Amid the COVID-19 pandemic, Pennsylvania’s Treasurer Joe Torsella, yesterday announced a program to help Pennsylvania’s hospitals with liquidity during a time when they are ramping up to prepare and provide care. This announcement comes during the same time that hospitals are hemorrhaging revenues that traditionally come from non-emergent and elective care. This type of care consists of, but is not limited to, procedures like:
Treasurer Torsella’s program is a bond purchasing program to provide financial relief to non-profit health care systems in Pennsylvania. This program is designed to help to provide liquidity, while reducing the extreme borrowing costs they have recently incurred, as a result of unusual market volatility. The treasurer’s office estimates that interest rates for these programs have increased from less than 1 percent to close to 7.5 percent.
Pennsylvania’s program has committed to purchase up to $240 million of variable rate demand obligation securities at a rate of 2 percent for the remainder of the declared emergency.
The Hospital and Healthsystem Association of Pennsylvania also is seeking support for the health care community for immediate relief from the General Assembly and Wolf Administration through federal dollars coming into the commonwealth.
For more information please contact Jolene Calla, Esq., vice president, health care finance and insurance, or Stephanie Watkins, vice president, state legislative advocacy.
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