Anaheim Memorial Medical Center has renamed itself AHMC Anaheim Regional Medical Center and lined up a $17.5 million line of credit to fund operations.
The move comes after July’s acquisition of the hospital by Alhambra-based AHMC Healthcare for $60 million plus a pledge of $45 million in improvements.
Fountain Valley-based Memorial Health Services sold the hospital. The sale converted the hospital from a not-for-profit to a for-profit operation.
The hospital’s line of credit is from New York-based Healthcare Finance Group, which focuses on hospitals and other healthcare companies.
What’s now AHMC Anaheim Regional Medical Center went through three prior sale attempts before the deal with AHMC went through.
Because the hospital converted to for-profit, state Attorney General Jerry Brown had to sign off on the sale.
A deal with the attorney general requires ARMC to run the hospital as an acute care facility and to maintain emergency services for the next five years.
