Financing Deal Will Bolster Boston MedFlight Fleet
January 16, 2024 : State House News Service, Colin A. Young
With the help of MassDevelopment and Bank of America, the nonprofit that transports seriously-injured or medically-fragile patients to hospitals by air in eastern Massachusetts plans to add a medically retrofitted jet and helicopter to its fleet.
MassDevelopment announced Tuesday that it had issued two tax-exempt leases totaling more than $16.78 million on behalf of New England Life Flight, Inc., which does business as Boston MedFlight. Banc of America Public Capital Corp. purchased the leases, which the state's development agency said "helped Boston MedFlight achieve a lower cost of capital." With the proceeds, the organization plans to buy and medically retrofit a Cessna Citation CJ4 jet airplane and an Airbus H145 helicopter.
"Boston MedFlight is an asset to the Commonwealth's health care ecosystem with its dedicated transport, care, and communications teams getting patients where they need to be in the event of a life-threatening emergency," MassDevelopment President and CEO Dan Rivera said. "Over the past decade, our tax-exempt financing has helped the organization add several aircraft to its advanced fleet to expand and carry out its mission on behalf of Massachusetts communities."
A previous round of MassDevelopment tax-exempt leases worth $63.9 million helped Boston MedFlight buy another Cessna Citation CJ4 jet and six medically configured helicopters.
Since its founding in 1985 by a consortium of hospitals, Boston MedFlight has transported an estimated 100,000 critically ill and injured patients. Each of the organization's helicopters, ground vehicles and its airplane carry state-of-the art medical equipment and "serve as mobile intensive care units," MassDevelopment said. The organization provides an estimated $7 million in free and unreimbursed care to patients in need each year.