MONTANA – The Montana Department of Commerce announced Thursday it has successfully completed a bond sale worth more than $52 million to help finance the construction of a new facility for Shodair Children’s Hospital.
The $52,735,000 bond issuance through the Montana Facility Finance Authority will support a new 131,676 square foot facility in Helena, which will include 82 private rooms and allow Shodair staff to treat more patients in a healing environment.
“Low-cost financing opportunities through the Montana Facility Finance Authority enhance access to health care across Montana and save consumers money in the long-run by containing future health care costs,” Commerce Director Tara Rice said. “This bond issuance will ensure Shodair Children’s Hospital can continue building on its 120-plus-years legacy by expanding provider capacity, allowing Shodair to keep serving children and families in Montana long into the future.”
The new facility will contain nine patient care units, including two residential Psychiatric Residential Treatment Facility (PRTF) high school units, two residential PRTF middle school units, two acute adolescent units, and one acute children’s unit. It will also provide a new entry for the public, with café space and additional public and family meeting areas. The new facility’s educational classrooms will provide upgraded 21st century learning environments for residential care patients, and will include a gymnasium and pool, allowing for additional recreation opportunities for patients.
Early site preparation is currently underway, and the hospital expects that the news facility will be completed in the summer of 2023. A public celebration for Shodair’s building project is planned for May.
Shodair Children’s Hospital CEO Craig Aasved said the bond sale will give the hospital greater capacity to serve children and families across the state.
“Shodair's ability to care for children with varying severities of mental illness is somewhat hindered by the current facility because it lacks flexibility,” Aasved said. “Our plan is to provide more adaptable and therapeutic spaces including all individual patient rooms – currently our residential patient rooms are double occupancy. The bonds allow Shodair to move forward quickly to take action with today's construction prices and favorable interest rates. Philanthropy, which will also be an essential component in assisting us in accomplishing this goal, is a process that takes patience, intention and commitment, but it's a process that Shodair leadership is ready to handle and I have no doubt Montanans have our backs with support.”
Shodair is the only not-for-profit, dedicated children’s psychiatric hospital in Montana with a robust continuum of care and inpatient psychiatric beds for children ages 3-18. Shodair’s psychiatric services include inpatient and outpatient care, day treatment, and school-based services, as well as a psychiatric residential treatment facility and therapeutic group home. Shodair also houses Montana’s Medical Genetics Program, serving patients of all ages across the state. Learn more about Shodair Children’s Hospital here.
The Montana Facility Finance Authority (MFFA), which is part of the Montana Department of Commerce, was created to assist health care and related facilities contain future health care costs by offering financing at low-cost, tax-exempt interest rates. These cost savings are shared with the consumer in the form of lower facility charges. Most non-profit care facilities are eligible for programs offered by the MFFA.
The MFFA is funded entirely by proprietary funds with revenues collected from interest, fees, and charges from participating institutions. No public funds or tax monies are appropriated to the MFFA. Learn more about the MFFA’s mission at MTFACILITYFINANCE.COM.