Inspira Health Network broke ground Wednesday on a $349 million hospital in Harrison Township to replace Inspira Medical Center-Woodbury, Inspira's construction company, Skanska USA, said.
The new five-story facility, expected to open in December 2019, will have 204 beds, 101 fewer than the Woodbury facility it is replacing.
Inspira had 2016 operating income of $69.4 million on $743.8 of total revenue, up from $40.2 million in operating income and $700.7 million in total revenue in 2015. The tax-exempt health system plans to borrow about $260 million in the municipal bond market to help pay for the new hospital, as well as other projects, according to Fitch Ratings. At the end of last year, Inspira already had $210 million in long-term debt.