The health system plans to use the Rhode Island Health and Education Building Corporation as a borrowing conduit for the $300 million that will fund demolition, construction and renovations on Miriam Hospital and Rhode Island Hospital campuses, according to the report.
The health system’s financing plan also includes purchasing and implementing an “enterprise management system,” which will require new computer equipment, software license and capital improvements.
The total borrowing cost will be almost $500 million through the term of the bonds, according to the report. In December, Lifespan reported $8.6 million in operating income for the 2023 fiscal year after reporting a $56 million loss in 2022. Patient service revenues were up 9.6% and patient discharges increased 5.3% year over year.
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.
