Officials at Boca Raton Regional Hospital today announced that both Fitch
Ratings and Standard & Poor’s Ratings Services (S&P) have
raised the Hospital’s investment grade credit rating from BBB- to
BBB. Concurrently, both Fitch and S&P gave the Hospital a “Stable”
ratings outlook.
In issuing the upgrades, Fitch and S&P noted a number of important
factors that supported their respective decisions. They include:
- The Hospital’s strong market position in southern Palm Beach County
- Improving operating performance, especially in the last two fiscal years
- Strong philanthropic support of the Hospital
- Expanding service area and strategic partnerships that have increased utilization
- Key service line and programmatic growth
- Continuing physician recruitment
“We are extremely gratified to have earned these upgrades in our
credit rating,” commented Jerry Fedele, President and CEO at Boca
Regional. “To have both rating agencies issue an upgrade is a credible
reflection of the progress we have made in securing the financial health
of the institution and positioning it for success — now and in the
future.”
Fedele stressed, however, that Boca Regional’s achievements are
not limited to those seen on a balance sheet. “Evidence of the Hospital’s
growing vitality can also be measured by such indicators as our numerous
national accolades for quality of care, cutting-edge technology and physician
expertise,” he said.
With the opening of the new, $52 million Marcus Neuroscience Institute
this fall, the completion of a new $22 million Christine E. Lynn Women’s
Health & Wellness Institute in the summer of 2015 and design for a
new Gloria Drummond Rehabilitation Center in the planning stages, the
campus of Boca Regional is undergoing a major transformation. The Hospital
has also structured significant alliances with such organizations as North
Shore-LIJ Health System and the Moffitt Oncology Network that will serve
to make Boca Regional even more formidable in its capabilities.
With extraordinary philanthropic support and improved operating performance,
the last three years have seen the Hospital embark on a vigorous plan
to expand services and invest in its clinical offerings — all of
which have contributed materially to its growth in patient volumes. Notable
examples of this include: the first hybrid operating room in Palm Beach
County; the development of the Irving and Barbara C. Gutin Center for
Robotic Surgery, which is now the busiest program in Palm Beach County;
a newly renovated, state-of-the-art Wold Family Center for Emergency Medicine
and the introduction of the Morgan Pressel Center for Cancer Genetics.
“By any metric, financial or operational, Boca Raton Regional Hospital
has made tremendous strides,” noted Fedele. “Both the S&P
and Fitch analyses recognize this, and their upgrades of our credit rating
are a strong validation of the efforts we have made.”
About Boca Raton Regional Hospital – Advancing the boundaries of medicine.
Boca Raton Regional Hospital is an advanced, tertiary medical center (BRRH.com) with 400 beds and more than 800 primary and specialty physicians on staff.
The Hospital is a recognized leader in oncology, cardiovascular disease
and surgery, minimally invasive surgery, orthopedics, women’s health,
emergency medicine and the neurosciences, all of which offer state-of-the-art
diagnostic and imaging capabilities. The Hospital is a designated Comprehensive
Stroke Center by the Florida Agency for Health Care Administration (AHCA).
Boca Raton Regional Hospital is the recipient of the 2014 Distinguished
Hospital Award for Clinical Excellence™ for the 10th year in a row
and was named one of America’s 50 Best Hospitals in 2011, 2012,
2013 and 2014, both by Healthgrades®. Boca Raton Regional Hospital
was also recognized for the third consecutive year in U.S. News &
World Report’s 2013–2014 Best Hospitals listing as a top-ranked
hospital in the South Florida metropolitan area.
Media Contact:
Thomas Chakurda, 561.955.3586
Vice President, Marketing
tchakurda@brrh.com