COLUMBUS, Ohio (Feb. 16, 2006) – Memorial Hospital in Fremont, Ohio will move forward on the second phase of a major expansion with $18 million in bonds issued today.
In 2001, the hospital opened the Weitzel-Kern Surgery Center—adding 30,000 square feet to its existing structure. The second phase of the expansion will include the construction of a new building on land adjacent to the hospital. This structure will house HealthLink, the hospitals occupational health program; physical, speech, and occupational therapy; a state-of-the-art rehabilitation center and meeting space. In addition, the funding will allow the hospital to proceed with the implementation of a new clinical information system that will allow physicians immediate access to patient information—including diagnostic images, anywhere they have internet access. This new information system will enhance patient care by providing one source to access all medical records as soon as they are available.
HealthLink is one of the regions largest occupational health providers, offering a broad range of services to hundreds of businesses in Fremont and 14 counties in Ohio. The construction of the new building will provide opportunities to continue to expand services and market share while creating space for future improvements in the main facility.
The financing also provides $7.9 million for routine capital expenditures for the next three years. This strategy allows the hospital to keep more cash on hand to weather market fluctuations and maintain a strong credit profile, which allows for lower borrowing costs in the future. Lancaster Pollard underwrote the tax-exempt bond issue, structured the issuance with a letter of credit to reduce interest expense, and guided the nonprofit hospital in making the financial decisions that will keep it strong for the long term.
“Memorial Hospital has a strong market position, but it is creating an excellent opportunity to serve its market even better,” said Tanya K. Hahn, Lancaster Pollard senior vice president. “A hospital’s financial strength is key to its ability to provide services, and this financing will keep Memorial Hospital strong for decades.”
|
|
|
