MedWest-Haywood Hospital, part of Carolinas HealthCare System in Clyde, N.C., failed to seek approval from the county to take out a loan to bridge short-term cash flow problems, despite having several facilities under construction, according to a Smoky Mountain News report.
In the past two years, the hospital has employed physician practices and has started construction on a new urgent care facility and an ambulatory surgery center. Though the hospital did not seek approval for the $10 million loan, it began spending the loan money before the oversight was realized.
The hospital came to county commissioners six weeks ago to seek approval for using the hospital building as collateral. If the commissioners do not give their blessing, the lender could not take the hospital building without the county’s permission.
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In the past two years, the hospital has employed physician practices and has started construction on a new urgent care facility and an ambulatory surgery center. Though the hospital did not seek approval for the $10 million loan, it began spending the loan money before the oversight was realized.
The hospital came to county commissioners six weeks ago to seek approval for using the hospital building as collateral. If the commissioners do not give their blessing, the lender could not take the hospital building without the county’s permission.
Related Articles on Transactions and Valuation:
Colorado's Memorial Health Still Searching for a Tenant for $3M Surgery Center
New Arkansas Eye Surgery Center Coming to Magnolia
Montana's Billings VA Clinic Expansion to Include Surgery Center