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"The success of A Better Tomorrow's consumer financing program indicatesthat there is strong demand for affordable private addiction treatmentservices," said Forterus CEO Paul Howarth, adding that clients with goodcredit histories can often pay for their residential treatment programs for aslittle as $300 or $400 a month.
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"A financing program like this is practically unheard of in the substanceabuse treatment industry," Howarth said.
The financial challenges facing America's drug and alcohol addicts arewell documented. The Substance Abuse and Mental Health Services Administration(SAMHSA), the federal agency that provides grant funding for drug and alcoholrehabilitation centers across the country, conducted a survey in 2006 andfound that 45 percent of addicts were unable to afford treatment for theiraddictions.
And while most major insurers do cover addiction treatment as part oftheir mental health coverage, Howarth said many are reducing the amount ofcoverage they provide, thereby shifting more and more of the financial burdento their members. This makes it that much more imperative that individualsneeding addiction treatment have a way to finance their treatment.
"If they can't afford treatment in a private clinic, their only option isto go to a government or non-profit treatment program, but space in thoseprograms is often limited," Howarth said, adding that it's quite common forpeople to have to wait for several months or a year or longer to begintreatment in a government funded program.
And while addicts themselves may pose certain financial risks because oftheir addiction, Howarth said they usually have one or more family memberswith a good credit history who can co-sign loans on the addict's behalf. ABetter Tomorrow has also structured its financing programs so that no paymentsare required for the first six months.
"This allows the client time to complete their treatment program, obtain ajob and get back on his feet before it's time to start repaying the loan,"Howarth said.
Murrieta, Calif.-based A Better Tomorrow Treatment Center Inc. isaccredited by the Commission on Accreditation of Rehabilitation Facilities(CARF), placing it in the top 5 percent of drug and alcohol treatment centersin California.
Forterus, Inc. and its subsidiaries engage in diverse business activities,including thoroughbred breeding and racing, behavioral healthcare and finance.For more information on A Better Tomorrow or Forterus, please visit theirrespective websites at www.abttc.com and www.forterus.com.
Application of the Safe Harbor of the Private Securities Litigation ReformAct of 1995: This press release contains, and Forterus may from time to timemake, written or oral "forward-looking statements" within the meaning of theU.S. federal securities laws, which are made pursuant to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995. Allforward-looking statements rely on a number of assumptions concerning futureevents and are subject to a number of uncertainties and other factors, many ofwhich are outside Forterus's and/or its subsidiaries control that could causeactual results to differ materially from such statements. In particular,statements using words such as "may," "should," "estimate," "expect,""anticipate," "intend," "believe," "predict," "potential," or words of similarimport generally involve forward-looking statements.Paul Howarth (888) 257-8345 [email protected]
SOURCE Forterus Inc.
