In the fast-growing medical and technology corridor in the North Valley, there is a push to give patients easier access to their medical records so they can make more proactive and informed decisions about their health. The Maricopa County Board of Supervisors is joining that effort, with approval of a partnership with HonorHealth.
The Board unanimously approved a resolution that provides $95 million in tax-exempt bonds to HonorHealth so they can acquire and implement an electronic medical records system that will interface throughout their facilities. The Industrial Development Authority of the County of Maricopa (IDA) is facilitating the lease that will allow this project to move forward.
“HonorHealth has always been a great community partner,” said Supervisor Steve Chucri, District 2, “We’re excited to be part of a project that will ultimately lead to more jobs and more integrated health care.”
In this arrangement, the non-profit IDA serves as an intermediary that will allow HonorHealth to receive tax-exempt financing for the project. This benefits citizens because the IDA puts all associated fees back into community investments which further the IDA’s mission to help with economic development. HonorHealth will assume all financial risk and neither Maricopa County nor the IDA will have any liability.
“This was a no-brainer to me, said Supervisor Bill Gates, District 3. “We’re modernizing our health care industry and investing in an area that’s already a medical and technology hub. We’re working with a partner we know and trust. It’s a win-win situation, providing a financing opportunity for one of our partners and also supporting additional local economic development through fees collected.”
By law, the Board of Supervisors needed to authorize the agreement before HonorHealth could move forward with financing.