Asian Health Services, a community health center that offers
comprehensive primary medical, behavioral health and dental care,
received $4 million in capital to help the nonprofit clinic deliver
quality health care services to immigrant and refugee Asian communities
in the greater Alameda County area.
“The cost-savings will help us in our mission of
providing quality health care to low-income and immigrant families. We
thank UnitedHealth Group for helping us to continue meeting the vital
health care needs of our communities.”
UnitedHealth Group (NYSE: UNH) purchased Asian Health Services’
tax-exempt revenue bonds through the California Health Care Investment
Program, which gives California health care entities access to capital
at rates that are highly competitive with those of conventional
financing. Additionally, given the dollar size of the bond issue, Asian
Health Services also qualified for a cost of issuance subsidy of
$274,000, which covered nearly the entire amount of the organization’s
bond issuance costs. The cost of issuance was subsidized by UnitedHealth
Group’s Capital Access Small Issuance Program.
UnitedHealth Group’s California Health Care Investment Program is 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.
Asian Health Services will use the proceeds from the bonds to refinance
the clinic’s debt, allowing the center to save about $70,000 in its
operating budget over the life of the loan. The clinic, founded in 1974
and located in Oakland’s Chinatown district, operates 36 exam rooms and
seven dental chairs. The center’s mission is to provide quality health
care to the medically underserved, including the immigrant and refugee
Asian communities. The staff is fluent in English and nine Asian
languages: Cantonese, Khmer, Korean, Lao, Mandarin, Mien, Mongolian,
Tagalog and Vietnamese. Asian Health Services serves more than 20,000
patients and receives more than 90,000 patient visits each year.