The conditional loan from the state Department of Commerce’s Maryland Economic Development Assistance Authority and Fund requires the health system to invest $8 million in the move and maintain a workforce of 222 full-time employees at its new office through December 2018, according to the report. MedStar must also maintain staffing 1,266 people statewide.
If all terms of the deal are met, the loan will be forgiven, according to the report.
Currently, MedStar employs about 200 people at its headquarters and will add another 72 jobs from other offices.
More articles on finance:
Fair market value and physician compensation: Key considerations and trends
Moody’s downgrades Mission Regional Medical Center’s rating to ‘Caa1’
5 recent hospital outlook and credit rating actions
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.