Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

Adventist Health Receives “A” Rating; Positive Outlook From Fitch Ratings


Posted on: 05 Feb 18

ROSEVILLE, Calif., Feb. 05, 2018 (GLOBE NEWSWIRE) --

Adventist Health—a faith-based, nonprofit integrated health system serving more than 75 communities in California, Oregon and Hawaii—is pleased to announce it has received a positive outlook review from Fitch Ratings, Inc., one of the world's leading financial ratings agencies. Assigning an A grade to Adventist Health's approximately $930 million in outstanding rated debt, Fitch is confident the health system will continue to see strong margins as it works toward its 2022 goals. 

"Adventist Health's ability to achieve a leading position in acute care in multiple growing markets, coupled with strong cost management and growth over the past several years, has truly been a remarkable journey for us," said Adventist Health CFO Joe Reppert. "Providing critical care for underserved populations is challenging, but this revised outlook from stable to positive is both a confirmation and recognition of a dedicated, disciplined staff that has worked strategically and tirelessly to do the right thing for our communities."

Despite the fact that more than 30 percent of the Adventist Health payer mix comes from Medicaid—which presents a credit challenge—Fitch highlighted the significance of the healthcare system's solid market positions in multiple states. Giving Adventist Health a "mid-range" rating with respect to revenue defensibility, the bond rater attributes the health system's real strength to the size of its network that includes more than 280 clinics, as well as 19 hospitals positioned throughout California, Pacific Northwest and Hawaii. Fitch also foresees continued good operations and predicts Adventist Health will soon begin generating EBITDA margins of 10 percent to 11 percent—up from 9 percent last year—with continued cost controls that support its growth and capital projections.

"In many of our markets, particularly those in California, Adventist Health is the sole community provider serving largely rural populations," Reppert adds. "Yet, our market shares have been driven largely because we operate in the space that not many other providers are attempting to operate in, which is something we are extremely proud of and inspired by in these exciting times of change."

For more information, contact Leslie Licano, Beyond Fifteen Communications, Inc., leslie@beyondfifteen.com, 949-733-8679 x 101, or visit: http://www.adventisthealth.org.

ABOUT ADVENTIST HEALTH: Adventist Health is a faith-based, non-profit integrated health system serving more than 75 communities on the West Coast and Hawaii. Its compassionate and talented team of 33,300 includes more than 24,600 employees; 5,000 medical staff physicians; and 3,700 volunteers working together in pursuit of one mission: living God’s love by inspiring health, wholeness and hope. Founded on Seventh-day Adventist heritage and values, Adventist Health provides care in 19 hospitals, more than 280 clinics (hospital-based, rural health and physician clinics), 13 home care agencies, seven hospice agencies and four joint-venture retirement centers. Through a separate public benefit corporation, Adventist Health seeks to reach more communities and accommodate their specific needs from an affiliated health system. 

MEDIA CONTACT: Leslie Licano, Beyond Fifteen Communications, Inc.
leslie@beyondfifteen.com | 949-733-8679 x 101

GlobeNewswire
globenewswire.com

Last updated on: 06/02/2018

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.