MFFA Programs and Expertise Keep Montana Health Care Moving Ahead in Any Uncertainty
2012 Financings Can Be Found in Our Authority Review 2012
2011 Financings Can Be Found in Our Authority Review 2011
Dear Fellow Montanans:
Maximizing our ability to weather the year's challenges, the Montana Facility Finance Authority (MFFA) in 2012 again demonstrated its fundamental strength to serve the changing health care needs of Montanans.
We are happy to report that our proven MFFA Direct Loan program helped Montana nonprofit providers invest in vital equipment and make upgrades to their facilities, maintaining quality patient care and safety. Although the overall bond issuance was down, reflecting national trends and a more aggressive lending posture by banks, our easily accessible Direct Loan Program increased some 50 percent over 2011.
During 2012 we issued a total of $26,740,000 in tax-exempt bonds and $590,115 in other loans to benefit eight health facility projects in eight Montana communities and created 18 new full-time jobs.
Looking forward, we continue to carefully follow the national debate on debt reduction and tax overhaul proposals, especially talk of eliminating or limiting tax deductions for tax-exempt bonds. We believe that tax-exempt bonds should be preserved as a proven financing tool for our clients and those in other states. The MFFA Board will continue in the New Year to work with our national association, other state authorities and congressional representatives to urge preservation of this financing tool which works for the benefit and safety of the public. We urge your support in the debate ahead.
Among the emerging trends we followed closely in 2012 were:
- Growing pressures from uncertainties in health care reform, the potential for reduced reimbursement rates and growth of uncompensated care.
- The tremendous expenditure of time and money put forward by the industry to convert to electronic health records.
- The growing number of mergers, affiliations and collaborations in the industry by providers for better coordination of care services and enhanced patient safety.
Special thanks go to our dedicated Board, our highly professional staff, borrowers, financial institutions, and associates. Working together, we are ready to face the challenges as they come. Whatever comes next, we'll be ready. Thank you for your support.
Here's to a rewarding and healthy year ahead for all Montanans.
Jon Marchi Michelle Barstad
Chairman of the Board Executive Director