PEORIA — Methodist Health Services Corporation (MHSC) is moving ahead with six building projects currently under development.  Timing for the implementation of Phases 3 and 4 of the Methodist Campus Replacement Project will be determined by the health of the economy, according to Methodist President and CEO Michael Bryant.  Given the volatility of the economic landscape, the lack of a strong credit market, and an increase in tax-exempt interest rates, the MHSC Board of Directors determined it is prudent to wait for more normal market conditions before proceeding with Phases 3 and 4. “The credit worthiness of Methodist continues to be strong,” says Bryant.  “We are well positioned to access the capital markets when the economy returns to a more normal, consistent level of performance.”
Phase 3 of the Campus Replacement Project is a new acute care facility, while Phase 4 is the dining and conference pavilion.  During the next 18 months, the Campus Replacement Project design team will continue to visit other sites and refine the program to ensure that both Phase 3 and 4 are technologically advanced, patient-centered facilities that add value to the payor community, as well as provide outstanding healthcare to the patient population.  It is anticipated that the current trend of declining prices, especially in steel, will reduce the estimated cost of the final project.
Methodist projects currently under development, and their anticipated completion dates, are:
•Central Illinois Endoscopy Center in the Illinois Medical Center – March 2009
•The Greater Peoria Specialty Hospital – Summer 2009
•Campus Replacement Project Phase 1: new parking deck – Fall 2009
•Campus Replacement Project Phase 2 – new Hamilton entrance – Fall 2009
•Methodist at North Allen Road – Fall 2009
•Central Illinois Cancer Care Center – Fall 2009
In addition, Methodist continues to upgrade its current facility. Projects underway or soon to be completed include new acute care units featuring the latest innovations in patient room design, and a new behavioral health unit in the Methodist Emergency Department.
Adds Bryant, “Like other organizations, we are keeping abreast of the markets and are hopeful that recovery will begin in late 2009, allowing us to adhere to our original timetable for breaking ground for Phase 3 and 4 in 2010.”