Home > Uncategorized > Philippines gets 80million for new hospital development project

Philippines gets 80million for new hospital development project

November 21st, 2010

$80M for private hospital

By Laura Matthews • Pacific Daily News •
November 20, 2010

An investment group from Manila — including a
hospital and a medical school — will put $80
million in cash toward the development of the
planned private hospital in Dededo, the project’s
chief proponent said.

The proposed hospital will be called the Guam
Regional Medical City.

The Manila group’s investment is almost half of the
$198.8 million needed to complete the first phase of
the hospital that will not involve use of federal or
local tax dollars, said Peter Sgro, president and
board chairman of the Guam Healthcare and
Hospital Development Foundation. The foundation
is leading efforts to develop what will become the
island’s first private hospital.

Sgro said yesterday the $198.8 million doesn’t
include the cost of the land the hospital will be built
on because that will be paid for by cash reserves
from the primary investor.

Once completed in January 2014, phase one of the
hospital will have 130 hospital beds for acute care
and 16,000 square meters of floor space. The
island’s government hospital, Guam Memorial
Hospital, is licensed to operate more than 158
acute-care beds, Pacific Daily News files show.

The proposed private hospital will create 520 jobs,
according to Sgro.

“Generally, when calculating the number of
employees to efficiently staff a hospital, an industry
standard ratio of 3.5 employees per acute-care bed
is utilized,” Sgro said. “In the case of this project, a
ratio of four employees per acute-care bed was used
because of the need to factor the significantly high
rate of chronic diseases on Guam.”

Sgro said the Manila hospital that’s part of the
investment group and the Foundation already has a
collaborative relationship with the institutions
including the Mayo Clinic, Cleveland Clinic,
University of Pittsburgh Diabetes Institute and
University of Pittsburgh Medical School.

Discussions also are ongoing with potential
investors from Japan and South Korea, Sgro said. He
said representatives for these investors will be on
island next week to meet with the private hospital
development team to discuss the financial viability
of the project and the high standard of care that is
expected by the primary investor and operator.

The development of this hospital isn’t just a health-
care issue, but also an economic one.

Sgro said approximately $78 million leaves Guam
annually to pay hospitals and clinics in Hawaii, Los
Angeles, San Francisco, Seattle, Manila, and a few
other locations.

“Because of Guam’s population size, services such
as any transplant services would be virtually
impossible to support financially since medical
teams and associated equipment, medication and
related processes are extremely expensive,” he said.
“Because of that, there will still be a need for off-
island care for such services, but the goal is to
retain within our own economy at least $55 million
of the approximately $78 million currently leaving
island.”

The new hospital also is expected to help the
economy through its medical tourism component.

Discussions are happening with Japan-based
hospitals and Korea-based hospitals for the rotation
of U.S. board-certified physicians currently
practicing in those two markets.

http://www.guampdn.com/article/20101120/NEWS01/11200303/-80M-for-private-hospital

Categories: Uncategorized Tags:
Comments are closed.