Mr. Pollack said half of the AHA’s 5,000 member hospitals have seen operating margins decline during the recent recession, accompanied by drops in non-operating income due to the stock market crash. He said many hospitals are in danger of violating bond covenants due to cash reserve declines and have diverted patient care resources to pay down debt. According to the letter, hospitals, which employed 5.3 million and purchased $304 billion in goods and services in 2007, need access to capital.
“… [F]ederal support is needed to enable hospitals to continue to borrow for needed capital projects, including refinancing of existing debt,” Mr. Pollack said in the letter. “I urge [Mr. Frank] to make tax-exempt hospital bonds eligible for any federal support you may provide to the municipal securities market.”
Read the AHA’s letter to Rep. Frank (pdf).
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