The Northwestern Medical Faculty Foundation, the second-largest physician group based in Chicago, plans to refinance roughly $70 million in bonds that were issued in the late 1990s, according to a Crain's Chicago Business report.
The bonds were issued to back the group's purchase of seven floors within the Galter Pavilion in Northwestern Memorial Hospital, the NMFF's affiliated hospital, according to the report. NMFF is looking to cut its interest rate from 5.125 percent to roughly 3.725 percent.
Any savings from the refinancing would be used to offset any Medicare cuts from the sustainable growth rate. If Congress does not remedy the SGR again by Jan. 1, 2013, physicians stand to see Medicare reimbursement payments cut by an estimated 35 percent.
The bonds were issued to back the group's purchase of seven floors within the Galter Pavilion in Northwestern Memorial Hospital, the NMFF's affiliated hospital, according to the report. NMFF is looking to cut its interest rate from 5.125 percent to roughly 3.725 percent.
Any savings from the refinancing would be used to offset any Medicare cuts from the sustainable growth rate. If Congress does not remedy the SGR again by Jan. 1, 2013, physicians stand to see Medicare reimbursement payments cut by an estimated 35 percent.
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