Informational Meeting on Agreement Between Memorial Medical Center and Marshfield Clinic Health System, Part 1
Wednesday, March 14th, 2018 -- 11:13 AM
-Memorial Medical Center held another informal meeting Tuesday afternoon to provide more information on their recent deal with Marshfield Clinic Health System.Ryan Neville, CEO and President of MMC, began the meeting talking about the timeline that initially lead up to the ability for MMC to build a new facility.
"So, I want to take us back to 2012-2014, where finances were tough. We had a lot of CEO changes and there were years where MMC lost $3.5 million a year. So, things were pretty tough at that time. Fortunately, 2015-16 and really, when you look at 14, things really started to turn around. So, at 2015/2016 we cash flowed and became profitable in the black. And that opened up new opportunities. And I give a lot a credit to our dedicated employees on figuring out how to be a successful and independent, rural hospital/healthcare provider."
"With that success came an opportunity through the USDA with the Community Loans Program. A lot of times, USDA will do loan programing that might go toward building schools, building fire stations, different types of projects. Fortunately for us, it lined up that they were looking at rural, critical access hospital replacement projects as a lot of our hospitals were built with Hillburton dollars in the 1950s. We're all looking for new infrastructure."
"So, this was a great opportunity for us. So, as we submitted an application and started that process, the analyst came back and said looking at your strategy and gross revenue, we're able to loan you up to $40 million to replace your building. So, we said, let's do that!"
Coming up on Thursday, Ryan will explain the process of applying for a USDA Loan and what happened between the initial discussions with the USDA and moving forward today. You’ll be able to hear the full presentation from Ryan during the In Depth Program on 1370AM WCCN on Friday at 9am.
Feel free to contact us with questions and/or comments.