Sparks Health System is making an early release of approximately $13.5 million to be applied toward the opening of the proposed Arkansas College of Osteopathic Medicine at Chaffee Crossing in Fort Smith.
The money is a portion of funds that were escrowed as a result of the 2009 sale of Sparks Regional Medical Center. By agreement of the parties, an additional $10 million will be released on Dec. 1, 2015.
“This is another wonderful example of a community-wide effort to meet a great community need,” Kyle Parker, president and CEO of the Arkansas Colleges of Health Education and the Arkansas College of Osteopathic Medicine, said in a statement from Sparks Health.
Citing the commitment from the Fort Smith Regional Healthcare Foundation, the Degen Foundation, the donation of 200 acres by the Fort Chaffee Redevelopment Authority, an anonymous $14 million gift, and now the early release of escrow funds by Sparks Health System, Parker noted, “this school and its mission to provide care for medically underserved areas will be transformative for our region and state.”
Arkansas is ranked 48th in the nation for physician accessibility. Upon its completion, the new osteopathic school would be Arkansas’ first college of osteopathic medicine and one of just 31 in the United States. Early estimates show the school would have a $100 million annual economic impact on the region, while also addressing future needs for primary care physicians across the nation.
Recruitment of primary care and specialty physicians continues to be an emphasis for Sparks Health System.
“We are excited to support the Arkansas Colleges of Health Education and the Arkansas College of Osteopathic Medicine for their commitment to educate physicians in our area,” Jeremy Drinkwitz, chief operating officer of Sparks Health System, said in the statement. “This school will expand the number of providers available to serve patients in our area, and we hope many of these physicians will choose to stay in the area after graduation.”
The Arkansas College of Osteopathic Medicine anticipates accepting its first class of students in the fall of 2016. Sparks Regional Medical Center is among the facilities where students will complete their clinical rotations.