operations at our facilities, call center and corporate office in the past year with an intense focus on clinical quality and execution on our strategic and financial objectives. The addition of Michael and his deep experience in behavioral health aligns with our continued emphasis on acute care opportunities such as Laguna Treatment Hospital, Townsend Recovery Center New Orleans and AdCare and brings proven operational skills that have contributed to the success of HCA's behavioral business."
Before joining HCA, Mr. Nanko served as Vice President of Kaiser Permanente Foundation Health Plan and Hospitals in Northern California, where he held a dual role in health plan and operations with responsibilities across the continuum of care. Prior to that experience, Mr. Nanko held a variety of positions in healthcare and nonprofit management, including as Vice President of Psychiatry and Continuing Care Services at Cedar Sinai Medical Center and Health System in Los Angeles, California, which included inpatient and outpatient addiction services, and as Vice President of Mercy Healthcare Arizona/Catholic Healthcare West (now Dignity Health) near Phoenix, Arizona. Some of his earliest exposure and experiences with addiction services occurred when he was CEO of Sierra Vista Hospital in Sacramento, California and later as COO for a large not for profit mental health and addictions services agency in Los Angeles County, California. Mr. Nanko's educational background includes a BA, MA and Ph.D in Psychology.
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient and outpatient substance abuse treatment services. We treat clients who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We currently operate substance abuse treatment facilities located throughout the United States. These facilities are focused on delivering effective clinical care and treatment solutions. For more information, please find us at AmericanAddictionCenters.org or follow us on Twitter @AAC_Tweet.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are made only as of the date of this release. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "may," "potential," "predicts," "projects," "should," "will," "would," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements may include information concerning AAC Holdings, Inc.'s (collectively with its subsidiaries; "AAC Holdings" or the "Company") possible or assumed future results of operations, including descriptions of AAC Holdings' revenues, profitability, outlook and overall business strategy. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from the information contained in the forward-looking statements. These risks, uncertainties and other factors include, without limitation: (i) our inability to operate our facilities; (ii) our reliance on our sales and marketing program to continuously attract and enroll clients; (iii) a reduction in reimbursement rates by certain third-party payors for inpatient and outpatient services and point-of-care and definitive lab testing; (iv) an increase in our provision for doubtful accounts based on the aging of receivables; (v) our failure to successfully achieve growth through acquisitions and de novo projects; (vi) uncertainties regarding the timing of the closing of acquisitions, including the acquisition of AdCare, Inc. ("AdCare"); (vii) the possibility that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of an acquisition, including the AdCare acquisition; (viii) our failure to achieve anticipated financial results from contemplated and prior acquisitions; (ix) a disruption in our ability to perform clinical diagnostic laboratory services; (x) maintaining compliance with applicable regulatory authorities, licensure and permits to operate our facilities and lab; (xi) a disruption in our business and reputation and potential economic consequences with the civil securities claims brought by shareholders; (xii) our inability to meet our covenants in the loan documents; (xiii) our inability to integrate newly acquired facilities; and (xiv) general economic conditions, as well as other risks discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. As a result of these factors, we cannot assure you that the forward-looking statements in this release will prove to be accurate. Investors should not place undue reliance upon forward looking statements.
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SOURCE American Addiction Centers