Council approves $423k loan to cash-strapped Fairfield Memorial Hospital, with conditions

Fairfield Memorial Hospital in Winnsboro, S.C., will receive a $423,092 loan from the Fairfield County Council, according to a WIS report.

The cash-strapped hospital said it needs more money from the council to pay its roughly 150 employees, as well as to fund equipment and supplies, according to the report. Suzanne Doscher, CEO of FMH, noted that the hospital is not considering closing, but it is struggling financially like many small, rural critical access hospitals.

But the loan does come with some conditions.

Councilman Billy Smith said the council will require FMH to meet certain criteria to ensure the loan is spent responsibly and the hospital continues to seek a merger, according to the report.

According to WIS, those criteria include providing the county with written monthly updates on the financial and operational status of the hospital.


More articles on finance and revenue cycle management:

Meet the online medical billing and coding training company that already has 1 million views on YouTube
5 most-read finance stories: Week of April 4-8
Intermedix names Jack Donahue head of EMS revenue cycle business

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.


Featured Whitepapers

Featured Webinars