UPD Holding Corp. Announces Opening of Substance Use Disorder Treatment Center in Kentucky

Rhea-AI Summary

UPD Holding Corp. (OTC: UPDC) announced the opening of its intensive outpatient substance use disorder treatment facility, Vital Behavioral Health™, in Frankfort, Kentucky, which began generating revenue in Q4 of its fiscal year ending June 30, 2022. The facility is now licensed to operate and is an approved service provider for Kentucky Medicaid recipients, partnering with six managed care organizations. This move aims to address the treatment gap in Kentucky, potentially appealing to both Medicaid and non-Medicaid clients.

Positive

• The new facility commenced operations and began generating revenue.
• UPDC is now an approved provider for Kentucky Medicaid, expanding its client base.
• The facility is positioned in a strategic location, enhancing accessibility for clients.

Negative

• None.

RENO, Nev., Aug. 17, 2022 (GLOBE NEWSWIRE) -- UPD Holding Corp. (OTC:UPDC) (the “Company” or “UPDC”), a publicly traded holding company in the health and wellness industry, is pleased to announce that its flagship intensive outpatient (IOP) substance use disorder treatment facility in Frankfort, Kentucky commenced operations as Vital Behavioral Health™ (“Vital”) and began generating revenue in the Company’s fiscal fourth quarter ended June 30, 2022.

Through its subsidiaries, the Company obtained a license to operate an IOP facility in Kentucky on August 26, 2021. Since then, the Company has been approved by the Kentucky Department for Medicaid Services (DMS) and each of its privately contracted managed care organizations (MCOs) as a service provider to Kentucky Medicaid recipients.

The six MCOs currently contracted by DMS include: Aetna Better Health of Kentucky, Anthem Blue Cross Blue Shield, Humana Healthy Horizons in Kentucky, Passport Health Plan by Molina Healthcare, UnitedHealthcare Community Plan, and WellCare of Kentucky.

“Becoming an approved provider to Medicaid recipients allows us to help close the treatment gap in Kentucky and reach an underserved segment of the community,” said Mark Conte, CEO of the Company. “In addition, we believe the standard and quality of our services and facilities also appeal to non-Medicaid eligible clients with private insurance.”

Vital’s campus is located in Frankfort, Kentucky, which is the capital city of Kentucky and the hub for governmental assistance programs in the commonwealth. Vital currently provides treatment to clients from the surrounding counties and nearby metropolitan areas of Louisville and Lexington.

About Vital Behavioral Health Inc.

Vital Behavioral Health Inc. is a provider of Medicaid eligible substance abuse treatments and therapies in the United States under the brand Vital Behavioral Health™, as well as a provider of sober and transitional living accommodations under the brand Vital Sober Living™.

About UPD Holding Corp.

UPD Holding Corp. is a publicly traded holding company in the health and wellness industry that conducts business through its primary operating subsidiaries, Vital Behavioral Health Inc., VBH Kentucky Inc., and VSL Frankfort LLC.

Notice About Forward-Looking Statements

This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for any acquisitions, production, marketing, products or product sales, and the timeliness within which such items may be accomplished, as referred to in this news release.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with acquisitions, product development and sale. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time. No information in his press release should be construed in any way as an indication of the Company’s future revenues, financial condition, or stock price.

FAQ

What is UPD Holding Corp. doing to address substance use disorder treatment in Kentucky?

UPD Holding Corp. has opened the Vital Behavioral Health™ facility in Frankfort, aiming to provide intensive outpatient substance use disorder treatment and serve Kentucky Medicaid recipients.

When did UPD Holding Corp.'s new treatment facility begin operations?

The treatment facility began operations in the fiscal fourth quarter ended June 30, 2022.

Which insurance providers does UPD Holding Corp. partner with for Medicaid services?

UPD Holding Corp. partners with Aetna Better Health, Anthem Blue Cross Blue Shield, Humana Healthy Horizons, Passport Health Plan, UnitedHealthcare Community Plan, and WellCare of Kentucky.

How is UPD Holding Corp. impacting the treatment gap in Kentucky?

By becoming an approved Medicaid provider, UPD Holding Corp. aims to close the treatment gap for substance use disorders in Kentucky, reaching underserved communities.