Tulare (Calif.) Regional Medical Center is getting a financial infusion to help it reopen, according to a Visalia Times-Delta report.
The $10 million loan will come from Roseville, Calif.-based Adventist Health.
It will go toward hiring and paying staff, financing projects and supply-related costs, according to Richard Gianello, a financial consultant with the hospital's temporary manager, accounting and healthcare consulting firm Wipfli. The report states the money can also go toward consulting and legal bills.
Tulare Regional, which closed in October, is slated to reopen within about three months under a proposal from Adventist Health. The proposal, approved by the hospital's board June 27, includes the $10 million loan and technical help with the reopening. Adventist Health and hospital officials are working to finalize the agreement.
Hospital officials have estimated they need $15 million to reopen, reports the Times-Delta, and the hospital has received other loans.
Kevin Northcraft, president of Tulare Regional's board of directors, said the recent $10 million loan promise reflects an optimistic outlook about the hospital's future.
"It may be five, 10 years before we see the light of day before we can say, 'hey, what are we going to do with this extra money?' That would be a nice point to get to," he said.
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