Navigation Links
Standard & Poor's Upgrades Wellmont Outlook
Date:8/25/2009

Standard & Poor's Rating Services has upgraded its outlook for Wellmont Health System to stable, citing the health system's "improving financial metrics" and "better-than-expected operating performance."

Kingsport, TN (Vocus) August 25, 2009 -- Standard & Poor's Rating Services has upgraded its outlook for Wellmont Health System to stable, citing the health system's "improving financial metrics" and "better-than-expected operating performance."

In addition to revising its outlook for Wellmont to stable from negative, S&P has also affirmed the health system's BBB+ credit rating.

S&P analysts said the upgraded outlook is supported by operating improvements that generated $6.5 million in operating income (unaudited) for fiscal 2009.

"This positive report from S&P is the result of hard work and commitment by our employees, physicians, board members and leadership team," said Mike Snow, Wellmont's president and CEO. "Their commitment and dedication are making the difference for our hospitals as we continue to face the challenges of a weakened economy and the uncertainty of healthcare reform."

The S&P ratings report states that Wellmont's operational improvements have not only led to current financial improvements but also bode well for future performance as well.

"The return to a stable outlook reflects our increased comfort that Wellmont has identified and corrected the accounting issues that led to the restated 2007 results and the 2008 audit delay," the report states. "Additionally, while current economic conditions, and the uncertainty whether limits on future Medicare, TennCare and Virginia Medicaid reimbursement may constrain operations, we believe that management initiatives to reduce costs and improve Wellmont's revenue cycle will support a generally improving operating trend."

Other factors S&P cited in upgrading Wellmont's financial outlook include:

 
  • "The system's solid business position characterized by good market share in a demographically favorable region that is largely dominated by two health care systems that have recently become more collaborative."

 
  • Acceptable maximum annual debt service coverage, despite the economic downturn that affected investment income for organizations throughout the country. Wellmont's debt service coverage "remained consistent with prior years, despite the significant decline of investment income and other non-operating revenues in fiscal 2009."

 
  • A stabilized balance sheet that includes 131 days cash on hand.

About Wellmont:
Wellmont Health System is a leading provider of healthcare services for Northeast Tennessee and Southwest Virginia, delivering top-quality, comprehensive healthcare and wellness services across the region. Wellmont facilities include Holston Valley Medical Center in Kingsport, Tenn.; Bristol Regional Medical Center in Bristol, Tenn.; Mountain View Regional Medical Center in Norton, Va.; Lee Regional Medical Center in Pennington Gap, Va.; Lonesome Pine Hospital in Big Stone Gap, Va.; Hawkins County Memorial Hospital in Rogersville, Tenn.; and Hancock County Hospital in Sneedville, Tenn. Wellmont is an operating partner with Adventist Health System at Takoma Regional Hospital in Greeneville, Tenn. For more information about Wellmont, please visit www.wellmont.org.

CONTACT:
Brad Lifford
(423) 230-8237

###

Read the full story at http://www.prweb.com/releases/Wellmont_Health_System/Standard_Poor/prweb2792424.htm.


'/>"/>
Source: PRWeb
Copyright©2009 Vocus, Inc.
All rights reserved  

Related medicine news :

1. New Study Reveals VASER(R) Lipo to be the New Standard of Care for Body Contouring and Fat Transfer Procedures
2. Celling Technologies Sets New Standards With Sophisticated Adult Stem Cell Device
3. NMB's New Series of Standard Hybrid Stepper Motors Now Available
4. Identification Systems Group Pledges Support for Standardized Patient Health Identification Cards
5. CAS REGISTRY(SM), the Global Standard for Chemical Research, Approaches 50 Millionth Registration Milestone
6. Sedationfacts.org Enhances State-Specific Site Content, Making Regional Sedation Administration Standards and Regulations Quick and Easy to Find and Use
7. Gold Standard/Elsevier Launches MedCounselor Consumer Drug Information Modules
8. The Organic Center Refutes Misleading Nutritional Claims Made by United Kingdoms Food Standards Agency (FSA) in Agency Report on Health Value of Organic Foods
9. Medical Services of America Selects Authentidates Inscrybe Healthcare to Standardize Healthcare Order Process Management
10. Patient safety advanced by revised heparin standards
11. Convection Cooled 350-Watt Open Frame Power Supply Meets Medical and Industrial Safety Standards
Post Your Comments:
*Name:
*Comment:
*Email:
Related Image:
Standard & Poor's Upgrades Wellmont Outlook
(Date:5/6/2016)... ... 06, 2016 , ... From May 4 to 6, EarQ and ... opportunity to learn more about Signia’s technology and the successful business and marketing techniques ... priority to see practices succeed in this highly competitive industry,” said Ed Keller, president ...
(Date:5/6/2016)... Arizona (PRWEB) , ... May 06, 2016 , ... ... moved domains to Sleepopolis.com . , Since launching in September, 2014 Sleepopolis ... research and testing areas, which now include pillows, sheets, mattress toppers, bed frames, ...
(Date:5/6/2016)... , ... May 06, 2016 , ... ... online provider of career-focused education and corporate training, and the National Military Family ... to announce Maritza Aquino as the second full-tuition scholarship recipient of 2016. ...
(Date:5/6/2016)... ... May 06, 2016 , ... RowdMap, Inc. ... Cross BlueShield and Former Principal Deputy Administrator at Centers for Medicare and Medicaid ... Steve Ondra, MD, Chief Medical Officer at Health Care Service Corporation (Blue Cross ...
(Date:5/5/2016)... ... May 05, 2016 , ... Qrono Inc. , ... a development collaboration with the Australian critical medicine company, Phebra Pty Ltd. ... , LAI medicines can offer improved therapeutic benefits over oral formulations, including better ...
Breaking Medicine News(10 mins):
(Date:5/5/2016)... 2016 Research and Markets has announced ... in the USA"  report to their offering.  ,     (Logo: ... the current Positron Emission Tomography (PET) scanner and cyclotron ... market. Along with the current known number of PET ... , the report also contains a detailed breakdown of ...
(Date:5/5/2016)... 5, 2016 ... of the  "Europe Thrombocytopenia Market and ... to their offering.       ... ,The latest research Europe Thrombocytopenia Market ... provides comprehensive insights into Thrombocytopenia pipeline ...
(Date:5/4/2016)... Conn., May 4, 2016  Compass Diversified Holdings (NYSE: ... "Company"), an owner of leading middle market businesses, announced ... ended March 31, 2016. First Quarter 2016 ... and Reinvestment ("CAD" or "Cash Flow") of $13.6 million ... net loss of $15.0 million for the first quarter ...
Breaking Medicine Technology: