UnitedHealthcare Invests Nearly $5.8 Million in United Health Centers of the San Joaquin Valley to Help Improve Access to Quality Care
PARLIER, Calif. (Oct. 27, 2011) UnitedHealthcare invested nearly $5.8 million in United Health Centers of the San Joaquin Valley to help the nonprofit enhance patient services in the region by refinancing loans to help build a new administrative office building, and renovate existing clinics.
UnitedHealthcare purchased United Health Centers of the San Joaquin Valley's tax-exempt revenue bonds worth $5.2 million, and provided a $587,000 grant to pay for additional costs, for a total of nearly $5.8 million in funding for the local nonprofit.
UnitedHealthcare, which offers health benefits to nearly 3 million Californians, provided the funding through its California Health Care Investment Program, a 20-year, $200 million commitment to health care organizations that provide services to underserved, low-income and underinsured communities and populations throughout the Golden State. The investment program provides California health care entities access to capital at rates that are highly competitive with those of conventional financing.
The California Health Care Investment Program so far has provided more than $200 million in total capital to 29 health care organizations in California including 10 in the Central Valley.
The latest UnitedHealthcare investment has allowed United Health Centers of the San Joaquin Valley to refinance high-interest loans at more affordable rates and reduce lease payments, helping save valuable resources which are being used to renovate existing clinics, build a new administrative facility, and purchase additional equipment to help the nonprofit ensure continued viability of its clinics in the future.
United Health Centers of the San Joaquin Valley was established in 1971 and now provides a wide range of health care services medical, dental and ancillary to residents in Fresno, Tulare and Kings counties. The nonprofit operates eight health centers, and additional 13 clinics for women, infants and children.
"We are grateful to UnitedHealthcare for providing the financing through this innovative program that has made the renovations and expansion of services possible," said Colleen Curtis, CEO, United Health Centers of the San Joaquin Valley. "UnitedHealthcare's grant and bond purchase will help secure our future by drawing down the debt and allow sound investments in other areas such as new equipment to continue to improve health care services for our local residents."
"These clinics are valuable assets in the Central Valley, providing care to more than 150,000 families and individuals each year," said Dan Rosenthal, CEO, UnitedHealthcare Employer & Individual of Northern California. "UnitedHealthcare is committed to supporting organizations that help ensure Californians have access to quality care, and we are grateful for the opportunity to support United Health Centers of the San Joaquin Valley and help expand their reach of services to even more residents in the coming years."
UnitedHealthcare offers health benefits, including commercial and Medicare health plans, to nearly 3 million Californians, and partners with about 50,000 physicians across the state.
UnitedHealthcare is dedicated to helping people nationwide live healthier lives by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers and Medicare and Medicaid beneficiaries, and contracts directly with more than 650,000 physicians and care professionals and 5,000 hospitals nationwide. UnitedHealthcare serves more than 38 million people and is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and well-being company.