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:6/27/2016)... ... June 27, 2016 , ... A revolution is underway. ... transport experience for the millions of people who require these medical transport services ... industry through the use of technology. Now, SmartEMS has put forth an industry-changing ...
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ProSlice Levels, ... editors can give their videos a whole new perspective by using the title ... Pixel Film Studios. , ProSlice Levels contains over 30 Different presets to choose ...
(Date:6/25/2016)... ... June 25, 2016 , ... ... issues and applications at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the ... several important health care topics including advance care planning, healthcare costs and patient ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding ... of its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. ... James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. ...
(Date:6/25/2016)... ... June 25, 2016 , ... Conventional wisdom preaches the benefits ... terms of the latter, setting the bar too high can result in disappointment, perhaps ... slow progress toward their goal. , Research from PsychTests.com reveals that ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
(Date:6/23/2016)... Bracket , a leading clinical trial technology ... outcomes platform, Bracket eCOA (SM) 6.0, at the 52 ... 30, 2016 in Philadelphia , Pennsylvania.  A ... product of its kind to fully integrate with RTSM, will ... 6.0 is a flexible platform for electronic clinical outcomes assessments ...
(Date:6/23/2016)... -- Astellas today announced the establishment of Astellas Farma Colombia (AFC), a new affiliate with operations headquartered in ... . ... ... ... Astellas is ...
Breaking Medicine Technology: