Massachusetts General Hospital earned $1 billion fundraising, well on its way toward reaching its $1.5 billion goal--the most ambitious campaign in New England.
The money will pay for the hospital's $579 million, 10-story glass and steel tower already under construction, reports the Boston Globe. The new structure will increase the number of beds by almost 20 percent, add 19 operating rooms and replace a rundown, congested emergency room.
Since the campaign launched in 2005, the number of individual, foundation and corporate donors has jumped 20 percent, reports the Globe. As of now, the hospital is on pace to raise the $1.5 billion by the end of 2013, said Massachusetts General President Dr. Peter Slavin.
"We have done remarkably well,'' Slavin told the Globe. "They know their dollars here are really going to make a difference in advancing medicine." Among some of the more prominent donors to the facility are Bill and Melinda Gates.
As FierceHealthFinance has noted, charitable contributions to non-profit healthcare providers dropped 11 percent last year. Yet, "some very strong pockets'' still exist in New England, said Bill McGinly, president of the Association for Healthcare Philanthropy.
MGH's philanthropy success is due to its "cachet,'' noted Lynn Nicholas, president of the Massachusetts Hospital Association.
For more:
- read the Boston Globe article
- check out the AP article via ABC News