Floyd Medical Center has been caring for households in our community for 74 years. Over the course of those years, similar to a homeowner will purchase a home and get a mortgage, we have actually released bonds and, sometimes, refinanced them to take benefitbenefit from lower rate of interest to allow us to provide the health care services that our neighborhood expects and is worthy of. And, over those seven years, Floyd Medical Center has actually never ever missed out on a debt payment. Not when.
The decision to provide bonds and to ask the Floyd County Commission to back them is a healthy approach to make sure that quality care is available in our community now and for generations to come.
Using bonds to refinance old, higher-interest financial obligation and to finance upgrades to our centers makes good sense, and is not something we take lightly. We requested for skilled suggestions, and they examined our financial resources and consider the danger to be low. Also considered was our history of excellent monetary stewardship and patient care. Commissioners Irwin Bagwell, Garry Fricks, and Rhonda Wallace acknowledge those things also and voted to support our bond issue.
Floyd Medical Center and the Floyd County Commission share a long and terrific history, going back to 1942, when Floyd Medical Center initially opened its doors on property contributed by Floyd County. BecauseEver since, we have actually offered a steady existence in our neighborhood, with continually improving centers and quality look after those who can manage healthcare and those who can not.
We share the Floyd name because we belong to this community. As a not-for-profit healthcare facility, every penny we earn is reinvested in our community. For-profit hospitals can’t make that claim.
Critics have said Floyd County taxpayers are at danger which Floyd Medical Center need to spend all our cash to pay off debt or to expend our services. Neither of those statements makes financial sense.
While it’s true holds true that we don’t understandhave no idea exactly what the future holds, our previous monetary performance is an exceptional indication of our ability to pay our bond debt. The very same kinds of criteria used to identify a consumer credit rating-credit history, debt-to-income ratio and stability, were utilized by credit score companies and financial specialists in guiding our choice.
Exactly what we do understand is that healthcare is altering, which we need to change with the market. We are committed to supplying excellent care to our clients. The days are long past when county health centers run on small spending plans in obsolete centers. Our residents deserve much better than that.
At FMC, we make every effort to make sure that our quality of care is amongst the finestthe very best in the nation, and it is. FMC remains in the top 5 percent in the nation in surgical care and medical care quality. We likewise remain in the top 5 percent for general client safety, for the third consecutive year, and even more, we have actually been called a leading 100 medical facility in the nation in overall security.
And our workers are totally our partners in this. FMC remains in the leading 6 percent in the country in employee engagement. As a team we have actually been making use of Lean and 6 Sigma improvement techniques for nine years now, and high quality performance program in our efficiency. This is an excellent strategyprepare for ongoing success.
These new bonds will help us continue to provide excellent care. The cash we saved in interest will be used to more enhance the care we supply. And, it will benefit the people of Floyd County– even those who pick not to utilize Floyd Medical Center.
We agreedaccepted share $1 million of our savings with Floyd County. Commissioners have stated they will utilize that cash to fund parks and entertainment tasks and other requirements within the county. That’s not run the risk of; that’s neighborhood advantage.
Commissioners Bagwell, a long-time household farmer; Fricks, a businessman with four years of experience; and Wallace, a profession banker, recognized that this is a financial investment in our county and the people, who live, work and play here. The 21 members of Floyd Medical Center governing boards and I thank them for their foresight and knowledge. They stepped up in voting to support our bond problem, and in doing so, demonstrated a commitment to a healthy Floyd County both now and in the future.
Kurt Stuenkel is president and CEO of Floyd Medical Center and a Fellow of the American College of Health care Executives.…