Officials at Boca Raton Regional Hospital today announced that Fitch Ratings has affirmed the Hospital’s Investment Grade credit rating of BBB-, while concurrently upgrading the organization’s rating outlook from Stable to Positive.
“We are extremely gratified to see our efforts recognized in such a meaningful way,” said Jerry Fedele, President and CEO at Boca Regional. “Fitch’s latest rating and improved outlook is reflective of the substantive progress we have made in a host of operational areas over the course of the last 18 months.”
In Fitch’s analysis, which was released on February 14, the rating agency cited a number of key factors that drove their conclusions. Included were:
- An improving financial profile that showed the Hospital posting a positive operating margin for Fiscal Year 2013 and an increase in net patient service revenue of 8.3 percent.
- Strong physician recruitment that has resulted in a net gain of 27 physicians since 2012 in key service lines. In turn, this deeper physician base has played an important role in the Hospital seeing its inpatient volume increase by 5.3 percent in the first quarter of Fiscal Year 2014.
- Exceedingly strong philanthropic support that resulted in gifts averaging $28 million a year over the past three years.
The Fitch report also highlighted a number of other positive balance sheet indices, as well as the Hospital’s strategic affiliations with the North Shore-LIJ Health System and Moffitt Cancer Center as significant factors in their determination.
Additionally, Fitch commented that should Boca Raton Regional Hospital end Fiscal Year 2014 with a positive operating margin, an upgrade in its credit rating would be likely.
“This achievement is a direct result of the determination and focus our physicians, nurses, support staff and volunteers applied when we established a challenging set of goals for them in Fiscal 2013,” said Fedele. “It’s important to emphasize, however, that while we have realized success financially, we have also provided a level of care that continues to garner national accolades for its quality. I’m extremely proud of our people in their ability to maintain that critically important balance.”
Additional information is available at:www.fitchratings.com
About Boca Raton Regional Hospital – Advancing the boundaries of medicine.
Boca Raton Regional Hospital is an advanced, tertiary medical center (brrh.com) with 400 beds and more than 800 primary and specialty physicians on staff. The Hospital is a recognized leader in oncology, cardiovascular disease and surgery, minimally invasive surgery, orthopedics, women’s health, emergency medicine and the neurosciences, all of which offer state-of-the-art diagnostic and imaging capabilities. The Hospital is a designated Comprehensive Stroke Center by the Florida Agency for Health Care Administration (AHCA).
Boca Raton Regional Hospital is the recipient of the 2014 Distinguished Hospital Award for Clinical ExcellenceTM for the tenth year in a row and was named one of America’s 50 Best Hospitals in 2011, 2012 and 2013, both by Healthgrades®. Boca Raton Regional Hospital was also recognized for the third consecutive year in U.S. News & World Report’s 2013-2014 Best Hospitals listing as a top-ranked hospital in the South Florida metropolitan area.
Thomas Chakurda, 561.955.3586
Vice President, Marketing
Boca Raton Regional Hospital