George Hiotis

Funding Plan For Genesis Electronic Medical Records Project

by George Hiotis on May 12, 2010 at 1:42 am

We have a follow up report to a story we first told you about in January involving a new electronic record system for Genesis Healthcare System. Today Huntington Bank announced it created a unique funding model to finance the 25 million dollar medical records system project. Huntington senior executive vice president and commercial banking director Jim Dunlap says the Bank presented an innovative solution that enables Genesis to meet an aggressive implementation timeline while eliminating market interest rate fluctuations on the debt. Dunlap says the financing, which is authorized by a pass-through, tax-exempt relationship with Muskingum County, will be issued in 15 million dollar and 10 million dollar phases. Coupled with Federal Stimulus money, Genesis will invest more than 40 million dollars in the system, which will establish electronic records access across the Genesis Healthcare System, multiple health providers and patients. Genesis Chief Financial Officer Paul Masterson says the records system is scheduled to debut in November 2010 through a pilot at four physician offices and expand the project rollout in 2011.