Two items were discussed in open meeting during last Monday’s meeting. The first was a vote to refinance the hospital’s mortgage.

Over $13 million is still owed on the facility, according to administrator John Ayoub. Current financing is 6.7 percent and board members talked about refinancing. Three companies provided proposals and board members opted to go with Red Capital, the group that currently has the mortgage.

Ayoub said the change will cost some but at the end of the day, around $250,000/year will be saved due to low interest rates right now.

The other item board members discussed during last week’s meeting was market adjustment for some of the staff.

Every year a merit increase is done for staff following an annual evaluation. A market review is also conducted where MMH looks at other area organizations to see where rates stand in comparison with similar hospitals.

“We want to make sure we’re fair and square in the market,” Ayoub said.

Ayoub said there were a few areas this year where MMH was a bit lower compared to other organizations. This led to board members voting to do a mid-year adjustment primarily for nursing and laboratory staff within the hospital.

Board members also held a 37-minute executive session for negotiations during last week’s meeting.

Holyoke Enterprise July 19, 2012