OCEANSIDE, CA – Tri-City Medical Center is pleased to announce the approval of a significant no-interest loan of $33.2 million from the state’s Distressed Hospital Loan Program. This strategic funding will empower Tri-City Medical Center to address its temporary financial challenges and reinforce its commitment to delivering exceptional healthcare services to the community.
Facing economic headwinds driven by a complex landscape of labor and supply costs, Tri-City Medical Center recognized the importance of securing financial stability while continuing to uphold its high standards of patient care. The state’s support through the Distressed Hospital Loan Program underscores the significance of the medical center’s role in North San Diego County and its dedication to the wellbeing of its residents.
“Tri-City Medical Center’s financial challenges are a temporary concern, and the approved $33.2 million no-interest loan serves as a vital bridge, enabling the medical center to implement its strategies and establish a sustainable plan,” stated Dr. Gene Ma, President and CEO of Tri-City Medical Center. “We extend our heartfelt appreciation to the state of California for demonstrating unwavering confidence in our turnaround plan.”
The no-interest loan secured by Tri-City Medical Center comes with favorable terms that align with the institution’s long-term objectives:
- Loans will be at zero-percent interest.
- Loans are repayable over 72 months, with an initial 18-month grace period at the beginning of the loan term.
- The program will sunset on December 31, 2031.
About the Loan Process: The Distressed Hospital Loan Program attracted 30 applicants, reflecting the program’s critical role in supporting healthcare facilities facing financial distress. Notably, the rigorous loan application review process conducted by the Health Care Access and Information (HCAI) and the California Health Facilities Financing Authority (CHFFA) considered a diverse set of criteria. Hospitals demonstrating the greatest levels of financial distress, those at risk of imminent closure, and those with well-founded plans to maintain services were prioritized for funding. Hospitals that did not receive funds displayed comparatively lower levels of financial distress when compared to their peers.
“We are resolute in our dedication to navigating these financial challenges and emerging stronger than ever. The support from the state reinforces our mission and provides us the resources needed to continue serving our community with excellence,” added Dr. Ma.
For further information about Tri-City Medical Center and the Tri-City Healthcare District, please visit the official website at tricitymed.org.
Jessica Shrader Director, External Affairs
About Tri-City Medical Center: Tri-City Medical Center has been a cornerstone of the community’s healthcare for over 60 years, serving as a vital resource for North San Diego County. With a commitment to patient safety and effective care, the medical center has been recognized with a Gold Seal of Approval® from the Joint Commission. TCMC specializes in various medical fields, including orthopedic, spine, cardiovascular health services, robotic surgery, cancer care, and emergency medicine. The medical center remains dedicated to providing quality compassionate care to the community through its various programs and initiatives. For further information about Tri-City Medical Center and the Tri-City Healthcare District, please visit the official website at tricitymed.org.