WOONSOCKET, R.I. (WLNE) — Thundermist Health Center announced it reached a “stabilization of finances” on Friday after it declared having major financial issues in early September.
On Oct. 25, Thundermist said it “secured the operating capital it needs to stay open” and will operate at full capacity thanks to its stakeholders that have provided hundreds of thousands of dollars.
Last month, the company declared it was facing a financial crisis and required $2 million per month to close a budget gap.
Thundermist attributed staying open to Neighborhood Health Plan of RI’s collaboration, claiming it would have shut down on Oct. 1 without the immediate financial support.
NHPRI was the first organization to partner with Thundermist and advanced millions of dollars to the company.
Additionally, Thundermist expects to receive an employee retention tax credit from the IRS before the end of 2024.
“Achieving this milestone assures that Thundermist will remain viable as one of the state’s largest, independent community health centers, ensuring that it will be able to fulfill its mission to the communities and the patients it serves,” Thundermist’s Interim CEO Maria Montanaro said.