Morgan Medical Center Celebrates the Opening of Its New Hospital
SPRINGFIELD, Penn., Dec. 11, 2018
SPRINGFIELD, Penn., Dec. 11, 2018 /PRNewswire/ -- Morgan Medical Center opened the doors today to its "state-of-the-art" replacement critical access hospital. Ushering in a new age of advanced local medical care for the residents of Morgan County, the former Morgan Memorial Hospital, has also officially adopted its new name Morgan Medical Center. This project was financed through the combination of publicly issued tax-exempt construction notes and a 25-year USDA Direct Loan, at a historically low-interest rate of 2.375%. The new 74,000 square foot hospital is located on the U.S. Highway 441 Bypass for optimal patient accessibility from both north/south and east/west.
"With financing from a USDA Direct loan, hospital fundraising, county tax support, and completed clinical collaboration with Piedmont Athens Regional Medical Center, this replacement facility became a reality." – Ralph A. Castillo, CEO, Morgan Medical Center.
"The opening of this new hospital is the culmination of almost six years of the tireless efforts of the senior management of MMC, its dedicated board members, motivated staff, and the financial commitment of the County Commissioners of Morgan County, who have pledged $1 million per year through the life of the USDA loan. I cannot be prouder of our achievement in structuring a "right-sized" and affordable, project financing for MMC. I know this has been a dream of the MMC board members for over ten years. It also cannot go unnoticed, the fact that USDA recognized the credit strength of MMC at a time when many rural hospitals both nationally and within Georgia have suffered financial losses and closures. USDA's commitment to Morgan County in providing its lowest interest rate loan on record to MMC is a testament to the outstanding future this hospital represents for its patients and community." – Alan P. Richman, President and CEO, InnoVative Capital.
About InnoVative Capital
Founded in 2000, InnoVative Capital's national healthcare financing practice delivers capital funding to hospitals across the United States, with a specialty focus on rural hospitals. As an SEC- Municipal Advisor, USDA banker, FHA mortgage lender and hospital M&A consultant; InnoVative Capital works to support locally-managed hospitals by structuring and executing financings that provide affordable, modern hospital care to underserved communities. When governmental support or a hospital partnership is required, InnoVative Capital works to procure tax support and health system collaborations.
About Morgan Medical Center
Morgan Medical Center is a 25-bed critical access hospital located in Madison, Georgia. As a component unit of Morgan County, MMC is governed by the Morgan County Hospital Authority, under the direction of its nine Board members, who are each appointed by the Morgan County Commissioners. MMC is located within the antebellum city of Madison, Georgia. Located sixty miles east of Atlanta, MMC serves a local population of 18,000. MMC provides a fully-staffed 24-hour emergency room, comprehensive outpatient and inpatient services, acute care, and swing bed programs. Originally opened in 1960, MMC was the first critical access hospital in the state of Georgia Certified as a Level IV Trauma Center. MMC is pleased to be a partner with Piedmont Athens Regional Medical Center through a clinical collaboration that provides MMC with a diversified array of specialty physician coverage at its new hospital.
SOURCE InnoVative Capital, LLC