Business
Hospital turns to physicians for help
NEWS IN BRIEF — Posted Jan. 12, 2004
A Pennsylvania hospital has turned to its local physicians and community members to help it recover from its troubled financial straits. The Pittsburgh Business Times has reported that Aliquippa Community Hospital in Beaver County, Pa., is seeking personal loans in $50,000 increments as it attempts to emerge from Chapter 11 bankruptcy.
The hospital reportedly is seeking the loans to demonstrate that it has community support, which would help it secure a larger, permanent loan. The hospital hopes to raise $1.25 million from the loan program, the newspaper reported.
The two-year loans would be paid back at a 12% interest rate, according to the Pittsburgh Business Times. Physicians associated with the Beaver County Medical Society declined to comment on the proposal.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/01/12/bibf0112.htm.