Short-Term Financing: Short-Term Loans; Lines of Credit
Taxable Long-Term Financing: Public Markets; Equity Financing; Initial Public Offerings; Follow-On Offerings; Shelf Offerings; Debt Financing; Private Capital Markets; Federal Securities Law Exemptions; Venture Capital Financing; Bank Term Loans; Joint Ventures; Capital Leases; Mortgage or Real Estate Financing; Real Estate Investment Trusts; Taxable Bonds, Notes, and Certificates of Participation; Tax-Exempt Bond Financing: Qualified Section 501(c)(3) Bonds; Credit Enhancement; Bond Insurance (Auction Rate Securities); Letters of Credit (Variable Rate Demand Bonds); Liquidity Enhancement: Standby Bond Purchase Agreement; Variable versus Fixed Rate of Interest (Interest Rate Swaps); Parties to a Tax-Exempt Financing; Documents for the Transaction; Preliminary Official Statement; SEC Rule 10b-5 Negative Assurance; Covenants; Participating Bonds; FHA Section 242 Program; Reimbursement; Reissuance; Change of Use; Private Use and Revenue Procedure 97-13; Arbitrage and Rebate
PART II - HEALTHCARE FINANCE IN CHALLENGING TIMES
Creating the Perfect Financial Storm: Causes of the Crisis; Credit Expansion; Encouraging Home Ownership; Securitization; The Role of the SEC
The Healthcare Financial Crisis: Chronology; False Predictions; Report of the American Hospital Association; Other Indicators; Climate of Fear
Hospital Finance Issues: Hospital Finance; Challenges Facing Hospitals; Bad Debt Expense; Declining Revenues and Margins; Shrinking Programs
The Credit Crisis and Healthcare: Financing Risks; The Collapse of Auction Rate Securities; Trials of Variable Rate Demand Bonds; Banks; Breaching Financial Covenants; Interest Rate Swap Agreements
Prospects and Strategies: Future Prospects; Immediate Concerns; Private Placement Financing; Lines of Credit; Fixed-Rate Financing; Variable-Rate Financing; Other Debt Restructuring; What to do about Joint Ventures; Combinations
Overall Reassessment: Strategic Review; Improving Operations; Asset Analysis and Strategic Sales; Contract Appraisal; Personnel Issues; Capital Expenditures
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The credit crunch. Tax-exempt bond debt. Difficulty getting bank loans and letters of credit.
David Lips' groundbreaking new publication explores the impact of the credit crisis on the healthcare industry, particularly on nonprofit hospitals. It provides a detailed description of finance alternatives for for-profit and nonprofit healthcare providers including the pros and cons of obtaining bank loans, selling stock to raise capital, issuing tax-exempt bonds, and other financing mechanisms common in the healthcare industry. The legal underpinnings of these options are detailed to provide a frame of reference for evaluating them, along with a list of critical questions an entity needs to consider when pursuing each type of financing. Finally, the author suggests constructive ways for hospitals to move forward so that they may stem their financial uncertainties and overcome economic obstacles.
"A thinking person's book on health care finance. Practical and insightful analysis from an author who integrates the lessons of the past with the dynamic state of our current financial markets." - Richard G. Cowart, Esq. Baker Donelson Bearman Caldwell & Berkowitz PC
"Healthcare Capital Finance: In Good and Challenging Times is a must have for healthcare practitioners, and should remain readily accessible in your healthcare library. It provides a thorough and understandable survey of key capital finance issues faced in the healthcare industry today. Finance lawyers will also find this publication to be a useful resource even if they do not specialize in healthcare, as many of the topics discussed are relevant to their practice." - Paul R. Demuro, Esq., Latham & Watkins LLP
About the Author David A. Lips, Esquire, is a tax and transactions attorney at Hall Render Killian Heath & Lyman, P.C., the second largest healthcare law firm in the United States. His clients are primarily hospitals and hospital systems. He has been a tax accountant and an auditor, and he also has extensive experience in economic development and public policy. He recently served on the board of directors for a venture capital firm. A graduate of Duke Law School and the Fuqua School of Business at Duke University, Lips is licensed to practice in Connecticut, Indiana, and Kansas. He practices from his firm's headquarters in Indianapolis, Indiana.
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