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
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
"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.
Company Contacts Investor Relations
Boyd Gentry, Brett Maas, Managing
AdCare Health Systems, Inc. Hayden IR
Tel (678) Tel (646) 536-7331
SOURCE AdCare Health Systems, Inc.
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