Elgin, N.D.-based Jacobson Memorial Hospital Care Center is working to improve its finances after dealing with headwinds such as staffing shortages, internal operational changes and declining reimbursement rates.
JMHCC plans to present a strategic plan Feb. 5 to the public that it said will outline steps needed to secure the 25-bed critical access facility’s financial future while ensuring care is maintained in the community it serves.
“Working collaboratively with the District 31 legislative delegation, a bill was drafted to authorize the Bank of North Dakota to extend a $5 million, low-interest loan to medical facilities in the form of an emergency operation loan program,” JMHCC said in a Jan. 21 Facebook post. “If fully approved, this funding would allow JMHCC to pay down debt and implement a strategic plan focused on financial sustainability and exceptional care.”
Senate Bill 2403, introduced by Republican state Sen. Donald Schaible and Republican state Reps. Dawson Holle and Karen Rohr, provides $10 million to the Bank of North Dakota’s medical facility infrastructure loan fund and allows eligible hospitals in areas with less than 2,500 people to access up to $5 million each in low-interest loans with a maximum 2% annual interest rate and up to 11-year repayment terms.
Requirements must be met by JMHCC to secure the funding. However, the hospital is optimistic that funds from the bill and the Rural Health Transformation Program will transition it “from surviving to thriving.”
“Regardless of the outcome of the special session, JMHCC has no intention of closing its doors,” the hospital’s post said.
The Appropriations Committee unanimously approved the bill Jan. 21 and it has advanced to a second reading in the Senate. It must still pass the full Senate before moving to the House, according to the state legislature’s website.
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