Health Care Finance


The professionals at Wulff, Hansen are experienced in many aspects of health care financing. We have served as financial or municipal advisor, placement agent, underwriter, or consultant in the structuring of many financings designed to meet the needs of almost every type of health care provider, even when those needs are unconventional. Our experience includes not only traditional hospitals, hospital districts and non-profit corporations, but also extends to clinics, substance abuse treatment facilities and mental health facilities of all sizes throughout both urban and rural California. We take particular pride in our health care practice because it can result in such very direct and personal benefit to individual Californians.

Our health facility clients encompass a diverse range of credit strengths. They have ranged from the very soundest institutions to troubled organizations contemplating or experiencing bankruptcy. We have worked with government to develop credit enhancement programs that meet the needs of our clients while also being acceptable to investors. We draw upon longstanding relationships with rating agencies, credit enhancement providers and investors to support our ability to obtain financing for you at cost-competitive levels.

In some cases a health care financing is best completed as a stand-alone transaction where our client is also the issuer. In other cases, if more favorable terms are available by using a conduit issuer, we are an approved member of the State Treasurer’s current Underwriter Pool and thus, even when not acting as Underwriter, are eligible to assist you with programs offered by the California Health Facilities Financing Authority (CHFFA), California Statewide Communities Development Authority (CSCDA) and other governmental authorities. In connection with some of these programs we can assist you in obtaining below-market interest rates or New Market Tax Credit financing for qualifying projects.

Experience and Knowledge Add Flexibility

We are very flexible in responding to your needs as we help you reach your goals, and sometimes this requires unconventional terms or structures. Our experience and reputation means that conduit issuers, credit enhancement providers, rating agencies and investors have been receptive to innovations and changes we have suggested, and have worked with us to establish new and unique programs for health facilities. These have included working to modify the Cal-Mortgage loan guarantee program with the State of California as well as working with investors and credit providers on flexibility when it comes to modifying the projects to be financed and the required security pledges. For example, in one financing where we served as financial advisor, the health facility was given the option to use bond proceeds for any one of three potential projects. If the scope of the project were later reduced, the unspent bond proceeds could be redeemed without penalty. In that same financing we were able to reduce the scope of property provided as security for the bonds, thus giving the institution more future financial flexibility than had been available with their existing financing package.

Far too often in our industry, we find that certain project and financing costs that could have been recaptured from a financing’s proceeds are overlooked. We can advise our clients on the process required to make such previous costs recoverable from proceeds. We view ourselves as your partner in the financing. It is important to us to be sure you are satisfied with the end result and accomplish your goals for the project.

Regardless of the scope of your project or the size of your organization, Wulff, Hansen can help you understand the credit markets for health care finance and the various financing options and programs available to help you realize your vision. We welcome you to call us or email us at for more information.

Financially Troubled Facilities

We find working with troubled health care facilities very rewarding, as it requires professional creativity and can result in important benefits to the institution and the community it serves.