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Placerville (May 20,
2004) -
Marshall Medical Center continues to defy the financial woes of many
California healthcare providers by posting $9.5 million in excess funds on
$94 million in revenue for the fiscal year ending
October 31, 2003
. The independent, nonprofit
healthcare provider in
El Dorado
County
also completed a successful bond sale of $50 million in March of this year
to fund its current $88 million expansion plan.
“We were very happy with our success last year, and the bond sale
allows us to build on that success and make sure we will be able to follow
through with our extensive expansion,” said James Whipple,
Marshall
Medical
Center
administrator and CEO. “As
the healthcare provider in this community, it is our commitment to
maintain the highest levels of quality.
That means buying the newest technology and having it available at
locations that are convenient. It
means building an outpatient surgery center in Cameron Park and expanding
Marshall
Hospital
. These things cost a great
deal of money, but we are in an excellent position get it done.”
According to the California Healthcare Association, over half of
the hospitals in the state are operating at a loss.
Marshall
has fully recovered from difficult years in the late nineties and has done
so while maintaining some of the lowest healthcare costs in the
Sacramento
area, with billed charges as much as 50% lower than some providers.
Marshall
attributes its
prosperity to a large, growing population in
El Dorado
County
and to being a very community involved, caring healthcare organization.
“Our patient numbers just continue to climb,” said Whipple.
“We’re continually hiring and building just to keep up.
But the main reason for our success is because we are different.
This organization is extremely connected to the communities we
serve and our employees feel as if they are part of one big family.
These feelings translate into wonderful patient care that is
confirmed in our successful patient outcomes, surveys, and in the many
positive letters and compliments that we receive.”
The bond sale was considered a huge success.
The investment community seemed eager to back
Marshall
and the bonds sold within minutes. The
healthcare provider secured very good interest rates, 4.91% on fixed rate
bonds and .85% on the variable rate bonds, and a high bond rating of BBB+.
“This bond loan will give us the capital we need to get through
this tremendous construction period,” said Whipple.
“Our community is growing at a very fast pace and we need to keep
up with the advancements in medicine and prepare for the future.
We will continue to build our cancer, cardiac, and surgery programs
so that someday, our patients may never need to travel down the hill for
care.”
Marshall’s
ongoing construction and expansion plans include: The Marshall Surgery
Center in Cameron Park, scheduled to open in November of 2004; numerous
diagnostic imaging additions and upgrades; an extensive addition to
Marshall Hospital including a new birthing wing and an emergency
department expansion, slated for completion in 2008; numerous remodels and
relocations for existing hospital departments; the addition of a cardiac
catheterization lab at Marshall Hospital and the construction of
additional parking lots.
Marshall
Medical
Center
includes
Marshall
Hospital
, a fully accredited acute care facility with 105 beds located in
Placerville
; several outpatient facilities in Cameron Park,
Placerville
and
Georgetown
; a group of primary care physicians known as the
Marshall
Center
for Primary Care; and many community health and education programs.
Marshall
has over 150 affiliated physicians and a team of over 900 employees
providing healthcare services to more than 130,000 residents of
El Dorado
County
.
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