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Recycling pool provides innovative financing for an integrated system.

R J Ciolek1, P A Fahy

  • 1Massachusetts Health and Educational Facilities Authority, Boston, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|November 3, 1997
PubMed
Summary

Not-for-profit healthcare systems can use innovative financing like capital asset recycling pools to fund expansion. This mechanism, developed by Mass HEFA and Partners HealthCare, offers flexible, tax-exempt capital for ongoing projects.

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Area of Science:

  • Healthcare Finance
  • Health Services Management
  • Public Finance

Background:

  • Not-for-profit healthcare systems face increasing competition from for-profit entities.
  • Innovative financing is crucial for not-for-profit integrated delivery systems to remain competitive.
  • Existing capital financing models may lack the flexibility required for dynamic healthcare environments.

Purpose of the Study:

  • To introduce and evaluate a novel financing mechanism for not-for-profit healthcare systems.
  • To demonstrate the utility of a capital asset recycling pool for flexible capital access.
  • To explore how such a pool can centralize capital resource control within a healthcare system.

Main Methods:

  • Development of a capital asset recycling pool by the Massachusetts Health and Educational Facilities Authority (Mass HEFA) and Partners HealthCare.

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  • Funding the pool through a $150 million bond issue.
  • Establishing a 30-year lifespan for the pool with provisions for tax-exempt loans to affiliates and approved external organizations.

    • Main Results:

    • The capital asset recycling pool provides Partners HealthCare with flexible access to tax-exempt capital.
    • The mechanism enables centralized control over capital resources across the Partners HealthCare system.
    • Repaid funds can be recycled for future capital projects without additional cost, ensuring long-term capital availability.

    Conclusions:

    • Capital asset recycling pools represent an innovative financing solution for not-for-profit healthcare systems.
    • This model enhances financial flexibility and resource management for integrated delivery systems.
    • The success of this mechanism is contingent on strong institutional credit, market position, and financial stability.