Adena Health System’s financial profile has been given a boost by Wall Street Financial Rating Service Standard & Poor’s (S&P). Following its annual analysis, S&P has revised Adena’s financial outlook from an ‘A- negative’ to an ‘A- stable.’
“The outlook revision reflects our opinion of the System’s improved operating performance in fiscal 2014, with continue improvement through the first six months of fiscal 2015,” the S&P report states.
The reviewers assessed Adena’s financial profile as “strong, characterized by its sound balance sheet with ample liquidity and decreasing debt.”
“We strive to be good stewards of Adena funds, in order to provide our patients with the most up-to-date services, when and where they need them,” said Adena’s Chief Financial Officer Robert Rosenberger. “Having Standard & Poor’s affirm the hard work and planning we have undertaken to achieve this progress to date is evidence that we are on the right track; and is a great incentive to continue on a path of sound decision-making and efficiency.”
Adena President & CEO Mark Shuter added, “The increasing confidence of the Wall Street rating servicers, like S&P, tells us we are making a lot of good decisions that are having a positive impact. A financially strong Adena is good for our patients, our caregivers, and the organization. It is also extremely important for the health and vitality of the region, as we create and retain good jobs within those communities we serve.”
Standard & Poor’s upgrade to a “stable” outlook reflects the organization’s expectation that “Adena’s expense management efforts, physician recruitment, and management plans will likely allow it to improve operating results closer to historic levels.”