Continuously serving Kosciusko County since 1854
The final numbers are in from the sale of Kosciusko Community Hospital, and the results bode well for the Kosciusko 21st Century Foundation.
"We have a final close to the sale of the hospital, with a realized gain of $34,509,887.47," Willis Alt, foundation president, said Thursday.
With the final accounting from the sale of the hospital and Mason Health Care Facility complete, the foundation has total assets of $65,715,835.89. The nonprofit organization is receiving roughly $1 million per month in interest and dividend income, Alt reported.
"It's important for the community to know that we have converted a 20-year-old corporation into a foundation, and that they differentiate between income we had as a hospital, the income from the sale of the hospital, and the fact we are continuing to make money as a foundation," said Pat Oppenheim, foundation board president.
In other business, the board received a report from advisory board members John Davis and Steve Miller on the performance of Quorum Health in meeting the commitments it made in the purchase agreement for KCH.
"From our standpoint, all points necessary to meet the agreement between Quorum and the board have been met," Davis said.
Two important developments in meeting those commitments - an oncology center and a women's health center - are being funded at $8 million in Quorum's FY 2000 budget, Davis added.
Davis said the hospital has also received full accreditation under Quorum's management.
"We, as a board, were pleased to see the hospital and lab receive accreditation with commendation," he said. "This puts us in the top 20 percent of the hospitals in the country. That means a lot in terms of long-term viability and physician recruitment."
The marketing committee announced the hiring of Stephanie Noffsinger as a marketing consultant. One of the first projects Noffsinger will undertake is the development of a foundation logo. Plans are to hold a community-wide contest on the design of a logo, with a prize of $500 for the person or company submitting the winning entry.
