Navigation Links
Standard & Poor's Upgrades Wellmont Outlook

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

Brad Lifford
(423) 230-8237


Read the full story at

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. 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:
Related Image:
Standard & Poor's Upgrades Wellmont Outlook
(Date:11/24/2015)... ... November 24, 2015 , ... With Thanksgiving right around the ... safety tips to help protect your family and vehicle. , According to the National ... Thanksgiving holiday weekend. Amica is sharing the following safety tips from the NHTSA: ...
(Date:11/24/2015)... ... ... Cold Shoulder , LLC launched their Pro Vest, the latest version of their widely ... $20,000 in under 10 hours. , The campaign, which will continue to ... to the market. , The PRO Vest provides consumers with a less expensive, one-size fits ...
(Date:11/24/2015)... PALMYRA, Wis (PRWEB) , ... November 24, 2015 ... ... Process scholarship award at Cleveland University-Kansas City (CU-KC), in Overland Park, ... scholarship from Chiropractor and University President Carl S. Cleveland III on October 16. ...
(Date:11/24/2015)... Baltimore, M.D. (PRWEB) , ... November 24, 2015 ... ... a new award for its exceptional customer service: the TrustDale certification. The award ... experience. The Baltimore stone honing , tile and grout, and hard surface ...
(Date:11/24/2015)... Boston, MA (PRWEB) , ... November 24, 2015 , ... ... What Henry Ford and Detroit Taught Me about Reinvention and Diversity by Nancy ... , Watching people suffer, with hospitals failing to adequately address the needs of patients ...
Breaking Medicine News(10 mins):
(Date:11/24/2015)... Nov. 24, 2015 Avery Biomedical Devices (ABD), ... to announce the appointment of Anders Jonzon , ... Dr. Jonzon is a ... Children,s Hospital, Uppsala University, Uppsala and Children,s Hospital, Karolinska, ... was a fellow at the Cardiovascular Institute (UCSF). His ...
(Date:11/24/2015)... DALLAS , Nov. 24, 2015  Ascendant Solutions, Inc. ... announced that its Board of Directors has declared a special ... The stock dividend is payable December 14, 2015, to shareholders ... in the form of additional shares of common stock. ... by the Board is a strong endorsement of our confidence ...
(Date:11/24/2015)... st  Scientific Assembly and Annual Meeting of the Radiological Society of ... Chicago on Nov-29 th through Dec-4 th ... Assembly and Annual Meeting of the Radiological Society of ... on Nov-29 th through Dec-4 th , in ... its revolutionary whole body CZT digital SPECT/CT solution at the upcoming ...
Breaking Medicine Technology: