Navigation Links
Virtua Health Receives Approval from NJHCFFA to Sell Tax-Exempt Bonds

Reports of construction delays are unfounded

MARLTON, N.J., Feb. 26 /PRNewswire-USNewswire/ -- Today Virtua Health received approval from the New Jersey Health Care Facilities Financing Authority (NJHCFFA) to sell tax-exempt bonds for the financing of its replacement hospital in Voorhees. "We appreciate the Financing Authority's unanimous vote for Virtua to issue tax exempt bonds," said Bob Segin, Virtua's Chief Financial Officer. Virtua has financed the construction project to date with cash reserves.

"Reports that there would be a delay in construction are unfounded," said Segin. "There is absolutely no plan to slow down or curtail the construction project which is already ahead of schedule." The completion date is still planned for mid-2011.

Following a 10-day period, Virtua can move forward at any time to issue bonds. Virtua has several financing options based upon current and future market conditions including funding the project out of its cash reserves, obtaining a taxable bridge loan or issuing its tax-exempt bonds.

"The plan is to go to the bond market when market conditions are optimal," said Segin. "We are closely watching financial legislation as well as a current thaw in the market, and we are weighing all of our options."

Virtua Health is a comprehensive healthcare system headquartered in Marlton, NJ. Its mission is to deliver a world-class patient experience through its programs of excellence in cancer treatment, cardiology, orthopaedics, women's health, pediatrics, surgery, neuroscience and wellness. A non-profit organization, Virtua employs 7,900 clinical and administrative personnel, and approximately 1,800 physicians serve as medical staff members. Virtua has distinguished itself as one of the first Six Sigma organizations in healthcare, as an early adopter of clinical and digital technologies, and for its innovative partnerships with nationally renowned organizations such as GE Healthcare, Fox Chase Cancer Center and A.I. duPont Hospital for Children. It has been honored twice with the New Jersey Governor's award for Clinical Excellence (Bronze in 2005; Silver in 2006) and recognized with the Leadership Award for Outstanding Achievement by Voluntary Hospitals of America. Virtua has been honored as the #1 Best Employer in the Delaware Valley by the Philadelphia Business Journal three years in a row and is the recipient of the 2006/2007 and 2007/2008 Consumer Choice Awards by National Research Corporation. For more information, visit our website at or call 1-888-VIRTUA-3 (1-888-847-8823)

SOURCE Virtua Health
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. VirtualScopics Announces $4.35 Million Private Placement
2. Virtual colonoscopy -- a new technology for colorectal cancer screening?
3. Virtual Colonoscopy an Effective Option: Study
4. Virtual game helps children escape realities of burn unit
5. MyoMed Launches Flash Virtual Tour of Toxin-Free Pain Relief
6. HIMSS Second Virtual Conference & Expo Less Than a Month Away
7. Virtual Reality Technology Finds Ready and Willing Market in Healthcare
8. Epstein-Barr: a virtual look at a vexing virus
9. Design-her Gals(TM) Announces the Ground-Breaking Virtual On-Line Walk for Wishes to Grant Dreams for Stage IV Breast Cancer Patients this Holiday Season Through Gal to Gal Foundation
10. Innovative Amerathon Club Website Virtual Journey to Good Health
11. ACUVUE(R) 2 COLOURS(R) Brand Contact Lenses Launches Virtual Eye Makeover Tool
Post Your Comments:
(Date:6/25/2016)... ... June 25, 2016 , ... Austin residents seeking Mohs surgery services, can now ... and to Dr. Russell Peckham for medical and surgical dermatology. , Dr. Dorsey brings ... The selective fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was under the ...
(Date:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe ... from the David Geffen School of Medicine at UCLA. He trained in Internal Medicine ... his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the ...
(Date:6/24/2016)... ... 2016 , ... A recent article published June 14 on E ... goes on to state that individuals are now more comfortable seeking to undergo not ... as calf and cheek reduction. The Los Angeles area medical group, Beverly Hills Physicians ...
(Date:6/24/2016)... ... June 24, 2016 , ... The ... in Dallas that it will receive two significant new grants to support its ... PHA marked its 25th anniversary by recognizing patients, medical professionals and scientists for ...
(Date:6/24/2016)... ... , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief Products, join The ‘Business ... to $12 an hour by 2020 and then adjusting it yearly to increase at the ... minimum wage, assure the wage floor does not erode again, and make future increases more ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 2016  MedSource announced today that it has ... solution of choice.  This latest decision demonstrates MedSource,s ... their clients by offering a state-of-the-art electronic data ... nowEDC as the EDC platform of choice in ... "nowEDC has long been a preferred EDC platform ...
(Date:6/23/2016)... DUBLIN , June 23, 2016 ... the "Pharmaceutical Excipients Market by Type (Organic Chemical ... Preservative), Formulation (Oral, Topical, Coating, Parenteral) - Global Forecast ... The global pharmaceutical excipients ... 2021 at a CAGR of 6.1% in the forecast ...
(Date:6/23/2016)... DUBLIN , June 23, 2016 ... "Global MEMS Devices Medical Market Analysis 2016 - Forecast to ... The report contains up to date financial ... reliable analysis. Assessment of major trends with potential impact on ... dive analysis of market segmentation which comprises of sub markets, ...
Breaking Medicine Technology: