Hospital Approves Project Financing

Stephens County Hospital is borrowing money to help finance two ongoing projects.

Monday, the Hospital Authority voted unanimously to borrow $1 million from South State Bank with a 10-year repayment term to finance the ongoing expansion project at the Wilkinson Center and also to borrow up to $400,000 from South State Bank to help with the purchase of the former office building of Dr. James Fordyce on Falls Road to use for the hospital’s two new surgeons that will soon begin practicing.

While the Wilkinson expansion is being financed with a standard loan, Stephens County Hospital Administrator Ed Gambrell said the office building loan is being financed with a hospital Certificate of Deposit being used as collateral.

“That will be secured by a Certificate of Deposit,” said Gambrell. “It is kind of a common thing with banks.”

The Wilkinson Center expansion, which is adding six units to the facility, is expected to open in the Spring.

Meanwhile, the two new surgeons are expected to begin practicing with Stephens County Hospital this month, according to Gambrell.

He said having those new surgeons will help with the hospital’s bottom line, which was down last month.

“We look forward to our surgeons starting November 30th,” said Gambrell. “I think the public is really going to like them and take to them.”

With Dr. Stephen Pinkerton, that will make three surgeons.

“Our surgical volume will no doubt go up,” said Gambrell. “That will no doubt have a positive impact on the bottom line.”

While October’s bottom line was down, Gambrell said the tentative final bottom line for the hospital’s fiscal year that ended at the end of September is a good one.

“For the year that ended this past September 30, after everything is said and done, we will be in the black, we feel,” said Gambrell, though noting the final say on that comes from the auditors.

Gambrell said that the auditors are expected to be at the hospital in the coming weeks to begin their work for the year.