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Fitch Affirms Boca Regional Investment Grade Bond Rating
Rating agency maintains hospital outlook as stable.
BOCA RATON, FL — Fitch Ratings today again affirmed Boca Raton Regional Hospital’s bond rating at an investment grade BBB- and maintained the Hospital outlook as stable.
In its report of March 29th, Fitch cited a number of factors in its decision to maintain its rating rationale. Included were:
- Boca Regional’s continued operational improvement of nearly $15.5 million in the last two years
- The hospital being the leader in inpatient market share in its service area
- Increasing growth initiatives and ongoing efficiency gains
- Strong philanthropic support
- Increased inpatient utilization
Fitch’s analysis stated that its stable outlook for Boca Regional reflected their belief “...in the sustainability of the significant improvements that the management team has implemented. The upward trajectory in these operational improvements, as well as the scope and reach of these changes across the organization has been impressive.”
Fitch also noted physician engagement and alignment at the Hospital as a key factor in its positive review, saying that Boca Regional recorded its highest overall mean and percentile rank for physician satisfaction since it began surveying its doctors.
“We are most gratified with Fitch’s affirmation of our continued progress,” said Jerry Fedele, President and CEO at Boca Regional. “This is a most compelling third-party validation of the efforts of our doctors, nurses, staff, philanthropists and volunteers in both securing our financial position and delivering the finest of care.”
Fitch concluded its review by suggesting that should Boca Regional continue the positive trends it has exhibited the past two years, a positive rating action may be warranted
About Boca Raton Regional Hospital
Born out of community need in 1967, Boca Raton Regional Hospital is an advanced tertiary medical center (www.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 and emergency medicine, all of which offer state-of-the-art diagnostic and imaging capabilities. The Hospital is a Joint Commission Designated Primary Stroke Center.
Boca Raton Regional Hospital is the recipient of the 2011 Distinguished Hospital for Clinical Excellence by HealthGrades, a leading independent healthcare ratings organization. This marks the seventh year in a row that the Hospital has received this national recognition. Other 2011 HealthGrades rankings include: #1 in Florida for overall cardiac services and cardiac surgery, #1 in Florida for treatment of stroke, #2 in Florida for gastrointestinal services, and #3 in Florida for gastrointestinal medical treatment. This is the second consecutive year that the Institution is ranked number one in the state of Florida for cardiac surgery. The Hospital is also the recipient the 2010/2011 HealthGrades Women’s Health Excellence Award and the 2010 HealthGrades Emergency Medicine Excellence Award.