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George Fendler writes that the potential loss of our only hospital is alarming and that communities must do something to prevent this.
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10 million dollars! Wow!
We moved to Hollister 38 years ago. i love it here I hope you never leave.
When we moved here, Hazel Hawkins Memorial Hospital was exactly what you’d expect from a small rural hospital. They did the best they could with what they had to do. It costs money to run a healthcare facility, but that comes with economies of scale. It wasn’t there in 1984 at all.
Over the years I have watched the facility grow and develop into a respectable community hospital. care has been achieved. The medical care and empathy of the staff is unique.
I was surprised when I heard there was a possibility of bankruptcy and even hospital closure. My reaction is that we cannot allow this to happen.
A typical home in the county is valued between $800,000 and $1.5 million. HHMH’s physical assets he expects to exceed $100 million. With that in mind, 10% of value financing shouldn’t be that difficult. Debt repayment for such loans is also not a big problem if the facility is well run. This is similar to a typical Hollister home where he takes out his second mortgage of $100,000.
To solve this problem, I started thinking about gathering a syndicate of lenders. What are the consortium members looking for to ensure a successful rescue?
- What is the value of the collateral?
- What are the ongoing costs?
- What does your revenue stream look like?
I started trying to get an answer to it. I attended the board meeting in December. I’m disappointed that I didn’t hear a real solution. The county was asked to make a loan that would reduce his reserves by 50%. Without answers to his three questions above, they declined. I spoke with the county supervisor and he said nothing was presented to him to answer these questions.
Believing that public agencies such as HHMH should provide online access to their annual financial reports, I started looking for that information. I couldn’t find anything like that. I looked at the website of the California Department of Business. The Hazel Hawkins Hospital Foundation was first applied for as an active organization in 1978. However, the status of Hazel Hawkins Medical Healthcare Organization is “Suspended-SOS”. I believe this means that the Secretary of State has suspended that corporation’s corporate charter.
So I openly ask the HHMH board of directors, CFO, CEO, or trash taker.
Thank you very much.
George Fendler
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