California health groups score $344M in state funding

In this economy, every time a health organization gets a substantial amount of funding it's worth noting. In this case, three California hospital systems and a community health center will get a total of $344 million in state financing.

The groups plan to use the money to undertake construction projects and refinance existing debt. The funding for all comes through the California Health Facilities Financing Authority, which offers low-cost financial help to public hospitals and not-for-profits.

Adventist Health System/West in Roseville, CA is one of the lucky parties, scheduled to get $187 million in bond financing to refinance its outstanding debt, as well as to pay for construction and improvements at nine facilities.

Another facility getting state dollars is Children's Hospital in Los Angeles, which will receive $98 million in grants to finance new facility construction. Meanwhile, Children's Hospital Central California in Madera is getting $58 million for new facility construction, remodeling and equipment.  

Yet another beneficiary of the state's largess is Shasta Community Health Center, Redding, which is getting $750,000 to remodel an existing dental facility.

To learn more about the state financing:
- read this Modern Healthcare piece (reg. req.)

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