Health Information Technology Fund
The Health Information Technology Fund provides low interest loans to health care entities to assist them in improving health information technology infrastructure.
Loans may be made to health care providers in North Dakota that meet qualifications of the North Dakota Health Information Technology Office (HIT) in accordance with the HIT Advisory Committee as established in N.D.C.C. § 54-54-26.
Proceeds may be used for the following:
- Purchase, install and/or support software and hardware required to implement a fully functional, standards-based, interoperable electronic health records system
- Electronic medication history and electronic patient medial 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.
The maximum loan amount may not exceed project costs, with the maximum loan limits to be determined by the HIT Advisory Committee as follows:
- $625,000 for hospitals and multi-professional entities
- $125,000 for stand-alone 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 $1,250,000
The interest rate is 1.00% fixed with the fund receiving 0.50% and BND receiving a .50% servicing fee.
Loans will 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.
The loan may not exceed 10 years. Monthly amortized payments must be made.
All applications for loans are made to the North Dakota Department of Human Services which will determine eligibility. 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 loan application for Bank review and approval shall be forwarded to BND. The additional required information that must be submitted with the application is listed on the application.
If you have questions, contact us or call us at 701.328.5795.