LLUMC-Murrieta Receives Supplemental Financing Method

A group that specializes in financing hospital operations has provided a $20-million line of revolving credit to Loma Linda University Medical Center-Murrieta.

The financing is for use as working capital for start-up and ongoing operations, according to a news release from Healthcare Finance Group, LLC (HFG).

While LLUMC-Murrieta began as a vision of several local physicians, its majority shareholder is now Loma Linda University Medical Center, a nonprofit, billion-plus revenue hospital operator and one of the preeminent healthcare systems in California.

"HFG worked diligently to structure a creative solution that met our needs as a startup operation," said James Uli, interim chief financial operating officer for LLUMC-Murrieta, in a statement provided by the finance group.

"They were able to lend against our accounts prior to obtaining the applicable tie-in notices and demonstrated a strong understanding of the hospital space and its unique license and billing issues," Uli said.

The medical center, cost nearly $220 million to construct. It is the fulfillment of a vision shared by those local physicians, as well as community members, LLUMC leadership and local and state governments.

"Its campus serves the community with a new state-of-the-art medical facility that blends the best of the local medical community and the 105-year legacy of the Seventh-day Adventist owned and operated LLUMC," HFC said in the news release.

Another $20 million was spent to build the adjoining professional office building.

Since the medical center received its Medicare provider number license number on July 22, hospital spokesperson Kathryn Stiles said there has been an increase in elective surgeries.

"We have performed a variety of orthopedic surgeries, several total joint replacements and other repairs," said Stiles, who declined to comment on the specifics of the new financing recieved.

"We have some awesome new services to announce very soon, including the first open-heart surgery and comprehensive cardiology program in the valley; comprehensive wound and hyperbaric medicine; comprehensive women’s diagnostic services (cutting edge breast imaging, dexa scan, etc.); (and) Radiation Oncology," Stiles said in an email.

Stiles said all of these programs are going through the licensing process. The hospital hopes to launch them within the next six to 12 weeks, she said.

Mel Sauder, an original member of the hospital's board, continues to serve as interim CEO after former CEO Bruce Christian's . Stiles said the search for a full-time CEO continues.

Stiles said the hospital is developing its community outreach program, which it hopes to launch it in the coming months. Classes offered will include, nutrition, diabetes care, cardiac wellness and prevention, among others.