UPD Holding Corp. (OTCMKTS:UPDC) announced on August 17, 2022, that its flagship intensive outpatient (IOP) substance use disorder treatment facility in Frankfort, Kentucky has begun operations. It is known as Vital Behavioral Health and started generating revenue in the company’s fiscal fourth quarter ended June 30, 2022.
Trading Data
On Wednesday, UPDC stock ended flat at $0.0221 with 49k shares, compared to its average volume of 2.99K shares. The stock moved within a range of $0.0221 – 0.0221 after opening trade at $0.0233.
The company obtained its first license for the facility to treat substance use disorders on August 26, 2021. Mark Conte, CEO of the company, said that this is a crucial time when alcohol and drug abuse treatment services are needed more than ever in Kentucky. They look forward to providing a long-term continuum of care to patients and completing the development of sober-living transitional housing facilities that will assist patients in maintaining their sobriety.
The company is now approved by the Kentucky Department for Medicaid Services (DMS), with privately contracted managed care organizations (MCOs), acting as a service providers to Kentucky Medicaid recipients. The six MCOs are 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.
The campus includes treatment and housing facilities that are fully walkable and within 1,000 feet of a gym, grocery store, hair salon, vape shop, restaurants, municipal golf course, and city park with tennis courts, playgrounds, and a water park. The facility presently offers treatment to clients from the surrounding counties and nearby metropolitan areas of Louisville and Lexington.
Key Quote
“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.”
Technical Data
UPDC stock is trading below the 20-Day and 50-Day Moving averages of $0.0255 and $0.0255 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0556. The company has a total market capitalization of $4.31 million.
