Visalia, Calif.-based Kaweah Health may receive a $50 million shot in the arm as a result of new legislation likely to pass aimed at helping financially distressed hospitals in the state, CEO Gary Herbst said yesterday.
The legislation, to be voted on today, is California AB 412 and would provide loans as a bridge to eventual improved financial health for health systems in the state, Becker’s reports.
“It is categorized as a loan but also a forgivable loan,” Herbst said on a call with investors.
Kaweah Health launched a “Back in Black” recovery program in the summer of 2022 and posted a net income of almost $1 million in the third quarter of fiscal 2023 ending March 31. Read more.
