Forterus Plans Strategic Expansion in 2010
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Mon, 09 Nov 2009 12:31:18 GMT |
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Forterus Inc. |
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MURRIETA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Forterus Inc. (Pink Sheets: FTER) is planning a strategic expansion in 2010 by leasing new facilities in Ventura, Los Angeles and San Diego counties.
The company, which currently provides drug and alcohol treatment services through its 65-bed A Better Tomorrow Treatment Center subsidiary in Murrieta, is seeking a conditional use permit for a 22-bed facility in Ventura County. Forterus is also negotiating to lease additional facilities in Los Angeles and San Diego counties. All three new facilities are expected to open in 2010.
"Insurance companies only refer clients to approved drug and alcohol treatment providers within a certain distance of their homes, so the easiest way for us to grow the insurance referral portion of our business is to open additional facilities in different Southern California markets," said Forterus CEO Paul Howarth.
Forterus's A Better Tomorrow Treatment Center subsidiary has been accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF), which, in addition to placing it among the top 5 percent of drug and alcohol treatment providers in California, opens the door to insurance coverage for its treatment programs. Forterus will seek CARF accreditation for its Ventura, Los Angeles and San Diego facilities as soon as it obtains the appropriate licenses for these new facilities.
"Our plan is to become the dominant insurance provider for drug and alcohol treatment programs in Southern California," Howarth said.
However, Forterus may scale back the number of treatment beds it provides in Murrieta as it opens additional facilities in other Southern California locations. "In a perfect world, I would love to have 100 beds," Howarth said. "But if the economy dictates that we can only maintain high occupancy levels at 75 beds, that's the route we'll take. Much will depend on the economy and the demand for our services in different geographic markets. Our focus is strategic growth, and we are positioning Forterus so that when the economy opens up, we will be in a great position to take advantage of it."
In addition to receiving insurance company referrals, Forterus also has significant numbers of cash-pay clients as well as clients who take advantage of the company's financing programs for drug and alcohol treatment services. Forterus is one of only a handful of providers in the country that offer financing for drug and alcohol treatment programs. "About 5 to 10 percent of our clients take advantage of our financing programs each month," Howarth said, adding, "Next year, we are on place to finance well over $1 million worth of drug and alcohol treatment services."
For more information about Forterus and the variety of healthcare services it provides, including behavioral, intervention services, drug and alcohol rehabilitation, pain management and physical therapy, visit www.forterushealthcare.com and www.abttc.com.
CONTACT:
Paul Howarth, CEO
(888) 257-8345
ir@forterus.com
SOURCE Forterus Inc.
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