SOURCE: PHC, Inc.

March 24, 2008 11:37 ET

Grand Opening of Pioneer's Seven Hills Facility Set for April 30, 2008

PEABODY, MA--(Marketwire - March 24, 2008) - PHC, Inc. (AMEX: PHC) d.b.a. Pioneer Behavioral Health, a leading provider of inpatient and outpatient behavioral health services and pharmaceutical research, announced the grand opening of its Seven Hills Behavioral Institute, a new acute psychiatric hospital in Henderson, Nevada, in close proximity to downtown Las Vegas. The company will host a grand opening celebration and open house at 10:30 AM Pacific Time on Wednesday, April 30, 2008.

Seven Hills is the first free-standing psychiatric hospital to open in the Las Vegas metro area in the last two decades. It's also Pioneer's fourteenth treatment location in operation nationally. Seven Hills will provide inpatient and outpatient psychiatric care and chemical dependency treatment to various adult populations, with the introduction of adolescent care and treatment to follow.

"Seven Hills represents our most substantial project to date, if not our most successful," said Bruce A. Shear, Pioneer's president and CEO. "Construction was completed within budget in one year. During this period we also worked closely with major referral sources to ensure rapid utilization upon its opening. We invite members of the press, local community leaders and mental health care providers, as well as members of the financial community, to join us in this grand opening celebration."

Located in close proximity to Pioneer's Harmony Healthcare facilities (www.harmonyhc.com), the two-story facility occupies more than 25,000 square feet and houses 58 beds in three separate patient wings. Each wing has been specifically designed to convey a comfortable, therapeutic environment, taking into account the security needs of both the patients and staff.

The new facility will benefit by the fast-growing and underserved population of the Las Vegas metropolitan area, and will advance the city's efforts to make care more easily available. Once fully licensed to accept patients, Seven Hills is projected to contribute annual revenues of about $12 million, along with higher operating margins than other Pioneer inpatient facilities.

Henderson is located in Clark County, one of the fastest growing communities in the United States. Its population of more than two million residents is projected to double by 2025. The rising population has also increased the demand for psychiatric and chemical dependency treatment, creating a unique and immediate opportunity for the Seven Hills Behavioral Institute to fill a substantial void in the market.

Currently, many Las Vegas area patients are referred to health care facilities in other states, which usually limits the contact patients have with their families and increases the total cost of treatment. When patients are referred to Seven Hills, they will receive treatment with their families nearby, and the referring insurance companies and payers will benefit from the reduced cost of care. Having loved ones nearby also helps maintain a sense of stability by retaining daily routines and promotes better treatment outcomes.

Said Shear, "I'm proud of our team who worked so diligently to make this project a success, and I want to thank them profoundly for their efforts. With this complete, we can now focus on a number of new opportunities for expansion and acquisition, both within the Las Vegas area and in other choice markets around the country."

For more information about the grand opening event and the Seven Hills Behavioral Institute, contact Pioneer: tel (978) 536-2777, fax (978) 536-2677, or visit www.sevenhillsbi.com.

About Pioneer Behavioral Health

Pioneer Behavioral Health operates companies that provide inpatient and outpatient behavioral health care services, clinical research and Internet and telephonic-based referral services. The companies contract with national insurance companies, government payors, and major transportation and gaming companies, among others, to provide such services. For more information, please visit www.phc-inc.com.

Contact Information

  • Company Contact:
    Bruce A. Shear
    President and CEO
    PHC, Inc.
    Tel 978.536.2777

    Investor Contact:
    Liolios Group, Inc.
    Scott Kitcher or Ron Both
    Tel 949.574.3860
    Email Contact