Boston MedFlight Buys Helicopter With MassDevelopment Financing
May 21, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Paul Joyal, Boston MedFlight, 781-457-5321 & 781-443-4958 (cell)
MassDevelopment has provided a $9,980,000 tax-exempt lease for New England Life Flight, Inc., which does business as Boston MedFlight, a 501(c)3 nonprofit organization that provides critical care medical transport by air and ground and partners with a consortium of leading hospitals, including Beth Israel Deaconess Medical Center, Boston Children’s Hospital, Boston Medical Center, Brigham and Women’s Hospital, Lahey Hospital & Medical Center, Massachusetts General Hospital, and Tufts Medical Center. The organization will use proceeds from the lease to buy a medically configured helicopter to transport critically ill and injured patients in the region. Lease proceeds will also finance related tools, parts, equipment, and training. U.S. Bancorp Government Leasing and Finance, Inc. purchased the lease.
The new H145 helicopter will replace Boston MedFlight’s last remaining EC145 helicopter, an outdated model that is no longer manufactured, as part of a multi-year plan to upgrade the organization’s fleet of aircraft. MassDevelopment previously provided tax-exempt leases totaling $45,840,000 for Boston MedfFlight to purchase three medically configured helicopters in May 2018, one medically configured helicopter in December 2013, and one medically configured helicopter in March 2013. Lease proceeds were also used for related tools, parts, equipment, and training.
“Boston MedFlight serves a landmark consortium of hospitals in Boston, providing critical care transport that helps patients get the care they need, when they need it,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to be a financing partner as the organization executes a complete overhaul of its critical and lifesaving aircraft.”
Boston MedFlight provides critical care medical transport to the region’s most severely ill and injured patients with its fleet of helicopters, airplane, and ground vehicles, all of which are outfitted with state-of-the art medical equipment and serve as mobile intensive care units. With highly trained critical care nurses and critical care paramedics, Boston MedFlight transports adult, pediatric, and neonatal patients with a very diverse range of diagnoses, including medical, trauma, neurological, respiratory, cardiac, and obstetrical concerns. Each year, Boston MedFlight completes more than 4,600 patient transports and provides more than $4.2 million in free and unreimbursed care to patients in need.
“We are pleased to secure financing through MassDevelopment to purchase this new aircraft,” said Maura Hughes, CEO of Boston MedFlight. “This will allow us to continue to invest in our nonprofit, live-saving mission with the newest aircraft available to assure the safety margin our patients and crews expect from an industry leader.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.