The latest redevelopment plan is part of the Alberta strategy to increase health care capacity, providing better hospital care to central Albertans.
In the initial stage, the renovation will start with a $193m investment for the next three years.
This will comprise 200 new in-patient beds, improving hospital capacity by 54% to 570 beds from 370 beds.
Three new operating rooms are included in the expansion plan, bringing the surgical capacity to 14 operating rooms.
Furthermore, the hospital renovation will comprise a new cardiac catheterisation lab.
The government noted that the latest redevelopment plan is the largest taxpayer investment in central Alberta’s history.
The busiest hospital outside of Edmonton and Calgary, the Red Deer Regional Hospital Centre serves the fourth-highest number of people among any other facility of Alberta Health Services.
Nearly half of the patients referred to the hospital are from communities outside of Red Deer.
A wide spectrum of acute care, comprising internal medicine and diagnostics, advanced surgery, as well as paediatrics, oncology, obstetrics critical and emergency care are available at the facility.
Alberta Premier Jason Kenney said: “For too long, central Albertans have been waiting for these critical upgrades and expansion of the Red Deer Regional Hospital.
That’s why we’ve made expanding the Red Deer Regional Hospital a priority, and we’re putting our money where our mouth is.
“Alberta’s Recovery Plan has already seen healthcare infrastructure built from Grande Prairie to Calgary, and now, it’s making sure world-class health care is there for Red Deer and central Alberta for years to come with the largest investment in the history of central Alberta.”