Talk about a "healthy" sum of money!
Bingham Memorial Hospital has presented the citizens of Bingham County with a check for $657,281.
This is the latest payment that was received since the county entered into the Liquid Asset Transfer Agreement in 2007, when the hospital converted from a county-operated facility to a 501(c)3 non-profit corporation—BMH, Inc.
“Since 2007, BMH, Inc. has contributed nearly $5 million to Bingham County’s general fund to the benefit of the citizens,” says Wayne Brower, hospital board chairman. “We are pleased to present this check and contribute to the community in this way.”
According to the agreement, BMH, Inc. manages the hospital’s operations and assets. Under the agreement, the county maintains ownership of all the property and hospital assets, which includes the land, buildings, and equipment. While for-profit medical facilities in Idaho send money to out-of-state shareholders, BMH, Inc. keeps it all within the community.
Through sound capital investments, BMH, Inc. has worked diligently to increase the county’s real property and capital assets, which have doubled in value from $38 million to more than $98 million since 2007. In 2016, the original agreement was revisited and modified to reflect the increased value of county assets, grown under the direction of BMH, Inc. Under the agreement, payment is setup as either a percentage of how much the hospital generates in net revenue, or a minimum payment of $400,000 per year, whichever is greater.
“We are pleased to honor our annual commitment to Bingham County,” says Jake Erickson, chief executive officer at BMH. “The amount we paid this year was 25% more than last year, which is a testament to our continued growth throughout the region. Thank you to the citizens of Bingham County for trusting us with your healthcare and for choosing us when it comes time to making important decisions about your health and well-being. We will continue to do everything we can to continue to expand the world-class healthcare services we provide.”
In addition to the $657,281 given to Bingham County, the non-profit hospital also contributes more than $2 million in community benefits each year through donations and sponsorships, health fairs, free health screenings and clinics, sports medicine coverage for area athletes, and other community events designed to bring community members together.
Commissioners Whitney Manwaring, Jessica Lewis, and Mark Bair accepted the check on behalf of Bingham County. Representatives from the hospital board of directors included Wayne Brower, chairman; Layne Van Orden, treasurer; Dean Jones, board member. Administrators from BMH in attendance were Jake Erickson, CEO and John Fullmer, CFO.
Source: Bingham Memorial Hospital