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:2/22/2017)... ... February 22, 2017 , ... The Waismann Method® ... of individuals who have recently fallen victim to America’s opioid epidemic. Now, opiate dependent ... California, where they are free from the shame, stigma, and harmful labeling ...
(Date:2/22/2017)... ... February 22, 2017 , ... Giving patients with diabetes customized ... room, fewer hospital admissions, and better blood pressure and glycemic control, a ... study can be found here . , The study comes as health ...
(Date:2/22/2017)... ... ... Doctors on Liens is continuing its steady expansion of medical specialties throughout ... North Valley Eye Medical Group in Mission Hills . Eye injuries and vision ... cases. These injuries have a major impact on the quality of life of ...
(Date:2/22/2017)... Washington, D.C. (PRWEB) , ... February 22, 2017 ... ... is being celebrated throughout the country today, as organizations, advocates, and individuals join ... improve detection and treatment access to ultimately save lives. , “Today we mark ...
(Date:2/22/2017)... TX (PRWEB) , ... February 22, 2017 , ... ... the launch of ProGen™ PRP, the latest innovation in the delivery of Platelet ... wound care, aesthetics, cardiovascular and pain management, to accelerate tissue synthesis and provide ...
Breaking Medicine News(10 mins):
(Date:2/22/2017)... Feb. 22, 2017 Summary ... deals and agreements entered into by the worlds ... http://www.reportlinker.com/p03605675-summary/view-report.html Description The Global Atherosclerosis ... understanding and access to partnering deals and agreements ... - Trends in partnering deals ...
(Date:2/22/2017)... February 22, 2017 According to a new ... Trocar, SIMS, CUSCO), Application (Laparoscopy, Colposcopy, Hysteroscopy, D&C, Ablation, Biopsy), & ... 2021", published by MarketsandMarkets, the global market is expected to reach ... at a CAGR of 7.1% during the forecast period. ... ...
(Date:2/22/2017)... --  Known for selling everyday household products commonly found ... California urologist Dr. Ron ... the British conglomerate that makes those products – it ... her late husband,s invention, business plans, and other trade ... until his violent death in 2013, filed suit yesterday ...
Breaking Medicine Technology: