OHH turns FY 2023 profit, sells $27 mln in bonds

Olney Hamilton Hospital sold $27 million in general obligation bonds to three buyers last week as it solidifies plans for a new hospital. OHH Administrator Michael Huff told the Board of Directors at last week’s meeting that construction on the two-story hospital will probably begin in late 2024.

The hospital posted a $370,000 net income in its fiscal year 2023, which ended in February, Mr. Huff told the board.

Net patient revenue was up by 25 percent over the same period, he said. The hospital’s debt stands at $5.5 million, down $1.4 million from the previous month, OHH board member Lonnie Rue reported.

Mr. Huff and OHH Chairman Dale Lovett received preliminary permission from the Olney City Council to close parts of Avenue L and West Hamilton Street to make way for the new Olney Hamilton Hospital. OHH Administrator Michael Huff said the new hospital would be built across Avenue L between Hamilton and Cactus Lane. The plans also included a green space that will cover Hamilton Street between the new facility and the existing hospital. The Hamilton Street closure will stretch from Avenue L to Avenue M.

The existing hospital will likely be demolished to make way for patient parking and other features after the new facility is built, Mr. Huff said.

“If you have a brandnew shiny hospital and somebody has to walk half a mile to get to it, that’s not what you want to see,” he said.

OHH Board Chairman Dale Lovett said Olney Independent School District approved the plan after reversing the traffic flows for school drop-offs and pickups. “We went to Dr. [Greg] Roach and he went to the principals to see if this was going to mess up their traffic flow, and it’s still workable,” Mr. Lovett said. “He and the principals got it ironed out.”