EMHS

S&P’s Bond Rating and Outlook for EMHS is Positive - EMHS long-term rating affirmed

4/14/2015
A report by Standard & Poor’s Rating Services affirms a BBB long-term rating, and notes that the outlook for EMHS is positive. The S&P report provides a current financial assessment of EMHS as well as a perspective of the organization’s future financial outlook.

Derrick Hollings, EMHS senior vice president and chief financial officer, says the S&P report, released this month, affirmed its BBB long-term rating on the $143.7 million series 2013 bonds issued by the Maine Health and Higher Educational Facilities Authority for the Eastern Maine Medical Center Obligated Group, a component of EMHS. The report highlights the strengths and threats to EMHS’ credit rating, which includes the October 2013 acquisition of Mercy Hospital in Portland, Maine, and Eastern Maine Medical Center’s in-patient modernization project. The report noted that, “A higher rating is possible once the initial phase of the EMMC project is successfully opened and occupied.”

EMMC plays a critical regional role in healthcare delivery; with thousands of Mainers relying on EMMC for primary, specialty, and acute care. On any given day, about half of the medical center’s inpatients come from outside the primary service area. The S&P report also recognizes EMMC’s strength in the market, as well as EMHS’ increasing geographic footprint with Mercy Hospital joining the system in 2013; the establishment of EMHS’ Pioneer accountable care organization, Beacon Health in 2012; and the work this year to bring Maine Coast Memorial Hospital into the system as the ninth hospital.

M. Michelle Hood, FACHE, president and CEO of EMHS says the S&P report is encouraging. “We are pleased by Standard and Poor’s assessment of EMHS’ financial outlook. We are dedicated to the Triple Aim of healthcare (an excellent experience for our patients, improving the health of our communities, and lowering the cost of care) and it is encouraging to receive such a positive report. As the report correctly notes, EMHS has financial, operational, and service delivery strategies in place that are designed to continue positive momentum and ensure a strong system is in place to best serve our Maine communities.”

Click here to read the full report can be found on the EMHS website.

 

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