BOLDT HEALTHCARE REAL ESTATE DEVELOPMENT
Case Study | How Boldt's Right Sizing Strategy Leads to Cost Savings
Orange Regional Medical Center
Explore how Boldt partnered with Orange Regional Medical Center (now Garnet Health Medical Center) to develop a facility that allowed ORMC to maintain their program, while simultaneously cutting costs by $10 M.
The best part? ORMC remained in control during the entire process and acquired ownership of this asset from day one.
In uncertain financial times, we know creating efficient revenue streams is more important than ever. With over 134 years of experience, Boldt has a proven track record of delivering innovative, cost-saving solutions while ensuring that our partners retain ownership and control of their assets.
Boldt tailors space to match needs, reduce costs, and maximize revenue.
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The Story
As the result of a national search considering 30 firms, Boldt was selected through a competitive RFP process to be the owner and developer for a 5 story, 185,000 sq. ft. on-campus ASC / Clinic Building in Middletown, NY.
As a leading health clinic in the area, ORMC had a specific program that they intended for this space based on the needs of their community. Projects goals included meeting community need, generating revenue for the health system, and maximizing the value of this new space.
Boldt’s Impact
Successfully teaming up with HGA and LJC on a variety of previous projects, the Boldt Team was able to develop floor plans which met ORMC’s desired program needs – all within 153,000 sq. Ft. This 30,000 sq. ft. reduction was great news for ORMC resulting in a reduction of approximately $10 million in facility costs.
Not only did Boldt deliver significant savings to ORMC’s budget, the new building was also able to maintain the same level of programming outlined in the original project proposal. The top three floors were designed with a clinic module to accommodate 70 physicians and 210 exam rooms. The entire second floor was set aside for outpatient surgery and includes 4 OR’s and endoscopy. The first floor included an afterhours walk in primary care clinic along with outpatient imaging including Nuc Med, CT and MRI.
Final Ownership Model
At the completion of programming planning and schematic design, ORMC was able to secure bond financing through the Port Authority, thus giving ORMC the ability to own the building themselves. Boldt successfully worked with ORMC to prepare the necessary documents for the CON (Certificate of Need) application (which ultimately was approved) thus fulfilling Boldt’s role. The successful completion of this project allowed ORMC to own, operate, and generate revenue from the programming in this facility at a $10 million savings in cost.
The Boldt Difference
Especially in uncertain financial markets, it is more important than ever for health systems to expand revenue generating programming. With Boldt’s unique financial flexibility and cost-saving design process, we are a proven partner that can right-size your building to cut costs while maintaining revenue and program goals.
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Boldt Healthcare Real Estate is a leading healthcare real estate developer with over 140 years of experience. Our long history has taught us how to combat uncertain markets and the changing healthcare industry, making us a reliable partner for your strategic goals.
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When you are looking to expand your footprint, we have the experience and expertise to help you through the process. Our team will guide you through choosing the right location and building design and finding financing options that work for your budget.
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