Last year, Signature obtained a $60 million financing package, which included “more favorable terms on its old debt,” according to the report. With the better terms in place, Signature CFO James Papadakos says, “We’re now in a position where we can borrow money to fund things like growth, technology, and physician practice development.”
Although Signature remains independent, it has an affiliation with Boston-based Beth Israel Deaconess Medical Center. Through that affiliation, Signature plans to construct a new cancer center at Brockton Hospital, which will allow the system to expand its cancer treatment services, according to the report.
Construction on the cancer center is expected to being within two years.
More articles on healthcare finance:
How the new IRS rules affect nonprofit hospitals’ collection practices
5 hospital CFOs in the headlines this week
Boston Children’s Hospital gets financial boost from international patients
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.