Peabody, Mass. — PHC, Inc., d/b/a Pioneer Behavioral Health, a provider of inpatient and outpatient behavioral health services, has announced that effective March 1, 2011, it had instituted a 28 percent rate increase with a major Las Vegas customer through its Harmony Healthcare unit, which will add approximately $2 million annually to Pioneer's revenues.
Harmony Healthcare is the largest provider of behavioral health services to the gaming and transportation industries and through its customers has relationships established with over 21 casino and resort properties to provide mental and behavioral healthcare services to more than 600,000 individuals in southern Nevada.
"This represents an increase to the company's largest contract, which we originally signed on January 1, 2007," said Bruce A. Shear, Pioneer's president and CEO. "As there are no new expenses associated with this increase, it will notably improve our bottom line contribution in the coming quarters and will help us achieve our 10 percent operating margin target."