ATLANTA, May 1, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK) (the "Company") announced today that Ronald W. Fleming will join AdCare's senior management team as Chief Financial Officer, effective May 15, 2013. Mr. Fleming, a certified public accountant, has over 25 years' experience as a seasoned healthcare financial executive.
Most recently Mr. Fleming held the position of CFO for the largest oncology physician practice in Georgia with over 25 locations, 45 physicians, and annualized revenue approximating that of AdCare. Prior to that, he was CFO of a skilled nursing startup that grew from $15 million to over $100 million through acquisitions in less than one year. The bulk of Mr. Fleming's experience was as Vice President, Controller and Chief Accounting Officer of Mariner Health Care, Inc. and its predecessors, which at the time was a publicly held post-acute provider with over 400 long-term care facilities, 175 rehabilitation clinics, 40 long term care pharmacy branches and 1,200 therapy service contracts in 45 states.
"We are pleased to welcome Ron, a financial executive with deep experience and talent, to the Company," said Boyd P. Gentry, AdCare's Chief Executive Officer. "In his career, he has created and led financial organizations in rapidly growing multi-location, multi-state operations, including the successful integration of acquisitions. His background includes initial public offerings, financial reporting, mergers and acquisitions, and he has experience interfacing with board members, investors, and debt holders. His expertise will serve AdCare well at this important inflection point in the Company's growth initiatives."
Mr. Fleming commented, "I am excited to join AdCare Health Systems; it has built a compelling business model in a rapidly consolidating industry -- one that I understand quite well -- and I look forward to sharing my background and experience with the senior management team and the Board of Directors as we work to create lasting shareholder value."
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