Veltex Recovery Group Announces Launch of In-patient Services at Mount Hope – QNT Press Release

CHICAGO, Nov. 23, 2022 /PRNewswire/ — Veltex Corporation (OTCQB:VLXC) (“Veltex”), a Health and Wellness Acquisition Firm, is pleased to announce its wholly owned subsidiary Veltex Medical, Inc. d/b/a Veltex Recovery Group (“VRG”), in partnership with Elena Behavioral Health Services, Inc. ., a West Virginia Corporation, has been approved by the West Virginia Office of Health Facility Licensure and Certification, The Bureau of Medical Services (“BMS”), and The United States Drug Enforcement Agency (“DEA”) to provide residential treatment for twenty-eight (28) licensed beds at its Behavioral Health Recovery center at 101 Martin Drive, Mount Hope, WV 25880 (“The Mount Hope Campus”) starting November 28, 2022. Veltex seeks to develop and acquire companies which have established or advanced the latest modalities in the areas of health wellness, and recovery, specifically targeting substance use disorder (“SUD”) treatment in the State of West Virginia. VRG currently operates an out-patient only SUD treatment facility at the Mount Hope Campus. The in-patient program will exclusively treat women and is a major necessity for the region to aid in the treatment of substance use disorder.

Veltex Recovery Group Announces Launch of In-Patient Services at Mount Hope

VRG has been credentialed by the Bureau of Medical Services for in-patient residential treatment with Medicaid and HMO providers Unicare, Aetna Better Health of WV; and The Health Plan (“THP”). VRG is obtaining credentialing with additional insurance carriers as well. VRG’s OHFLAC Certificate of Occupancy provides for the following levels of care pursued to the BMS provider manual Chapter 504 – Substance Use Disorder: 504.18.4 Residential Adult Services ASAM® Level 3.7 – six (6) beds; 504.18.3 Residential Adult Services ASAM® Level 3.5 – fourteen (14) beds; and 504.18.1 Residential Adult Services ASAM® Level 3.1 – eight (8) beds, full details regarding VRG’s approved levels of care can be found at Out-patient services at The Mount Hope Campus are now offered five (5) days per week, and VRG has established a consistent market to expand in this regard.

Initially, in patient revenue is projected at $425 a day, per resident, for the first seven (7) days. Residents can then maintain this status based on the recommendations of Medical Staff and renewed prior authorizations. This program can be renewed up to a period of eighteen (18) months per resident and graduated residents open a new space for treatment of additional residents. Furthermore, VRG will gain additional revenue from services such as counseling, peer recovery …

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