Grand Forks, N.D.-based Altru Health will need to borrow up to $125 million to cover the burgeoning costs of labor and supplies for its new hospital project, according to an April 5 Grand Forks Herald report. It is also cutting its numbers of executives.
As the project moves ahead, the hospital group is also seeking to cut staffing costs, trimming its executive numbers from nine to six and incentivizing 34 other employees to take early retirement.
Despite the need to raise more money, the project remains on time, CEO Todd Forkel told the newspaper.
The seven-story building, which is due to be completed in 2024, will not likely see its first patients until early 2025, he said.
The $380 million project will have 226 beds, a neonatal intensive care unit and a trauma operating room, as well as other facilities.