SARASOTA, Fla., Jan. 30, 2026 /PRNewswire/ — Fueled by strong bond ratings, Sarasota Memorial Health Care System (SMH) is moving full speed ahead on more than $1 billion in capital projects that will greatly expand and enhance the southwest Florida community’s access to five-star care.
SMH recently began laying deep foundations at its new, $507 million hospital in North Port, and has several other expansion projects under way, including an $82.5 million inpatient rehabilitation facility at its SMH-Venice campus and more than $50 million in radiology upgrades and expansions in Sarasota and Venice.
The capital projects are supported by strong and upgraded bond ratings from Moody’s Investors Service and Fitch Ratings. Similar to an individual’s credit score, strong bond ratings significantly lower the health system’s cost of borrowing for major capital improvements. Earlier this week, the Sarasota County Public Hospital Board voted to issue up to $425 million in revenue bonds this year to help cover capital project costs. Also this week, Moody’s reinforced the health system’s creditworthiness, upgrading the hospital district’s rating to Aa3. Fitch reaffirmed the health system’s “AA-” rating in 2025.
The ability to self-fund and strategically borrow for these projects stems from the health system’s leading market position, growing patient volumes and sound fiscal management, said David Verinder, CEO of Sarasota Memorial Health Care System.
“Our strong bond ratings reflect our commitment to fiscal responsibility and clinical excellence,” Verinder said.
“By balancing mission and margin and lowering our borrowing costs, we can reinvest our savings directly into the infrastructure and technology needed to deliver our 5-star promise to the community.”
Some key projects under way include:
- SMH-North Port: Slated to open in 2028, SMH-North Port will be the city’s first acute-care hospital. The nine-story facility will initially feature 100 beds with built-in “shell space” to quickly double capacity to 208 beds as demand grows.
- Milman-Kover Cancer Pavilion: Opening in Spring 2026 at the Sarasota campus, the outpatient cancer pavilion is the third in a series of premier facilities that are part of the health system’s expanding Brian D. Jellison Cancer Institute, providing cancer patients, caregivers and medical providers access to the latest treatments, technologies, clinical trials and supportive care in their own community.
- Venice Rehabilitation Pavilion: Slated to begin construction this year, the new, $82.5 million, four-story facility in Venice will offer specialized inpatient and outpatient rehab for people in the south county region.
Founded in 1925, Sarasota Memorial Health Care System is the only public health system in the Suncoast region. Created by and for the citizens of Sarasota County, the health system is owned and operated by the Sarasota County Public Hospital District, an independent special district governed by nine unpaid, local citizens elected to the Sarasota County Public Hospital Board.
About Sarasota Memorial Health Care System (smh.com)
Sarasota Memorial Health Care System is a regional medical center offering Southwest Florida’s greatest breadth and depth of care, with about 2,500 physicians and advanced practice providers, 11,000 employees and 2 million patient visits a year across its network of care. Sarasota County’s largest employer, the community-owned health system includes two full-service hospitals in Sarasota and Venice, freestanding ERs in North Port and Lakewood Ranch, a rehabilitation hospital, behavioral health hospital, skilled nursing facility and comprehensive network of outpatient centers, urgent care clinics and physician practices. Founded in 1925, SMH’s flagship Sarasota hospital is the only Florida hospital to earn a perfect 5-Star rating from the U.S. Centers for Medicare and Medicaid Services — every year — since the federal rating program began in 2016.
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SOURCE Sarasota Memorial Health Care System
