CHARLOTTE, N.C., June 14,
2022 /PRNewswire/ -- To increase access to health
care services in medically underserved communities, Bank of America
has committed $40 million in
low-cost, long-term capital to finance the development and
expansion of community health care centers and other primary care
facilities across the United
States. Bank of America will partner with non-profit
community development financial institutions (CDFIs) to distribute
the funding. In addition, Bank of America will provide $100,000 in philanthropic grants to help with
CDFI operational costs and help spark the creation of new health
centers.
Today's $40 million capital
commitment is just one example of Bank of America's work to advance
racial equality and economic opportunity, and builds on the
company's recent $25 million
collaboration with leading health organizations. Bank of America
has convened the American Heart Association, American Diabetes
Association, American Cancer Society and the University of Michigan School of Public Health for
an innovative, signature initiative to improve health outcomes in
communities of color.
"Increased investment in primary care improves health outcomes
by making primary care more accessible and affordable, and by
expanding the health care workforce to provide the services people
need in the communities where they live and work," said
Ebony Thomas, Bank of America
Charitable Foundation President. "Improved health and financial
stability are integrally linked. Enabling access to quality medical
care drives greater economic mobility and builds stronger
communities."
Primary care providers are anchors in their communities,
providing both essential services and employment. Primary care –
focused on the whole person, integrated with mental health and
substance use services – leads to better health for people and
their communities, and reduces the burden of chronic disease. The
value is evident: An increase of just one primary care physician
for every 10,000 people leads to 5.5% fewer hospital visits, 11%
fewer emergency department visits, 7% fewer surgeries, and is
associated with a 51.5 day increase in life
expectancy.1,2
Bank of America will provide low-cost capital to several CDFI
partners, including Primary Care Development
Corporation (PCDC). To date, PCDC has financed more than
$1.34 billion in primary care
projects through direct investment and leverage. Such investments
support facility acquisition and renovation, program and practice
transformation, operating support, service line growth, and
technology acquisition. PCDC strengthens service delivery through
training and technical assistance and advocates for meaningful
policy change to improve primary care financing, reimbursement,
service delivery, and workforce training and pipeline
development. Over the last 30 years, through a combination of
financing and technical assistance, the organization has created
and preserved more than 18,000 jobs while impacting millions of
people.
"The capital provided by Bank of America will enable PCDC to
better serve health care providers nationwide, especially in
communities of color and rural and low-income communities, which
all too often struggle to access primary care," said Louise Cohen, PCDC's chief executive officer.
"These dollars will have meaningful impact on primary care access
and health equity. One of our first anticipated projects is to fund
a much-needed Federally Qualified Health Center (FQHC) in a
Florida community that is almost
entirely low income and where more than half of residents live in
public housing."
While further locations are to be determined, additional CDFIs
receiving capital as part of this initiative include the following
CDFI partners:
- Capital Impact Partners delivers strategic financing, social
innovation programs, impact investing, and capacity building that
creates social change and delivers financial impact nationwide.
Over 3.4 million patients are receiving health care at 570
community health centers financed by Capital Impact around the
country.
- The Reinvestment Fund is a Philadelphia-based CDFI that has provided more
than $2.4 billion in financing to
strengthen neighborhoods, scale social enterprises, and build
resilient communities. Reinvestment Fund's recent health
care-related financings include Riverland Medical Center, in rural
Louisiana; Faith Medical Center in
Nashville, Tennessee; and the
redevelopment of a West Baltimore
historic building into the Center for Health Care and Healthy
Living.
- With over $2.3 billion invested
nationally, Enterprise Community Loan Fund (ECLF) provides flexible
capital to organizations across the U.S. focused on revitalizing
their communities. ECLF's investments help build and preserve
affordable homes and neighborhood resources and facilities that
residents need most, including schools, health centers, fresh food
stores and other critical community assets.
Of the $40 million commitment,
$10 million will go to additional
CDFIs to encourage others to enter the space of financing the
development of primary care facilities.
Bank of America is the largest private investor in CDFIs in the
U.S., with a portfolio of loans, deposits and investments in CDFIs
exceeding $2 billion. Since 2021,
Bank of America has invested more than $66
million to address needs related to health in the
communities it serves. This includes local giving across its 93
markets, an expanded partnership with CVS Health to deliver free
flu vaccine vouchers to underserved communities, continuing work
with Feeding America nationally and locally to address barriers to
healthy eating and supporting mental health initiatives for young
people of color.
Bank of America
At Bank of America (NYSE: BAC), we're guided by a common purpose to
help make financial lives better, through the power of every
connection. We're delivering on this through responsible growth
with a focus on our environmental, social and governance (ESG)
leadership. ESG is embedded across our eight lines of business and
reflects how we help fuel the global economy, build trust and
credibility, and represent a company that people want to work for,
invest in and do business with. It's demonstrated in the inclusive
and supportive workplace we create for our employees, the
responsible products and services we offer our clients, and the
impact we make around the world in helping local economies thrive.
An important part of this work is forming strong partnerships with
nonprofits and advocacy groups, such as community,
consumer, and environmental organizations, to bring together
our collective networks and expertise to achieve greater impact.
Learn more at about.bankofamerica.com, and connect with us on
Twitter (@BofA_News).
For more Bank of America news, including dividend announcements
and other important information, register for email news
alerts.
Reporters may contact:
Vanessa
Cook, Bank of America
Phone: 1.980.683.2247
vanessa.a.cook@bofa.com
1 Steven J. Kravet et
al. Health Care Utilization and the Proportion of Primary Care
Physicians. JAMA Internal Medicine. 2008; 121(2), 142-148. Doi:
10.1016/j. amjmed.2007.10.021
2 Sanjay Basu, et al.
Association of Primary Care Physician Supply with Population
Mortality in the United States,
2005-2015. JAMA Internal Medicine. 2019:179(4), 506-514.
doi:10.1001/jamainternmed.2018.7624
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank-of-america-commits-40-million-to-expand-access-to-primary-health-care-301567542.html
SOURCE Bank of America Corporation