Tuesday, September 06, 2011
Standard & Poor’s Affirms Strong Bond Ratings for Broward Health
Standard & Poor’s has affirmed its AAA/A-1+ long term rating and an underlying A rating for the North Broward Hospital District, also known as Broward Health. The outlook remains positive.
The rating “reflects an overall financial profile that we consider sound, but remains highly dependant on tax revenue and disproportionate share funding to support its sizeable community benefits cost, which stems from its role as a safety net provider,” according to the S&P report. The rating also is supported by a strong balance sheet with a good business position.
Broward Health’s strong position in a highly competitive market, 36% primary market share in fiscal 2010, is up slightly over prior years. Inpatient admissions, outpatient visits, emergency department visits, clinic visits, as well as inpatient and outpatient surgeries all showed increases in each of the last two years.
“We have improved our overall financial standing through strategic planning and the execution of our business model,” said Frank Nask, President and CEO of Broward Health. “The rating shows a high level of confidence that we will sustain the financial improvements we’ve realized over the past few years.”
Broward Health, providing service for more than 50 years, is a nationally recognized system offering world class health care services to our neighbors in South Florida. Broward Health includes Broward General Medical Center, North Broward Medical Center, Imperial Point Medical Center, Coral Springs Medical Center, Chris Evert Children’s Hospital, Broward Health Weston and more than 30 facilities of the Community Health Services and Broward Health Physician Group. For more information visit, www.browardhealth.org.