MIDDLETOWN, N.Y.Orange Regional Medical Center completed the steel construction on a seven-story hospital scheduled to open in spring 2011. Once complete, Orange Regional will consolidate its two-campus 343-bed hospital into the newly built $317 million facility in Wallkill, N.Y. In December 2007, the not-for-profit sold and leased back its campuses. The project won support from New Yorks Commission on Health Care Facilities in the 21st Centurywhich set the states plan for upgrading hospitals and cutting excess capacityand received $48.6 million in aid for debt relief and construction. Construction on the 600,000-square-foot replacement hospital began in spring 2008.
Regionals: Orange Regional Medical Center completed the steel construction on a seven-story hospital scheduled to open in spring 2011 and more news ...
HARRISBURG, Pa.Pennsylvania hospitals say the nations year-old recession has derailed hospitals budgets, eroded savings and unleashed a slew of credit-related headaches that have made it harder and more expensive to borrow. The Hospital & Healthsystem Association of Pennsylvania surveyed acute-care hospitals between mid-November and mid-December 2008 by e-mail, and roughly three-quarters responded with reports of economic and credit troubles that are plaguing hospitals across the nation. Slightly more than 80% reported a drop in investment income while a little less than half, 45%, said the cost of debt increased. Higher cost wasnt the only debt-related hassle reported. Fifteen percent said they have been unable to issue bonds and nearly as many, 12%, said they have been forced to pay back debt faster than planned. Nine percent of borrowers said they were unable to renew bank guarantees, or lines of credit, for outstanding bonds. The crunch prompted more than six out of 10 respondents to consider delays or put off spending on technology or clinical equipment. About half of the respondents said that delays have been considered or adopted for construction: 48% for inpatient and 54% for outpatient.
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