Technology and equipment transformation
Hamilton Health Sciences (HHS) has taken a successful first step toward supporting investments in new, leading edge equipment and medical technology that will propel the hospital system, Ontario’s second largest, toward the next generation of high quality, value-focused patient care.
During the next three years, HHS will introduce key innovations outlined in the organization’s Digital Health Plan and, at the same time, enact a sweeping transformation of the diagnostic technologies used in every HHS facility.
These critical investments in efficiency and innovation will ensure the hospital remains a safe, high-performing and renowned centre of excellence in patient care, research and academic health sciences. These include:
- replacing a decades-old Hospital Information System and implementing contemporary Electronic Medical Records to sustain improvements in patient safety and to enable HHS physicians, nurses and other health professionals to access and update patient information in a fast, efficient, and secure manner;
- using an innovative procurement partnership to replace and upgrade diagnostic imaging equipment (such as X-ray machines, MRIs, CT scanners), increasing the accuracy, speed and stability of this expensive machinery, while also reducing the costs of repairs;
- the timely replacement of essential clinical equipment that is deemed to be at end-of-life, beyond manufacturer support or at risk of breakdown, with an emphasis on equipment used at the patient’s bedside.
A key component of the plan to fund these essential investments, in combination with existing fundraising efforts, HHS announced today that it has closed a $200 million offering of Series A Senior Unsecured Debentures. The debentures have a 40-year term, a rate of 3.683 per cent and will mature on January 17, 2059.
This will provide the financial stability required for the capital equipment replacement and acquisitions essential to the success of the hospital system’s strategic plan.
The offering was made through a private placement, pursuant to certain exemptions from the prospectus requirements of applicable securities laws of the provinces of Canada. The debentures have been assigned a rating of AA (low) by DBRS. The debentures were placed by a syndicate of agents led by RBC Capital Markets as sole bookrunner. KPMG Corporate Finance Inc. acted as financial advisors and McCarthy Tétrault as external legal counsel to HHS. Stikeman Elliot acted as legal counsel to the agents.
“This equipment transformation will ensure HHS remains one of the highest-performing hospitals in Ontario for decades to come. Technology plays a critical role in the modern delivery of safe, high-quality health care. The people and families we serve expect our hospital to keep pace with these innovations.”
— Julia Kamula, Chair, Board of Directors, Hamilton Health Sciences
“We are breaking a long-standing cycle of underfunding capital equipment at HHS. Simply put, our people deserve the best tools to do their job and we are making it a priority to better meet that need. With these strategic investments in technology, our staff and physicians will be able to care for more patients, provide even more accurate diagnostics and our clinical teams will be better connected. This is going to deliver huge benefits for the people and families we serve.”
— Rob MacIsaac, President and Chief Executive Officer, Hamilton Health Sciences
This news release includes certain forward-looking information that is based upon current expectations, which involves risks and uncertainties associated with HHS and its operating environment. Information contained herein that does not relate strictly to historical or current facts may be deemed to be forward-looking, including any identified by the expressions “anticipate,” “should,” “may,” “believe,” “plan,” “estimate,” “expect,” “intend,” and similar expressions to the extent they relate to HHS or its management. Forward-looking information is not historical fact, but reflects HHS’ current expectations regarding future results or events. This forward-looking information is subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations.
- Hamilton Health Sciences is a hospital system of 15,000 staff, physicians, researchers and volunteers that proudly serves southwestern Ontario residents. We also provide specialized, advanced care to people from across the province.
- HHS is the only hospital in Ontario that cares for all ages, from pre-birth to end-of-life. We offer world-leading expertise in many areas, including cardiac and stroke care, cancer care, palliative care and pediatrics.