The Authority has overseen more than $2 billion in funding
DANVILLE, PA -- Current and past Geisinger Authority members celebrated the Authority’s 40th anniversary at a recent dinner with Geisinger leaders and community members.
On Nov. 20, 1975, Montour County, Pa., established the Geisinger Medical Center Authority, which was renamed Geisinger Authority in 1987. The Authority was established for the purpose of financing certain capital projects of Geisinger Health System and other non-profit organizations within the county.
The Authority has now helped Geisinger Health System issue 28 tax-exempt bond issues totaling $2,087,449,464 over the last 40 years. It also assists Maria Joseph Manor and the Danville Child Development Center with issuing tax-exempt debt to further their purposes.
Kevin Brennan, CPA, FHFMA, executive vice president of finance and chief financial officer, Geisinger Health System, estimates that in his 21 years at Geisinger, the Authority has conservatively saved Geisinger $5 million through its issuance of tax-exempt bonds.
“What we have done with that efficiency that you have helped to create has been retained here in the community,” Brennan said. “We’ve reinvested in programs that help patients every day.”
David Prior, a retired partner of Ballard Spahr LLP, a national law firm, drafted the papers that created the Authority and has been the bondsmen throughout its 40 years.
“Of all of the things that this Authority has done over the years, I think what is most remarkable to me is that they [the members] have always asked the right questions and they’ve always done the right things for the right reasons,” Prior said.
Geisinger currently maintains credit ratings of “Aa2” from Moody’s Investors Service and “AA” form Standard & Poor’s Ratings Service; both ratings recognize Geisinger as a high-quality borrower with very low risk.
The original members of the Authority were: Esther Cotner, Samuel M. Keefer, John H. Bausch, James P. Connolley, Robert L. Bergenstock, Arthur K. Purpur, Patricia Billmeyer and solicitor Richard Brittain, Esq. Current members include John J. Metzer, chairman; Susan M. Kauwell, vice chairman; Walter R. Shultz, secretary; William R. Betz, treasurer; Constance J. Kuziak, assistant secretary; H. James Shutt, assistant treasurer; Barbara J. Nied, parliamentarian; and solicitor Robert L. Marks, Esq.
Geisinger is an integrated health services organization widely recognized for its innovative use of the electronic health record and the development of innovative care delivery models such as ProvenHealth Navigator®, ProvenCare® and ProvenExperience®. As one of the nation’s largest health service organizations, Geisinger serves more than 3 million residents throughout 45 counties in central, south-central and northeast Pennsylvania, and also in southern New Jersey at AtlantiCare, a Malcolm Baldrige National Quality Award recipient. In 2017, the Geisinger Commonwealth School of Medicine and Geisinger Jersey Shore Hospital became the newest members of the Geisinger Family. The physician-led system is comprised of approximately 30,000 employees, including nearly 1,600 employed physicians, 13 hospital campuses, two research centers, and a 583,000-member health plan, all of which leverage an estimated $12.7 billion positive impact on the Pennsylvania and New Jersey economies. Geisinger has repeatedly garnered national accolades for integration, quality and service. In addition to fulfilling its patient care mission, Geisinger has a long-standing commitment to medical education, research and community service. For more information, visit www.geisinger.org, or connect with us on Facebook, Instagram, LinkedIn and Twitter.