“Having this current long-term debt on our books has certainly constrained our ability to grow,” Armfield said. Sonoma Valley Hospital met the community-need qualification for the program, Armfield said, based on its rural demographic, which consists of medically underserved populations and/or areas, distance to nearest alternative hospital, and a predominant payor mix of Medi-Cal/Medicare patients. The hospital in its application had asked for between $5 million and $6 million, he noted. Investor-owned hospitals, free-standing psychiatric inpatient hospitals, and hospitals that are part of a system of more than two hospitals were not eligible for the program.Īrmfield said Sonoma Valley Hospital is expected to receive the $3.1 million within about 90 days. The working capital loans are repayable over 72 months with an initial 18-month grace period, and awarded to nonprofit and publicly operated hospitals that are in “significant financial distress,” according to the California Department of Health Care Access and Information. The program received 30 applications, according to the government entities. The agency is administering the program jointly with the California Health Facilities Financing Authority. The 17 awardees for the $300 million program were chosen through criteria that included showing great financial need for the community, high risk of closing and demonstration of a well-developed turnaround plan, according to the California Department of Health Care Access and Information. Rather, he noted, the funds will help the hospital emerge from long-term debt that has been exacerbated by the pandemic and rising interest rates that have “more than doubled over this last year.” In the case of Sonoma Valley Hospital, it is not at risk of closing, said Chief Financial Officer Benjamin Armfield. The 75-bed Sonoma Valley Hospital has been awarded $3.1 million under the Distressed Hospital Loan Program, established earlier this year through state legislation and signed May 15 by Gov. Sonoma Valley Hospital is one of 17 hospitals in the state and the only one in the North Bay chosen to receive millions of dollars in a no-interest loan under a new state program designed to help financially struggling hospitals, the community facility has announced. Source: California Department of Health Care Access and Information Watsonville Community Hospital (Watsonville): $8.3 million Tri-City Medical Center (Oceanside): $33.2 million Sonoma Valley Hospital (Sonoma): $3.1 million San Gorgonio Memorial Health Care District (Banning): $9.8 million Ridgecrest Regional Hospital (Ridgecrest): $5.5 million Pioneers Memorial Health Care District (Brawley): $28 million Palo Verde Hospital (Blythe): $8.5 million Community Hospital (Los Angeles): $14 million Madera Community Hospital (Madera): $2 million Kaweah Delta Health Care District (Visalia): $20.75 million Fremont Health Care District (Mariposa): $9.35 million Hazel Hawkins Memorial (Hollister): $10 million Beverly Hospital (Montebello): $5 millionĬhinese Hospital (San Francisco): $10.35 millionĭameron Hospital Association (Stockton): $29 millionĮl Centro Regional Medical Center (El Centro): $28 million
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