Reinvestment Fund financing is helping Faith Family Medical Center (FFMC) construct a new healthcare clinic in Nashville, Tennessee.
The clinic will expand FFMC’s current overcrowded facility to serve more patients, enhance its primary care offerings, pharmacy, behavioral health services, and better integrate its wellness program. FFMC expects to support more than 4,000 patients annually with its new facility—at least 95% whom are expected to be underinsured.
FFMC began in 1999 and grew from a small clinic to a full-service medical center providing comprehensive care for working uninsured and underinsured Tennesseans. While it is not a Federally Qualified Health Center (FQHC) and does not accept Medicaid or other insurance, FFMC represents a unique donation-based model that is much cheaper than FQHCs in the region. In 2017, FFMC’s average cost was less than half the cost of an FQHC visit.
FFMC’s target population are those whose financial status range from below the federal poverty level to 400% of the federal poverty level. Patients include construction and landscape workers, restaurant servers, childcare workers, taxi drivers, and musicians. FFMC is attractive to those working in the service and construction economy who don’t have access to employer-based health insurance or can’t afford their insurance deductibles.
FFMC’s services include primary care, behavioral health, diagnostic testing, disease management, specialty care and wellness programming, which are designed to treat the “whole person” and not just singular patient symptoms. The new facility will support the growth of these comprehensive services particularly behavioral and mental health. FFMC also expects to lease its space to a local dentist to offer access to more services to its patients.
The new 17,000-square-foot building will be constructed at its existing location and will add 10 new medical exam rooms, a pharmacy, two behavioral health offices, a 23-seat waiting room, multipurpose room, and a full administrative suite on the second floor. It will also lease space to two nonprofits providing dental care and counseling.
FFMC consistently partners with 40 on-site volunteers and over 160 specialists to provide quality low cost care for its patients. In addition, a host of donors and local health care organizations (pharmaceutical, imaging, laboratories, dental and vision clinics, hospitals) collaborate to provide discounted supplies and outpatient services.
Reinvestment Fund is providing a New Markets Tax Credit allocation and a bridge loan for this transaction. The bridge loan will allow FFMC to move the project forward as it closes on its capital campaign commitments. SunTrust is the NMTC investor.