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 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.”
Content copyright © 2021 Metro Desk Media, LLC. All Rights Reserved. We vigorously protect our intellectual property and journalistic product. Broadcast stations must credit BocaNewsNow.com on air. Print must refer to BocaNewsNow.com. Online must link to BocaNewsNow.com. We have agreements with several organizations. Contact news (at) bocanewsnow.com.
The Latest From BocaNewsNow.com
- Bonefish Grill Sued After Boca Raton Slip and Fall
- Nearly 4000 Palm Beach School District Students, Staffers, Tested Positive For COVID-19
- Boca Raton Woman Jailed On DUI Charge, “Did What She Pleased”
- TROPICAL STORM WARNING: Florida In Forecast For Latest System
- Man Charged In Delray Beach LGBTQ Crosswalk Vandalism
- One Dead In Delray Beach Shooting
- CLAIM: The Bridge Sober Home Let Client Use Drugs, Die
- HURRICANE CENTER: System Continues To Form, Next Name Is Claudette
- Hyundai GV80 Subject Of Class Action Lawsuit Filed By Boca Raton Attorney