Bingham Memorial Hospital presents $523,924 check to county
The following is a news release and photo from Bingham Memorial Hospital.
BLACKFOOT — Representatives from Bingham Memorial Hospital presented the citizens of Bingham County with a check for $523,924 on Tuesday. 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 more than $4.1 million to Bingham County’s general fund to the benefit of the citizens,” says Layne Van Orden, hospital board member and treasurer. “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 has doubled in value from $38 million to more than $80 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.
“Our reputation for excellence continues to spread throughout the region because we’re regularly investing in the latest technology, growing our diverse, world-class medical team, and establishing more partnerships with other medical clinics like Cardio Renal Centers of America,” says Jake Erickson, CEO at BMH. “This allows us to offer more services to the residents of Bingham County so people don’t have to incur the expense of traveling out of town.”
In addition to the $523,924 to Bingham County, the non-profit hospital also contributes more than $2 million in community benefit each year through donations and sponsorships, health fairs, free health screenings and clinics, sports medicine coverage for area athletes, and other community involvement.
“From delivering high-quality medical care to running vital programs in the community, Bingham Memorial is driven by our mission to advance the healthcare experience through innovation, compassion, and exceptional service,” says Mr. Erickson. “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.”