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Partners HealthCare System in Boston Borrowing $420 Million for Medical Records and to Refinance Debt

Posted Jan 07 2011 3:23pm

Who said electronic medical record weren’t expensive?  Partners hospitals include Brigham and Women and Massachusetts General Hospital in their network of image hospitals and physicians.  about 6 months ago their long term CIO left to work for Siemens, who just announced this week that they have licensed Positive ID, the human chips so maybe his work will be getting a lot more interesting over there. 

What has also been in the news too is Blue Cross with offering cheaper insurance plans for employers who discourage patients from going to Brigham and Women and Mass General, due to higher costs so I don’t know if this has any effect but it could stand to represent a few less patients now or in the future. BD

$7.45 billion in debt is a pretty big sum in anyone’s book to be sold.   BD

Partners HealthCare System Inc., which runs Boston’s Massachusetts General Hospital, is borrowing $420 million for improvements including electronic medical records and to refinance debt, with average tax-exempt yields at close to a 16-month high.

Partners, a Boston-based nonprofit that has two hospitals affiliated with Harvard University , will complete the sale of about $270 million of fixed-rate securities today and is also offering $150 million of variable-rate debt this month, according to Debra Sloan, deputy treasurer. The tax-exempt securities are being sold through the Massachusetts Development Finance Agency.

About $7.45 billion in debt is scheduled to be sold in the next 30 days, according to the Bloomberg visible supply index. The gauge’s daily reading averaged $11 billion during 2010.

JPMorgan Chase & Co. is marketing the securities. The projects being financed with the debt include the Lunder Building at Massachusetts General, which will cost $686 million. It is expected to open this year, according to the offering documents.

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