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.
This marks the second time in 12 months that both Fitch and S&P have
raised the Hospital’s credit rating.
In issuing their latest upgrades, Fitch and S&P noted a number of
important factors that supported their respective decisions. They include:
- The Hospital’s market position in southern Palm Beach County
- Increase in inpatient market share
- Strong financial performance for the fiscal year ended June 30th 2015
- Robust philanthropic support of the Hospital
- Expanding service area with a resultant mitigation of seasonal variation
in utilization
- Diversification of patient base
- Successful execution of strategic plan with focus on centers of excellence
- Key service line and programmatic growth
“We are extremely gratified to have earned these upgrades in our
credit rating,” commented Jerry Fedele, President and CEO at Boca
Regional. “To have two successive improvements from both rating
agencies is strong testimony to the success we are realizing across our
enterprise.”
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 and market presence can also be seen in such indicators
as our numerous national accolades for quality of care, cutting-edge technology
and physician expertise,” he said.
With the recent openings of the new, $52 million Marcus Neuroscience Institute
and $22 million Christine E. Lynn Women’s Health & Wellness
Institute and ground broken for the new Gloria Drummond Physical Rehabilitation
Institute, 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
are serving to make Boca Regional even more formidable in its capabilities.
With extraordinary philanthropic support and improved operating performance,
the last four 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 10 years running 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 in
U.S. News & World Report’s
2015–2016 Best Hospitals listing as a top-ranked hospital in the
South Florida metropolitan area for the fourth time in the last five years.
Media Contact:
Thomas Chakurda, 561.955.3586
Vice President, Marketing
tchakurda@brrh.com