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St. Rose Hospital Celebrates a New Beginning
St. Rose Hospital Celebrates a New Beginning
Hayward, California— 6/1/09 Today St. Rose Hospital announced there is much reason to celebrate. With recent news of $52 million in funding, the hospital will begin a hospital-wide renovation which has been the vision of the St. Rose Hospital Board of Trustees and leadership team. This multimillion dollar infusion of funds is the result of a $10 million gift from a long standing donor and the completion of the hospital’s financing through the Cal Mortgage Insurance Program.
The long-term financing project will expand bed capacity, complete the hospital’s retrofit mandate and purchase new capital equipment and technology for the hospital. The $42.1 million in revenue bonds was coordinated through Cain Brothers with $20 million of the bonds purchased by United Health Group. “The complexity of this transaction was far beyond what we anticipated, however, we are very pleased that the results will allow St. Rose to remain a vital part of our community,” shared Sherman L. Balch, Chair of the St. Rose Hospital Board of Trustees.
With the ever-present need for hospital beds and the hospital’s longstanding commitment to the underserved of the community, the St. Rose Board of Trustees will expand bed capacity by building out an entire floor with 30 new private patient suites. Beginning this summer, the fifth floor of the main hospital building will be redesigned to further compliment the hospital’s designation as a Cardiac Receiving Center for Alameda County. Each room will be equipped with the latest technology and cardiac monitoring systems to further enhance the hospital’s emergency cardiac care services.
This couldn’t be more in keeping with the intent of $10 million gift from a former patient who was cared for by the staff at St. Rose Hospital. “I know I speak on behalf of the entire healthcare team in appreciation of this gift and how it will further compliment the hospital’s investment in cardiac care,” explains cardiologist Jeffrey Carlson, MD. “Cardiology services have become a center of healthcare excellence at St. Rose,” Dr. Carlson adds.
St. Rose Hospital President and CEO Michael Mahoney affirmed this is a significant milestone in the history of the hospital. “It is indeed exciting news and an exciting time, yet there is much to accomplish during the course of the next three years. This gift and the bond refinance will positively position St. Rose to move forward and continue our focus on the local needs of our community.”
Mahoney credits the completion of the arduous finance deal to many, including Senator Ellen Corbett, Assemblymember Mary Hayashi, Supervisor Gail Steele and the Alameda County Board of Supervisors, and David Kears, Director of the Alameda County Health Care Services Agency. “Along with our public officials, we have had close collaboration and support from hospital CEO Nancy Farber and the Washington Township Hospital District Board as well as hospital leaders George Bischalaney and Dev Mahadevan and their collective Boards.”
About St. Rose Hospital Established in 1962, St. Rose Hospital is an independent, not-for-profit, community hospital governed by a local Board of Trustees. With 163 licensed beds, over 1000 employees and 300 physicians, St. Rose provides a comprehensive array of inpatient and outpatient services including 24-hour Emergency services, medical, surgical and rehabilitative services, a skilled nursing facility, family birthing center and community outreach programs at the Silva Pediatric Clinic. St. Rose has made an investment in the community to improve cardiovascular health and is designated as a Cardiac Receiving Center for Alameda County to provide emergency angioplasty and life saving non-invasive procedures to diagnose and treat heart attacks. For more information, contact Pamela Russo at 510-264-4116 or visit the hospital’s website at www.strosehospital.org