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Tuesday, Jan 31, 2023
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Health company invests $2 million in Valley Community Clinic

UnitedHealth Group awarded Valley Community Clinic with $2 million in capital to help the clinic further its healthcare services, the Minneapolis-based health company announced. “The investment results in a cost savings for the Valley Community Clinic that in turn will allow for us to further expand our patient care,” said Valley Community Clinic President and CEO Paula Wilson. UnitedHealth Group purchased the clinic’s tax-exempt revenue bonds through its California Health Care Investment Program, according to a statement by the health company. The program provides healthcare entities with access to capital at rates that are highly competitive with those of conventional financing. The size of the bond issue also qualified the clinic for a cost of issuance subsidy of nearly $300,000, which covered nearly the entire amount of the organization’s bond issuance costs, the statement said. The cost of issuance was subsidized by UnitedHealth Groups’ Capital Access Small Issuance Program. The clinic will use the bonds’ proceeds to refinance its debt, saving the clinic about $60,000 in its operating budget over the life of its loan, according to the statement. The health company’s California Health Care Investment Program is a 20-year, $200-million commitment to health care organizations that provide services to underserved, low-income and underinsured communities throughout the state, the statement said.

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