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Saturday, Nov. 01, 2008

Peach hospital nets line of credit for payroll

The Peach County Hospital Authority got a financial boost Friday when the board accepted an offer to extend the hospital a line of credit for $300,000. The money is to be used for shortfalls in operating expenses, such as employee payroll.

The hospital authority, meeting in Fort Valley at a regularly scheduled session, declined to name the individuals who provided the loan.

The hospital authority issued a request for proposals in October due to the hospital’s financial straits. In September, officials had announced the hospital needed $2 million to add to the authority’s cash on hand as Peach Regional Medical Center was in danger of closing.

The hospital authority is well into the process of seeking financing to build a $25 million medical facility on the Ga. 247 Connector near Byron to replace the aging, money-losing hospital in Fort Valley.

The hospital’s most recent financial report showed cash on hand of $440,505, helped largely by a recent $380,000 loan from the Peach County Board of Commissioners to pay architect fees for a new hospital.