Operators of Madera Community Hospital on Monday received the first portion of a $57 million loan to reopen the shuttered hospital. (GV Wire Composite/David Rodriguez)
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The first portion of an essential $57 million loan arrived Monday at Madera Community Hospital.
The California State Treasurer’s Office confirmed receipt of the $15 million that the hospital’s operators can use to get the shuttered hospital up and running, according to a news release.
The rest of the money will be delivered as needed, the release stated.
“Madera Community Hospital is a critical part of the continuum of healthcare in the Madera community — it has traditionally seen some of the highest patient volumes in the area and is vitally important to anyone who depends on its health care and life saving services,” said Fiona Ma, California State Treasurer.
Related Story: Madera Hospital Secures Essential $57M Loan. Operator Looks to Late Summer ...
Madera Aims for Late Summer/Fall Opening
The Distressed Hospital Loan Program provided zero-interest loans to financially distressed hospitals to help keep them operating. Kaweah Health in Visalia was eligible for $20.8 million.
Madera Community looks to open in late summer or fall, starting with basic services, including the emergency department, according to Matthew Beehler, chief strategy officer with American Advanced Management, the hospital’s operator.
Future departments will be phased back in.
Madera Community closed in January 2023 after declaring bankruptcy. Bankruptcy court approved the offer from American Advanced in February.
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