Lexington-based University of Kentucky HealthCare is planning to undergo a significant expansion in the coming years that could cost the health system up to $2.4 billion, according to the Lexington Herald-Leader.
Six things to know:
1. The project would add 300 beds to Albert B. Chandler Hospital in Lexington, with a new hospital tower and four outpatient locations in the area. It will also expand several services at Chandler Hospital and Kentucky Children's Hospital.
2. UK HealthCare will also move forward with a new medical campus in Hamburg, Ky., which includes a regional hospital, medical office building and other clinical facilities, according to the report.
3. UK HealthCare also plans to partner with the academic side of the university, which is building a health education facility to bring together the colleges of nursing, medicine, health sciences and public health. The building is expected to open in 2026.
4. The health system estimates that it will need to hire 4,800 employees to staff the new and expanded facilities.
5. The project is made possible by UK HealthCare's impressive financial performance in recent years. For fiscal year 2023, the health system has reported nearly $352 million excess revenues over expenses, with an operating margin of 11 percent, according to the report.
6. Further details about the project will be revealed as the university begins the design phase, which was part of the board approval, according to the report.