Roughly 85 percent of voters in the area agreed to support the hospital’s change of status, and it is expected the move will be completed before the end of March 2012, according to the report.
Three Rivers Health CEO Bill Russell said the vote will allow the hospital to finance its debt in a more efficient manner. The hospital will accept an offer from a local bank to take on a loan to pay off $2 million in bonds owed to Chase Bank.
Related Articles on Non-Profit Hospitals:
Survey: 15% of Non-Profit Hospitals Compensate Board Members
Moody’s: Removing Property Tax Exemption for Illinois Hospitals Would Be “Credit Negative”
Chicago Mayor Proposes Elimination of Free Water, Sewer Services for Non-Profit Hospitals
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.
