Cape Cod Healthcare Renovates Hospital Facilities Thanks to MassDevelopment Bond

August 13, 2013

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Robin Lord, Cape Cod Healthcare, 508-862-7891

MassDevelopment has issued $50 million in tax-exempt bonds on behalf of Cape Cod Healthcare Obligated Group, which provides a wide range of healthcare services through its two community hospitals: Cape Cod Hospital in Hyannis and Falmouth Hospital in Falmouth. The organization will use bond proceeds to renovate, expand and upgrade the emergency centers, operating room suites, laboratory, intensive care units, patient rooms, and outpatient care facilities.

“These new and improved facilities will help Cape Cod Healthcare provide better care to Cape residents and visitors,” said MassDevelopment President and CEO Marty Jones. “We're pleased to leverage this low-cost financing on behalf of Cape Cod Healthcare and other health systems around the Commonwealth as they drive innovation and growth.”

In addition to Cape Cod Hospital and Falmouth Hospital, Cape Cod Healthcare also operates the Cape's leading provider of home care and hospice services; a skilled nursing and rehabilitation facility; an assisted living facility; and numerous health programs. Cape Cod Healthcare was named one of the top 15 health systems in the nation in 2013 by Truven Health Analytics, formerly the healthcare business of Thomson Reuters.

“We are investing in our facilities so that we can meet critical community needs and care for patients in appropriate and dignified settings,” said Cape Cod Healthcare President and CEO Michael K. Lauf. “Through careful fiscal management, together with a continued dedication to top-quality care, clinical integration with physicians, and IT investment, we are building a healthcare system our community can count on 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 FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.