Hospital officials plan to use the funds to continue to replace and update the hospital and its equipment. The hospital has already spent $7.5 million on an expansion, according to the report.
In response to criticism of taking on more debt, CHC President and CEO Randy DeGroot said hospital could survive without the additional funds, but the line of credit and associated financing costs are small enough, equal to only a portion of a day’s net revenue, to where the money can be put to good use immediately.
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Richmond University Medical Center Receives $20M Line of Credit, $15M Loan
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