Health Information Technology Fund
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Health Information Technology Planning Loan Fund
The Bank administers a $5,000,000 Health Information Technology Planning Loan Fund established by N.D.C.C. § 6-09-43 for the purpose of providing low-interest loans to health care entities to assist
those entities in improving health information technology infrastructure. This fund is a revolving loan fund.
Qualifying Requirements for Borrower
Loans may be made to North Dakota Health Care Providers that qualify as determined by the North Dakota Health Information Technology (HIT) Office Director in collaboration with the HIT Advisory Committee in accordance with N.D.C.C. § 54-54-26.
Eligible Projects - The proceeds may be used to finance the following eligible projects:
- Purchase, installation and/or support of software and hardware required to implement a fully functional, standards-based, interoperable electronic health records system.
- Electronic medication history and electronic patient medical history information system.
- Electronic personal health records for persons with chronic diseases and for prevention services.
- Electronic prescribing.
- Other electronic systems needed to meet meaningful use as defined in HIT’s program guidance review criteria section.
Refinancing of existing debt or other obligations will not be allowed.
Loan Amount - The maximum amount of a loan may not exceed the project costs, with the maximum loan limits to be determined by the HIT Advisory Committee as follows:
- $400,000 for hospitals and multi-professional entities.
- $100,000 for standalone individual practitioners not affiliated with a multi-professional entity provider system or network.
- Entities with three or more provider-owned facilities will be limited to a maximum of $800,000.
Collateral - All loans under this program shall be secured by a perfected lien position in the assets purchased with the loan proceeds. BND will also obtain other available collateral interests to properly secure the loan.
Application Process
For determination of eligibility, all applications for loans under this program are made to the North Dakota Department of Human Services. The department may approve the applications of qualified borrowers whose project it determines will offer necessary and appropriate services to persons served under this program. A conditional and firm commitment of approval of the initial application and on-site readiness assessment will be forwarded to BND.
A separate application for loan review and approval shall be forwarded to BND. This application contains a listing of all required information to be included with the application.
Interest Rate
The interest rate established for this program has been set at 1% with the fund receiving .50% and BND receiving a .50% service fee.
Repayment Terms
Monthly amortized payments not to exceed 10 years.
For more information please contact us at:
Bank of North Dakota
1200 Memorial Hwy
PO Box 5509
Bismarck, ND 58506-5509
(701) 328-5687
1-800-472-2166 ext. 5687
TDD (Telephone Device for the Deaf) 1-800-643-3916
