El Camino Hospital announced plans to set aside $204 million in the 2016-17 fiscal year to expand their campus in Mountain View, California.
The plans include a new seven-story 265,000-square-foot medical office building with an adjacent parking garage, a new behavioral health building and expansion of an existing parking structure on the north end of the campus. The expansion will create 611 new parking spaces and is expected to cost $1.1 billion.
A majority of the $204 million currently committed to the project will be used to start work on the medical office building, replace the existing behavioral health building and expand the Women's Hospital.
This expansion comes less than a year after the hospital spent approximately $150 million to switch to the iCare EMR.
Iftikhar Hussain, chief financial officer of El Camino, reported the hospital's cash on hand at $695 million, down from $700 million last year. Hospital officials plan to increase prices across the board by 6 percent to improve the hospital's financial standing in light of the expansion.
Mr. Hussain said price increase shouldn't have a significant effect on patients covered by insurance companies or government payers. Uninsured patients will still have the option to use the hospital's discount policy to waive costs if they cannot afford to pay.
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