Sequoia Healthcare District Negotiates New Role and Funding Terms With Catholic Healthcare West for Rebuilding Sequoia Hospital
Representatives of Sequoia Healthcare District (SHD) and Catholic Healthcare West (CHW) have arrived at proposed terms for the future development and operation of Sequoia Hospital. These terms will be presented to and reviewed by District Board members on a September 4 meeting open to the public. The proposal would provide funding for the modernization, expansion and state-mandated seismic retrofit of Sequoia Hospital. CHW will assume full responsibility for Sequoia Hospital. The day-to-day operations of Sequoia Hospital will remain unchanged. The District Board anticipates reconvening on September 25 to consider voting on the proposed terms.
Under the proposal, the projected $240 million rebuilding cost would be met by a collaborative financing plan that calls for $75 million funded by SHD, $75 million from CHW, $75 million from Sequoia Hospital, and $15 million from philanthropic contributions raised by Sequoia Hospital Foundation. CHW has proposed that, if more than $240 million is required to complete the project, it will provide those funds. The proposal provides for the District to share in Sequoia Hospital’s profits if certain benchmarks are attained. Rebuilding plans for Sequoia Hospital include a new four-story acute care pavilion, seismic safety reinforcement, state-of-the-art medical facilities, 167 beds, a medical office building and parking garage.
“Under this proposal, there would be no new taxes or other costs to the community to rebuild Sequoia Hospital,” said SHD Board president Katie Kane. District taxpayers will be assured of continued access to first class, nationally-acclaimed medical care at Sequoia Hospital for many years to come. There will be an additional benefit of a new health information technology initiative and a program to recruit new physicians to practice and become part of the Sequoia community.”
“We will be rebuilding a new facility with state-of-the art technology enabling us to care for our patients in the most advanced way,” said Sequoia Hospital President Glenna Vaskelis. “This is an exciting time in the history of Sequoia Hospital and an exciting time for our community.”
“The District will remain focused, even more so, on the community’s unmet health care needs, and existing programs will continue at current levels,” said Kane. “This is a win-win investment in the health of our community.”
The District will sponsor community forums in Redwood City and Belmont in mid-September. The Hospital rebuilding plans received approval from the Redwood City Planning Commission last month and approval from the Redwood City Council on August 27. Groundbreaking is scheduled for November. Additional information on agreement terms and timeline will be available at www.sequoiahealthcaredistrict.com.
About Sequoia Healthcare District
Headquartered in Redwood City, Sequoia Healthcare District identifies local healthcare needs and collaboratively develops solutions. District tax revenues are used for innovative programs and activities to achieve health, wellness and disease prevention in southern San Mateo County. Communities in the District include Redwood City, San Carlos, Belmont, Menlo Park, Woodside, Atherton and Portola Valley. For more information, please visit www.sequoiahealthcaredistrict.com.
About Catholic Healthcare West
Catholic Healthcare West (CHW) is the eighth largest hospital system in the nation and the largest not-for-profit hospital provider in the West. Founded in 1986, the CHW network of more than 8,500 physicians and approximately 50,000 employees serve a population spanning 22 million people at 42 hospitals across California, Arizona, and Nevada. CHW is committed to delivering compassionate, high-quality, affordable healthcare services with special attention to the poor and underserved. In 2006, CHW provided $803 million in charity care, community benefits, and unreimbursed patient care. For more information, please visit our website at www.chwHEALTH.org.
About Sequoia Hospital
Sequoia Hospital is an accredited, not-for-profit community hospital providing innovative and exceptional healthcare to Bay Area residents. Sequoia, ranked among the top 5 percent of hospitals nationwide, is a recipient of the 2007 Distinguished Hospital Award for Clinical ExcellenceTM, based on a study issued by HealthGrades, the nation’s leading independent healthcare ratings company. Offering a full range of medical, surgical and specialty programs, Sequoia also ranks in the top percentile of hospitals nationwide for patient satisfaction. “Best in California for Overall Cardiac Services” in 2007 is another HealthGrades rating for Sequoia Hospital, which also received the HealthGrades 2007 Cardiac Care Excellence Award. Sequoia is the only hospital in Northern California to receive the award. To learn more, please visit www.SequoiaHospital.org.