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Holyoke Medical Center to Install Electronic Medical Records System, Other Equipment Thanks to $3 Million MassDevelopment Lease

MassDevelopment has issued a $3 million tax-exempt lease on behalf of Holyoke Medical Center, a nonprofit community hospital that serves several western Massachusetts communities. The Center will use lease proceeds to acquire a variety of medical and non-medical equipment, including an electronic health record system and other information technology equipment. Other items include a picture archiving and communication system upgrade, operation room equipment and instruments, and HVAC equipment. Phillips Medical Capital, LLC purchased the lease.

"Holyoke Medical Center plays a vital role in public health for Holyoke and the surrounding communities," said MassDevelopment President and CEO Marty Jones. "MassDevelopment is pleased this low-cost financing will help the Center join the growing movement toward electronic medical records and buy equipment to help better serve its patients."

Holyoke Medical Center, a member of Valley Health Systems, Inc., is an acute care urban facility that provides inpatient medical, surgical, critical care, cardiac, obstetrical, psychiatric and oncology services, as well as an array of outpatient diagnostic and therapeutic services. In fiscal year 2010, the hospital had almost 242,000 outpatient visits and nearly 42,500 emergency room visits. The Center's service areas cover more than 516,000 residents in western Massachusetts, mostly from Holyoke, Chicopee, South Hadley, Granby, West Springfield, and Easthampton.

"Holyoke Medical Center appreciates the assistance of MassDevelopment in obtaining the necessary financing for this equipment," said Holyoke Medical Center's Senior Vice President of Finance Paul Silva. "With the help of MassDevolopment, not only do we realize a very competitive interest rate, but MassDevelopment has created a refined and efficient process for obtaining this financing from the initial request for proposals to the closing."

Silva added that the electronic health record system, operating room equipment, surgical instruments and other items to be acquired through the lease will all have a direct positive affect on improving patient care, outcomes and efficiency.

"These items will have an immediate positive effect on our community," Silva said.

MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed 277 projects generating investment of nearly $3.7 billion in the Massachusetts economy. These projects are projected to create 10,291 jobs (2,507 permanent and 7,784 construction) and 1,323 housing units (309 new and 1,014 rehab).