Oregon’s Coquille Valley Celebrates Grand Opening of State-of-the-Art Hospital
Rural hospital district finds funding for new facility with assistance from The Neenan Company
COQUILLE, Ore., Apr. 21, 2012 – The Coquille Valley community gathered to celebrate the grand opening of a new 51,000-square-foot hospital at an open house reception featuring refreshments, entertainment and tours of the highly anticipated facility. Financing the designated critical access hospital in a challenging economic climate required careful planning and innovative assessment techniques, and the hospital district’s board and staff partnered with The Neenan Company to create a sustainable strategic capital plan.
The Neenan Company, a Colorado-based design and construction company, collaborated with Stroudwater Associates and Dougherty Mortgage to carefully assess the hospital’s market service area, market potential, forecasted financial performance and borrowing capacity, resulting in project financing that combined federal government mortgage insurance and Build America Bonds. As a result, the Coquille Valley Hospital is able to receive a 35% interest rebate throughout the life of their loan.
“Construction of the Coquille Valley Hospital was a much-needed boost to our local economy,” said Dennis Zielinski, Coquille Valley Hospital’s CEO. The financing options discovered as a result of working with The Neenan Company, Stroudwater Associates and Dougherty Mortgage allowed the hospital district to make an investment in a “right-sized” replacement facility that will serve to retain and grow healthcare employment in the local community.
“Our vision and commitment to developing a new state-of-the-art hospital in our community has helped capture the interest of several physician candidates, many of whom may not have considered Coquille previously,” said Monte Johnston, Coquille Valley Hospital’s human resource manager. With many upgrades on par with urban hospitals, including the latest in MRI and digital mammography equipment, Zielinski added that the expanded facility would also enable the hospital to attract and serve patients who can be cared for close to home.
Providing far more than basic design/build services for critical access hospitals, The Neenan Company employs medical planning and architectural staff, who conducted departmental interviews to determine space requirements and adjacencies necessary to support the hospital’s anticipated increase in service demands, the district’s vision for the future and stay within capital constraints. Considerations at Coquille Valley Hospital included physician recruitment, the addition and expansion of physical, occupational and rehabilitative therapy, private patient rooms and extended urgent care hours.
“With this investment the hospital can confidently improve upon the quality, efficiency and complement of health care services in their community, all within a profitable and sustainable business model,” said Michael Curtis, vice president of health care development at The Neenan Company. “Helping them explore and benefit from the alternative financing methodologies that make this possible is an integral part of our process, and we’re proud to have contributed. The result is a healthier community, both intrinsically and economically, now and well into the future.”