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HARDIN COUNTY — Hardin Fiscal Courtapproved an annual line of credit between Hardin Memorial Hospital and Kentucky Neighborhood Bank to finance the hospital’s self-funded workers’ compensation plan during its voting meeting Tuesday.
The approved line of credit cannot exceed $3 million and is required by the Kentucky Labor Cabinet’s Department of Workers’ Claims for all self-insured employers in the state, according to the resolution.
Elmer Cummings, vice president and chief financial officer for HMH, said the hospital’s previous line of credit was set at $2 million but costs have increased from around $1.6 million to nearly $2.3 million. Cummings said HMH asked for $3 million so the hospital does not have to make numerous requests for additional credit.
Cummings said cost increases are tied in part to an increase in salaries driven by HMH’s acquisition of several private practices in recent years.