Milford Regional Medical Center to Upgrade Electronic Medical Records System with Tax-Exempt Financing from MassDevelopment and Rockland Trust
March 7, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Terri McDonald, Milford Regional Medical Center, 508-422-2262
Ellen Molle, Rockland Trust, 617-922-5952
Milford, MA – Milford Regional Medical Center (MRMC) will upgrade its electronic medical records system with a new state-of-the-art technology platform, financed by $14,345,000 in tax-exempt funding through MassDevelopment and Rockland Trust. A full-service community hospital providing inpatient, outpatient, and emergency services for the Milford area, MRMC will use the proceeds to implement the new system, including purchasing primary and ancillary equipment.
“Implementing a new electronic medical records system on this scale is an important yet challenging undertaking, and we’re pleased to provide Milford Regional Medical Center with tax-exempt financing to make the project more affordable,” says MassDevelopment President and CEO Lauren Liss. “MassDevelopment is committed to helping hospitals and medical centers across the Commonwealth upgrade equipment, modernize, and ensure quality of care for their patients.”
Dan Gillette, Senior Vice President and Regional Manager for Corporate Banking at Rockland Trust, said, “Milford Regional Medical Center is a vital part of the Milford community and has a history of providing quality healthcare for over 100 years. We deeply value our relationship with MRMC and are proud to support this important initiative that will enhance the care they provide, and help ensure they continue to offer top quality healthcare for the next 100 years.”
Established in 1903, Milford Regional Medical Center is a 145-bed, acute care regional teaching hospital that serves a region of 20-plus towns. MRMC has expanded its footprint over the years with, more recently, a state-of-the-art surgical center, medical/surgical floor, and maternity center with private patient rooms in 2004; a 54,000-square-foot Cancer Center that houses comprehensive cancer services in collaboration with the Dana-Farber/Brigham and Women’s Cancer Center in 2008; and a 78,000-square-foot addition that includes a new emergency department, intensive care unit, and telemetry floor with private patient rooms in 2015. MRMC also offers three off-site rehabilitation and sports facilities as well as numerous off-site diagnostic imaging and lab service locations. With more than 300 primary care and specialty physicians on the medical staff, MRMC has affiliations with several world-renowned healthcare facilities including Dana-Farber Cancer Institute, Brigham and Women's Hospital, Boston Children's Hospital, and UMass Memorial Health Care.
In 2012, MassDevelopment issued a $5,036,000 tax-exempt lease on behalf of Milford Regional Medical Center to help the organization buy surgical equipment.
“Milford Regional has benefitted from the services of MassDevelopment in the past and was pleased to work with them again in securing tax-exempt financing for a new, state-of-the-art electronic medical records system,” says Milford Regional VP of Finance and CFO Jeanne Lynskey. “MassDevelopment has been instrumental over the years in providing Milford Regional with a cost-effective mechanism for financing critical projects and equipment. Milford Regional also appreciates Rockland Trust Bank’s recognition of the importance of this project in providing enhanced care to the surrounding communities. Our partnership with MassDevelopment and Rockland Trust Bank has helped ensure that Milford Regional continues to offer the most up-to-date technology and services to the patients we serve.”
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.
About Rockland Trust
Independent Bank Corp. (NASDAQ Global Select Market: INDB) has approximately $8.9 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Named in 2018 to The Boston Globe’s “Top Places to Work” list for the 10th consecutive year, Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. The Company is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®”, please visit www.rocklandtrust.com.