TWIN LAKES MEDICAL FOUNDATION INC

TWIN LAKES MEDICAL FOUNDATION, INC. (FOUNDATION) IS A NOT-FOR-PROFIT ENTITY ESTABLISHED FOR THE RECRUITMENT AND RETENTION OF QUALIFIED MEDICAL PROFESSIONALS IN WHAT WAS A FEDERALLY DESIGNATED RURAL HEALTH PROFESSIONAL SHORTAGE AREA (HPSA). ITS PRIMARY PURPOSE IS TO PROVIDE MANAGEMENT, SUPPORT SERVICES AND EXPERTISE THAT IS OFTEN UNAVAILABLE TO SOLO PRACTITIONERS IN RURAL AREAS. THE FOUNDATION PROPOSES TO SERVE ALL RESIDENTS OF THE COMMUNITIES WHERE AMBULATORY CLINICS ARE LOCATED. PATIENTS WILL BE SERVED REGARDLESS OF RACE, SEX, RELIGION, PHYSICAL OR MENTAL HANDICAP, NATIONAL ORIGIN OR INCOME LEVEL. PHYSICIANS EMPLOYED BY THE FOUNDATION AGREE THAT THEY WILL NOT DISCRIMINATE AGAINST INDIVIDUAL PATIENTS BASED ON THE ABILITY TO PAY AT ANY CLINIC SITE OR AFFILIATED HOSPITAL. THE FOUNDATION PARTICIPATES IN A NONDISCRIMINATORY MANNER IN ALL FEDERAL AND STATE PROGRAMS INCLUDING BUT NOT LIMITED TO THE FOLLOWING: MEDICARE, MEDICAID, PASSPORT (A STATE MANAGED CARE PROGRAM FOR MEDICAID ELIGIBLE), OR OTHER THIRD PARTY PAYERS. IT IS THE POLICY OF THE ORGANIZATION THAT ALL PATIENTS WHO CAN AFFORD TO PAY FOR HEALTH SERVICES SHOULD PAY FOR SERVICES. NO PATIENT WILL BE DENIED EMERGENCY SERVICES. FOR THOSE PATIENTS WHO CAN NOT AFFORD TO PAY, THE FOUNDATION OFFERS A FINANCIAL ASSISTANCE PROGRAM TO THOSE THAT QUALIFY. A LETTER OF INTENT WAS SIGNED ON APRIL 13, 2020 TO TRANSFER THE OPERATING ASSETS OF THE GRAYSON COUNTY HOSPITAL FOUNDATION, INC. (THE "HOSPITAL") AND THE TWIN LAKES MEDICAL FOUNDATION, INC. TO OWENSBORO HEALTH, INC., A NOT FOR PROFIT HEALTH SYSTEM. THE TRANSACTION WAS FINALIZED AND BECAME EFFECTIVE JANUARY 1, 2021. UNDER THE TERMS OF THE AGREEMENT, A PORTION OF THE PROCEEDS WERE USED TO SATISFY THE OUTSTANDING BONDS ISSUED BY THE GRAYSON COUNTY PUBLIC HOSPITAL DISTRICT CORPORATION (THE "CORPORATION"). UPON THE DEFEASANCE OF THE BONDS, THE LAND AND FACILITIES OWNED BY THE CORPORATION WERE TRANSFERRED TO A NEW CORPORATION FORMED BY OWENSBORO HEALTH, OWENSBORO HEALTH TWIN LAKES REGIONAL MEDICAL CENTER, INC., TO OPERATE THE HOSPITAL. THE NET PROCEEDS FROM THE TRANSACTION AND RETAINED ASSETS WERE TRANSFERRED TO THE GRAYSON COUNTY HEALTHCARE FOUNDATION, INC., A NEW NOT FOR PROFIT CORPORATION FORMED TO PROVIDE GRANTS AND SUPPORT HEALTHCARE IN THE COUNTY. AFTER CURRENT OBLIGATIONS ARE FULFILLED, IT IS MANAGEMENT'S INTENT TO DISSOLVE THIS ENTITY; HOWEVER, THE TIME FRAME FOR THE DISSOLUTION IS UNCERTAIN AT THIS TIME.