South Shore Hospital to offer CT scans

Treasurer's Opportunity Illinois program provides assistance

October 15, 2007

South Shore Hospital will soon offer high-quality CT scans for the first time thanks to a low-interest loan facilitated by Illinois State Treasurer Alexi Giannoulias.

The 170-bed, acute care medical facility at 8012 S. Crandon Ave. is replacing an obsolete CT Scanner with a high-speed 64 slice scanner that will more effectively diagnose vascular diseases and many types of cancers.

South Shore Hospital worked with Giannoulias’ Office, Charter One Bank and the Metropolitan Chicago Healthcare Council (MCHC) to receive a $1.5 million low-interest loan to purchase a new, state-of-the-art CT Scanner. The loan was granted as part of the Treasurer’s Opportunity Illinois program for hospital development.

“Opportunity Illinois is designed to improve the quality of life for Illinois residents,” Giannoulias said. “We’re proud to help South Shore Hospital improve its health care services and customer service to almost 40,000 patients each year.

“South Shore Hospital serves many uninsured and underinsured families that deserve to have the same high-quality health care that is available in other parts of the city and state,” added Giannoulias, noting that almost 90 percent of the Hospital’s patients rely on Medicare or Medicaid, and just 5 percent have commercial or HMO coverage.

The loan also funds a new digital phone system that will replace the hospital’s outdated analog system that occasionally drops calls between doctors and nurses, as well as medical staff and patients’ families.

The hospital will purchase the new equipment in the next 30 to 60 days. Hospital officials expect that patients will begin receiving CT scans from the new machine in mid-December.

Under the hospital development program, the Treasurer’s Office agreed to deposit funds with Charter One Bank in the amount of $1.5 million for up to five years. The state’s deposit will make it possible for Charter One to loan the same amount to South Shore Hospital at a lower-than-normal interest rate.

South Shore Hospital will save between $110,000 and $270,000 thanks to the Opportunity Illinois program. The savings will be used to provide more programs and services to the 12 zip codes it serves on the Southeast Side of Chicago.

”This program goes a long way to assist us in achieving our modernization goals. We are very pleased that MCHC introduced us to Charter One Bank and the Treasurer’s Office,” said South Shore Hospital CFO Tim Caveney.

“MCHC's mission is to assist our hospitals in delivering the best care possible. Partnerships like Opportunity Illinois have the potential of improving access to care in all of our hospitals,” added MCHC vice president Dan Yunker.

Opportunity Illinois is one of three types of linked deposit programs operated by the Treasurer’s Office. Under state law, the Treasurer’s Office has the authority to deposit state money at a reduced rate of interest in eligible financial institutions that issue loans at below-market rates for specific projects and programs in the public interest.

“We are delighted to have been instrumental in this project. Our partnership with the State of Illinois and MCHC has demonstrated that private industry and the public sector, given the right combination of individuals and market timing, can be a roaring success,” said Michael King, senior vice president and Group Head for Healthcare Financial Services at Charter One Bank.

The Opportunity Illinois program is open to more than just hospitals. Also eligible are non-profit organizations, historic preservation agencies, low-income designated credit unions and banks located in underserved areas.

Opportunity Illinois also has a consumer loan arm which aids Illinoisans with disabilities, citizen soldiers and victims of natural disasters.

For more details, call the Treasurer’s Office at (312) 814-1244; e-mail opportunityillinois@treasurer.state.il.us; or log onto www.treasurer.il.gov and follow the Opportunity Illinois link.

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