State Treasurer Fiona Ma has announced the execution of a $20 million equipment note for MarinHealth Medical Center in Greenbrae. The issuance was approved by the California Health Facilities Financing Authority (CHFFA), which is part of the State Treasurer’s Office and chaired by Ma.
Proceeds of the note will be used by MarinHealth to finance and/or refinance costs incurred with the implementation of a state-of-the-art Epic Electronic Health Record (EHR) system to replace its existing EHR system. MarinHealth is purchasing the Epic EHR in collaboration with its strategic partner University of California, San Francisco Medical Center. MarinHealth anticipates that the Epic EHR system will be fully implemented and in service by August.
“Funding from this note sale allows MarinHealth to upgrade its EHR system, which will enhance MarinHealth’s ability to continue providing excellent and seamless care to the residents of Marin County as the Epic EHR will integrate with its existing ambulatory EHR,” said Ma.
MarinHealth is a 501(c)(3) nonprofit organization and was a 327-bed independent hospital opened as Marin General Hospital in 1952. To keep up with Marin County’s growing population and meet state earthquake safety standards, MarinHealth opened Oak Pavilion, a new 260,000-square-foot state-of-the-art replacement hospital in the fall of 2020.
CHFFA was established in 1979 as the state’s vehicle for providing financial assistance to public and nonprofit health-care providers through loans, grants and tax-exempt bonds. Since inception, CHFFA has completed 639 bond and note issues for more than $46 billion to California health facilities.
CHFFA’s Tax-Exempt Equipment Financing Program provides eligible health facilities with access to tax-exempt, fixed-rate financing for equipment purchases. Notes may be used for a variety of purposes, including but not limited to, the purchase of medical and diagnostic equipment, computers, telecommunications equipment, and to finance equipment installation costs.
