""By purchasing this location, we are making a smart investment that will allow us to relocate and expand longstanding essential outpatient services, including pediatrics, women's health, internal medicine, family medicine and urgent care, to state-of-the-art facilities that will serve our patients and the community for years to come," Santa Clara Valley Healthcare CEO Paul Lorenz told San José Spotlight."
"The county faces losses of $1 billion per year after President Donald Trump's July signing of H.R. 1, or the "One Big Beautiful Bill," that depletes federal Medicaid reimbursements, known as Medi-Cal in California, keeping the region's four public hospitals afloat. County officials have warned these cuts spell an existential threat to the hospital system that can only be buffered by service"
The Santa Clara County Board of Supervisors unanimously voted to purchase the Bascom Avenue site for the new 10-story Valley Health Center in San Jose. The $340 million purchase will be financed with a 30-year revenue bond and is projected to save $112 million over three decades by lowering annual payments to about $20 million instead of $25.5 million under a lease plan. The county secured a $13.8 million reduction by buying before the lease start date. The center will provide adult medicine, urgent care, OB-GYN, pediatrics, internal and family medicine for tens of thousands of residents. Significant budget pressure stems from reduced federal Medicaid (Medi-Cal) reimbursements.
Read at San Jose Spotlight
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