They first announced the project in November 2012. But now, the St. Peter's Health Partners, Troy Master Facility Project has been revised in its scope and timing. Our Erin Connolly has more on the changes.
TROY, N.Y. -- Norman Dascher Jr. Samaritan and St. Mary's CEO said, "There is nothing we said we were going to do before, that we're not doing now.''
But, St. Peter's Health Partners is changing the scope and timing of the Troy "Master Facility Plan". Previous plans for construction and renovation to Troy's Samaritan and St. Mary's Hospitals, called for a $150 million, three phase project, over 13 years.
The revised version will initially invest $99 million in the next five years, with future project phases to be determined later.
Dascher said, "If we did nothing, if we just went on our routine course, by the year 2018 we would have a $14 million operating loss.''
Dascher says, after conducting a five year projection, they accelerated the plan because of changes in the healthcare environment including the Affordable Care Act.
Dascher said, "The insurance exchanges created by Obamacare the payments rates we'll receive from insurance exchanges are less than we currently receive."
Some highlights of the project include construction of a new patient pavilion at Samaritan Hospital, a new expanded emergency department, and a new parking garage.
The consolidation of inpatient care in Troy to just Samaritan hospital will be accelerated by six years.
Dascher said, "The original St. Mary's Hospital building and a large portion of the Samaritan building are the original buildings that were opened in 1919. Our patients deserve better than that.''
Construction is expected to begin in September. The Master Facility plan will be funded through an anonymous $10 million donation and a fundraising campaign which officials expect will raise between $25 and $30 million.
The rest of the money will be borrowed.