While most healthcare facilities across the country have had to curb such spending due to the economic crisis, University Hospitals, Hillcrest and Lake hospitals are all in the midst of major renovations or construction and have several projects scheduled for completion this year, according to The Plain Dealer report.
For most of these hospitals, the ability to move forward on major projects despite the current challenges is attributable to issuing bonds, refinancing or borrowing well before the financial crisis hit, according to the report. Hospitals that hoped to get financial backing in 2009 are the ones suffering as credit markets have pushed investors and their money toward safer places.
Read The Plain Dealer’s report on Cleveland hospital expansion projects.
