But Bileca noted that the credit line provided Jackson with a safety net since the system was one payroll away from not being liquid.
The Wells Fargo deal must be approved by the Miami-Dade County Commission since the county will have to guarantee repayment.
While many board members congratulated Migoyas team on the turnaround, union leader Martha Baker told the board, This kumbaya stuff is very frustrating.
Baker, president of SEIU local 1991, which represents nurses and other healthcare professionals, said that Migoya had cut his way to surpluses. She noted that the number of patients keeps dropping and employees are giving more.
Thats hardly a formula for long-term success, Baker said.
She added that the system cant be in great shape if it needs a $75 million line of credit. Whats more, Baker said, part of Jacksons turnaround is due to an increase in public dollars to Jackson.
Later, Jackson spokesman Matthew Pinzur said Jacksons tax revenue had increased 2.5 percent for the year, adding about $8 million to the bottom line.Migoyas team has been working on a strategic plan to bring more community physicians to Jackson to increase revenue and is still trying to negotiate a new deal with the University of Miami medical school, which provides most of Jacksons doctors and has a competing hospital across the street from Jackson Memorial Hospital.
Tougher days could lie ahead for Jackson. Board members were told Thursday that both the states Medicaid reforms and the federal Affordable Care Act could give those who are poor or uninsured greater options to choose Jacksons competitors.