University Medical Center board is hiring financial adviser

As consultants hired by the Louisiana State University System continue to develop a business plan and prepare for a bond sale to help finance the Charity Hospital successor, the University Medical Center governing board is preparing to hire its own financial adviser at a cost of $300,000, with the money likely coming from state taxpayers.

The board on Thursday selected Kaufman, Hall & Associates, an Illinois-based health care consulting firm, to act as a financial consultant. The vote authorized board Chairman Robert Yarborough of Baton Rouge to negotiate the final contract, which is not to exceed 150 days. Yarborough said Kaufman will not duplicate the work that the LSU consultants have done and continue to do as the board prepares to go to the bond market to borrow about $400 million to complete a $1.2 billion construction budget.