MassDevelopment

UMass Memorial Health Care Renovates Hospitals Thanks to MassDevelopment Bond

March 30, 2016


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

Anthony Berry, UMass Memorial Medical Center, 508-793-5394
Anthony.Berry@umassmemorial.org

MassDevelopment has issued a $168,750,000 tax-exempt bond on behalf of UMass Memorial Health Care Obligated Group, which is using bond proceeds to finance equipment, construction, and renovation projects at multiple hospitals in central Massachusetts. Four hospitals make up UMass Memorial Health Care: UMass Memorial Medical Center with its Memorial, University and Hahnemann Campuses in Worcester; UMass Memorial-Clinton Hospital in Clinton; UMass Memorial-HealthAlliance Hospital in Leominster and Fitchburg; and UMass Memorial-Marlborough Hospital in Marlborough.

“MassDevelopment is pleased to help UMass Memorial access low-cost funding as the organization renovates several locations, keeping the Commonwealth on the leading edge of health care,” said MassDevelopment President and CEO Marty Jones, “With new equipment and medical spaces, these hospitals will continue to deliver excellent medical care and treatment.”

At the University campus, UMass Memorial will use bond proceeds to build a 24-bed observation and admission unit and a 10-station dialysis center. The organization will also redevelop the former dialysis space into a private step-down unit.

Planned projects at the Memorial campus include building a public corridor and atrium to connect two primary patient visitor entry points.

The Leominster and Fitchburg campuses will also receive an emergency power and combined heat power system. Bond proceeds will also cover capital improvements at UMass Memorial’s various locations.

Eric Dickson, MD, president and CEO of UMass Memorial Health Care

“These renovations are for the benefit of our patients and caregivers and are an integral part of our strategic plan and efforts to become the best place to give care and the best place to get care,” said Eric Dickson, MD, president and CEO of UMass Memorial Health Care. “The remarkable financial turnaround that has enabled us to make this significant investment - under very favorable conditions - is a credit to the hard work of our people.”

The teaching hospital affiliate of UMass Medical School, UMass Memorial Health Care’s medical specialties include heart and vascular care, orthopedics, cancer, diabetes, surgery, newborn intensive care, pediatric services, women’s health services, and emergency medicine and trauma. The system at UMass Memorial Health Care also provides the only designated Level 1 Trauma Center for adults in central Massachusetts. UMass Memorial Health Care supports the Duddie Massad Emergency and Trauma Center of Life Flight, New England’s first hospital-based air ambulance. UMass Memorial Health Care also has the region’s only Level III Neonatal Intensive Care Unit.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.