Whidbey Health Medical Center - On the same day that Moody's Investor Services downgraded the bond rate from Widbehelt to below investor grade because of "serious liquidity problems," the two commissioners and chief financial officer asked the Island County Board of Commissioners to sign off on a loan.
County commissioners rejected them at Wednesday's work session, citing financial policy, but expressed serious concerns about the future of the hospital.
Whidbey Health Medical Center
But on Thursday, the hospital's chief financial officer, James Childers, who was appointed as interim CEO for the week, said he expects the hospital to receive approval for the loan from a health care financing company. He was waiting for the deadline sheet on Friday.
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In addition, a contract with management services company HealthTechS3 and the interim CEO Michael Layfield was approved this week, meaning the hospital will have an experienced leader with a team of specialists to support them.
Hospital officials described the dire situation to county commissioners. Hospital Commissioner James Golder said they were "desperate".
"We ran out of money. We went to the banks. They turned us down, he said. "Our credit rating dropped to B3 today. We barely have enough money to pay one more payroll. Once payroll is done, we're out. If we close our doors, we are looking at 700 people without jobs.
Childers explained to the commissioners that the public hospital district needs a bridge loan to pay off until it receives the property tax collection money, which begins in mid-May. Two local banks turned down the hospital's request for the loan, but one of them said it could be approved if the county was a co-signer.
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Golder said he has contacted local lawmakers, but has not received a response. However, local MPs said that this was not the case, although they did not have a solution.
State Sen. Ron Muzel, R-Oyk Harbor, said neither he nor his staff have spoken to any hospital officials. He clarified that it would be best to approach him with a joint administration, but this did not happen.
Rep. Rep. Dave Paul, D-Oak Harbor, said he had spoken with Golder, but it was too late to get anything in the budget this session. He said he has been in contact with the governor's office, and the governor's staff is working with the Health Care Authority to see if there is any way to help the hospital.
Rep. Rep. Greg Gilday, R-Camano, said his staff spoke with the hospital commissioner this week. Gilde said he sought written information on the matter.
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After Wednesday's meeting, Island County Commissioner Janet St. Claire holds a conference call over the hospital with staff from the offices of US. Sen. Maria Cantwell, US
"At the very least, we must protect critical care access as (WhidbeHealth) works through this financial crisis," he wrote in an email to local lawmakers.
On Wednesday, Hospital Commissioner Nancy Fay criticized newspapers for reporting on hospital problems and providing false information to commissioners.
"We have a letter ready to go on paper but they told us it won't be printed," she said. "If we buy an ad, we can print it."
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The newspaper never claims to run letters to the editor or "voice" opinions. Neither Fey nor anyone at the hospital contacted the newspaper about Thursday's letter. The letter is on page 4 of the publication.
"We at Whidbey News Group hold ourselves to a standard of objectivity that is unwavering," he said, "and we stand firm in our commitment to keep our journalism fair and representative of our community. This statement is nothing more than a wish of Absolution. Rather than resolution, and is indicative of the behaviors that have contributed to the untenable state our public hospital is in today.
Fey also cited an example of "false" in a story about Mike Layfield, who starts next week as interim CEO. The story stated that he was the CEO of a hospital that went bankrupt, but Fay said he was only hired for a few months to run the hospital through bankruptcy.
As the story goes, Layfield was CEO of Lauderdale Community Hospital in Tennessee from 2016 to 2019, and it went through bankruptcy at the end of his employment there.
South Whidbey Record, November 02, 2013 By Sound Publishing
However, there is more to the story, as Layfield explained in the statement. He wrote that the hospital was financially healthy until it and nine others were bought out by the company Empower. The company drained Lauderdale's finances to support other hospitals, he wrote. Lauderdale then experienced serious operational problems. During his last four to five months as CEO, Layfield worked to appoint a receiver, oversee the hospital's $5 million in funds from Empower, and steer the hospital through bankruptcy while keeping its doors open. It is the only one of the hospitals purchased by Empower that is still open.
Polygon contacted the hospital and Layfield before publishing the story and received a statement saying the hospital supports them and HealthTechS3, but did not address any details.
Moody's Investors Service, which rates bonds based on risk, downgraded WhidbeyHealth's bonds to non-investment grade -- also known as junk bond status.
The Hospital District's unlimited tax general obligation bonds were downgraded from Baa3 to Ba2, affecting $44.9 million. This is the second highest rating of "speculative grade" and means that the bond is rated for substantial credit risk.
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Moody's has downgraded the hospital's limited tax general liability bond, which affects $12.3 million, from Ba 2 to B 3. This means that the bond is considered speculative and subject to high credit risk.
Moody's reports that despite the expansion being approved by voters, hospital challenges have emerged in the past few months. The company concluded that unless the hospital has secured a loan of 17 million dollars, it is not possible to be able to make payments until mid-May on March 18, when it comes in gross revenue, or from "bond expected notes". line of credit. with Heritage Bank on June 1, 2022.
"If the hospital secures additional liquidity, Moody's believes the district is at immediate risk of bankruptcy and filing for Chapter 11 bankruptcy," according to the statement.
Moody's cited recent problems at the hospital as contributing to the downturn. The statement points to the dismissal of CEO Ron Telles; Medical staff vote of no confidence in the CEO, COO and the lawyer of the hospital; impaired financial reporting; delayed audit; and material weaknesses identified by the auditor.
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Despite the problems, hospital leaders said they are optimistic about the hospital's future after overcoming the "hamp." In addition to hiring HealthTechS3, the hospital has already made significant cost reductions, including a new contract with a group purchasing organization that will save the hospital more than $1 million per year.
In an interview, Childers said that the hospital had not updated its claims to insurance companies for years, which contributed to its financial problems; An increase of 3% has already been done to bring the hospital into market rates and more is possible.
Childers said the dismissal of the hospital's CEO and four other executives would save the hospital significant money in the future. He was hired at the beginning of the year to prepare the finances of the hospital and saw that the hospital had eight members of its executive team when the size of a rural hospital should be only four.
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Elaine Kellner said a mass killing crushed her business. She would like to see more support for other small farms affected by avian flu.
Representative Kim Scheer visited the new center on Friday, where veterans can receive primary care and a growing list of specialized services closer to home.
In meeting with the senator, she shared how the Pell Grant and other aid made it possible for her to attend college.
Lloyd Richmond, 85, is likely to spend the rest of his life in prison for killing Justin Allen last year. He will appeal, the clinics are open. Cardiac and pulmonary rehabilitation services have been resumed at the medical center with all safety guidelines in place.
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West Wind Cafe is currently closed to visitors/support people in our community and medical center. The cafe is now open to employees only. Masks are required; Spatial distancing is strictly enforced.
With all services and areas available to our patients during the coronavirus pandemic, reinforcement of protective safety precautions for all patients and staff is our first priority in resuming services. Health and safety protocols for staff and patients will be strictly enforced during any visit and will include:
Located at 11245 State Route 525, the clinic is accessible to Island residents and visitors. No appointment necessary.
The clinic's staff is on hand to address common problems such as back pain, upset stomach, cuts, earaches, allergies and the common cold. Advanced X-ray equipment is on site, as is the clinical laboratory. Patients can visit the clinic for diagnostic imaging, screening mammography or for lab services ordered by their doctor.
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