$109 Million MassDevelopment Bond Funds UMass Memorial Health Care Hospital Campus Improvements
May 23, 2018
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Tony Berry, UMass Memorial, 508-793-5394 & 774-317-0422 (cell)
MassDevelopment has issued a $109,865,000 tax-exempt bond for UMass Memorial Health Care, the largest health care system in central Massachusetts. UMass Memorial Health Care includes three hospitals: UMass Memorial Medical Center with its Memorial, University, and Hahnemann campuses in Worcester; UMass Memorial HealthAlliance-Clinton Hospital with campuses in Clinton, Burbank, and Leominster; and UMass Memorial-Marlborough Hospital in Marlborough. UMass Memorial Health Care will use bond proceeds to finance renovations and the purchase of equipment at its various hospital campuses. The organization also used bond proceeds to refinance previously issued debt.
At UMass Memorial Medical Center’s University Campus, the organization will use bond proceeds to begin work on an MRI project, build an 18-bed medical surgical unit, and make other interior renovations. On the Memorial Campus, bond proceeds will fund the renovation of inpatient rooms and employee workspaces, and the replacement of the HVAC, sanitary and water piping systems. Meanwhile, on HealthAlliance-Clinton Hospital’s Leominster Campus, bond proceeds will fund new surgical unit sterile processing operations; 13 new emergency department exam rooms; the expansion and renovation of the parking deck and front of the building, the installation of an emergency power and heat system; the replacement of HVAC systems, sanitary and water piping systems, and the new combined heat and power (CHP) system that reduces the dependency of electrical power from the local grid.
“As the largest health care system in central Massachusetts, UMass Memorial Health Care plays an important role in the Commonwealth’s economy,” said MassDevelopment President and CEO Lauren Liss. “This bond financing will allow UMass Memorial Health Care to make crucial hospital campus upgrades to better serve its patients with the high-quality care for which it is known.”
UMass Memorial Health Care is home to sophisticated technology, research, and clinical trials. In addition to fully equipped medical centers, the system also provides for home health and hospice programs, behavioral health programs, and community-based physician practices. UMass Memorial is the only Level I Trauma Center for adults and children in central Massachusetts and the only Level III Neonatal Intensive Care Unit in the region. UMass Memorial also houses the Duddie Massad Emergency and Trauma Center and the Life Flight medical helicopter operation.
“Comfort and convenience are very important components in creating a positive patient experience,” said Eric W. Dickson, MD, President and CEO of UMass Memorial Health Care. “These much-needed improvements will ensure that our facilities are on par with any in Massachusetts and will benefit our patients, their families and our caregivers for years to come.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.