Genesis Receives Tax Exempt Obligations

by Katie Jeffries on February 25, 2010 at 7:08 am

The Muskingum County Commissioners passed a resolution Thursday that will give Muskingum County’s largest employer tax exempt obligations.

The Genesis Healthcare System is changing to an all electronic records system. Thursday the Chief Financial Officer of Genesis went before the commissioners to hold a public hearing and resolution about Genesis receiving tax exempt obligations.

"What we were wanting was permission for the county to act as a conduit for financing of 15 million dollars of tax exempt obligations and the county is not obligated to pay those, Genesis is obligated to pay those," says Masterson, the CFO for Genesis.

In doing so, it will provide Genesis with lower interest rates and cheaper costs for healthcare. The total, capital cost of the electronic medical record project is $48 million. But the total capital and operating cost is $90 million over five years. Masterson says the project has already created 28 local jobs and is an investment in the community.

"It is not only for the hospital, we are going to incorporate the physician offices, the clinics and it is going to allow a sharing of information across those parties and we are really focusing on patient safety appropriate medications, reducing medication errors," says  Masterson.

The commissioners passed the resolution and Masterson says Genesis will receive its initial funding Friday.


Katie Jeffries