Healthcare Finance Provides $25MM Facility to Medical Center
Published June 27, 2012
Categories: Industry News
Healthcare Finance Group (HFG) announced that it has provided a $25 million revolving line of credit to Anderson Regional Medical Center.
Anderson Regional Medical Center (ARMC or Anderson), a not-for-profit community health system, operates Anderson Regional Medical Center (the hospital) and Anderson Physician Alliance (the Alliance) located in Meridian, MS.
Proceeds from the financing facility will be used for working capital to accelerate ARMC’s ability to provide best-in-class healthcare services to the local and regional community, and for ongoing operations.
The hospital is a 400-licensed bed acute care hospital that provides significant regional healthcare services in inpatient rehabilitation, geriatric psychology, wound care and pain management and emergency medicine. The Alliance is a primary care network of 18 dedicated physicians in 11 locations. Together, the hospital and the Alliance provide a wide array of ancillary healthcare services in the eastern Mississippi/western Alabama region.
Ed Tucker, CFO of ARMC, said, “HFG worked diligently to structure a solution that met our needs, and was consistently focused on providing value throughout the process. HFG’s team demonstrated a strong understanding of the hospital space and its unique license and billing issues. We are delighted to have HFG as our lending partner.”
Regarding the transaction, Christopher Smith, senior vice president of Business Development for HFG, said, “Anderson Regional Medical Center, with its quality-focused management team, attractive demographics, and geographic reach in the Mississippi and Alabama area, is a strong healthcare provider that HFG is excited to be able to support. We look forward to a long and mutually beneficial relationship.”