BOCA RATON, FL (BocaNewsNow.com) (From Boca Raton Regional Hospital) — Officials at Boca Raton Regional Hospital today announced that both Fitch Ratings and Standard & Poor’s Ratings Services (S&P) have raised the Hospital’s investment grade credit rating from BBB to BBB+. Concurrently, both Fitch and S&P gave the Hospital a “Stable” ratings outlook. This marks the second time in 12 months that both Fitch and S&P have raised the Hospital’s credit rating.
In issuing their latest upgrades, Fitch and S&P noted a number of important factors that supported their respective decisions. They include:
The Hospital’s market position in southern Palm Beach County Increase in inpatient market share
Strong financial performance for the fiscal year ended June 30th 2015 Robust philanthropic support of the Hospital
Expanding service area with a resultant mitigation of seasonal variation in utilization Diversification of patient base
Successful execution of strategic plan with focus on centers of excellence
Key service line and programmatic growth
“We are extremely gratified to have earned these upgrades in our credit rating,” commented Jerry Fedele, President and CEO at Boca Regional. “To have two successive improvements from both rating agencies is strong testimony to the success we are realizing across our enterprise.”
Fedele stressed, however, that Boca Regional’s achievements are not limited to those seen on a balance sheet. “Evidence of the Hospital’s growing vitality and market presence can also be seen in such indicators as our numerous national accolades for quality of care, cutting-edge technology and physician expertise,” he said.
With the recent openings of the new, $52 million Marcus Neuroscience Institute and $22 million Christine E. Lynn Women’s Health & Wellness Institute and ground broken for the new Gloria Drummond Physical Rehabilitation Institute, the campus of Boca Regional is undergoing a major transformation. The Hospital has also structured significant alliances with such organizations as North Shore-LIJ Health System and the Moffitt Oncology Network that are serving to make Boca Regional even more formidable in its capabilities.
With extraordinary philanthropic support and improved operating performance, the last four years have seen the Hospital embark on a vigorous plan to expand services and invest in its clinical offerings — all of which have contributed materially to its growth in patient volumes. Notable examples of this include: the first hybrid operating room in Palm Beach County; the development of the Irving and Barbara C. Gutin Center for Robotic Surgery, which is now the busiest program in Palm Beach County; a newly renovated, state-of-the-art Wold Family Center for Emergency Medicine and the introduction of the Morgan Pressel Center for Cancer Genetics.
“By any metric, financial or operational, Boca Raton Regional Hospital has made tremendous strides,” noted Fedele. “Both the S&P and Fitch analyses recognize this, and their upgrades of our credit rating are a strong validation of the efforts we have made.”