Southcoast Health System to Build Center for Primary and Specialty Care with MassDevelopment Bond
April 4, 2013
MassDevelopment has issued a $57,785,000 tax-exempt bond on behalf of Southcoastâ„¢ Health System, a community based health delivery system that includes the three hospitals that make up Southcoast Hospitals Group – Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford and Tobey Hospital in Wareham.
Southcoast will use bond proceeds to build a 60,000-square-foot center for primary and specialty care in Fairhaven, renovate the Atwood building at Charlton Memorial Hospital, and install furniture, fixtures, and equipment. Southcoast will also use proceeds to finance upgrades to computer, electrical, and HVAC systems.
“Southcoast Health System’s new center for primary and specialty care will emphasize community and preventative health care,” said MassDevelopment President and CEO Marty Jones. “This financing has the same low-cost, innovative benefits as community health centers, and will help Southcoast continue to provide critical medical services.”
Southcoast provides advanced clinical services, such as open heart surgery, angioplasty and heart rhythm services, comprehensive cancer care, neurosurgery, weight loss surgery, orthopedic surgery, advanced imaging services and is the only provider of maternity services in the region.
In addition to hospital services, Southcoast provides a range of outpatient services at more than 40 sites across southeastern Massachusetts and Rhode Island including primary and specialty care physician offices, diabetes management, laboratory services, occupational health, medical and radiation oncology services, rehabilitation services, radiology service and wound care.
“The low-cost financing available through MassDevelopment is a vital component of Southcoast’s transition to a patient-centered medical home,” said Gary Conner, Executive Vice President and Chief Financial Officer for Southcoast Health System. “As part of health care reform, our goal is to keep patients out of the acute care setting. The new Fairhaven facility will do just that by allowing patients to receive care closer to home – care that will focus on prevention and early detection of illnesses with continual monitoring and follow up.”
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.