York, Pa., Dec. 17, 2024 (GLOBE NEWSWIRE) -- WellSpan Health today announced that Moody’s Investors Service has once again affirmed the health care system’s bond ratings as stable, recognizing its leading position in central Pennsylvania. Moody's affirmed the Aa3, Aa3/VMIG 1 revenue bonds, and P-1 commercial paper ratings.
“Bond ratings are a vital measure of our financial health. Strong ratings are essential as we invest in our facilities, technology and people to advance our mission, and our community at large,” said Laura Buczkowski, executive vice president and chief financial officer, WellSpan Health. “This is yet another assessment that reinforces WellSpan as being exceptionally well-positioned to support and enhance our delivery of exceptional care at the lowest cost to patients while investing in the community.”
In addition to its leading market position and strong volume trends, Moody's Investor Services noted WellSpan’s strong financial health is expected to continue to improve this upcoming year as the company has showcased its reliability and stable investment to lenders despite economic fluctuations.
Recently, Fitch Ratings, another credit rating organization that provides financial research on bonds and other debt securities to help illustrate an organization’s financial well-being, also issued a stable outlook for WellSpan Health’s AA- bond rating, pointing to “WellSpan’s strong financial profile that is expected to be sustained even through a stress scenario” and despite the ongoing challenges facing the health care industry.
“Despite these turbulent economic times, both Moody’s and Fitch’s assessments reinforce WellSpan’s ability to optimize our care as an industry leader for financial performance and stewardship among our peers,” said Roxanna Gapstur, Ph.D., R.N., president and CEO, WellSpan Health. “We are focused on operational excellence, while being fiscally responsible and making strategic investments to enhance care for our patients. Our teams consistently work to transform today’s health care system to exceed the expectations of our patients and communities.”
WellSpan’s ongoing strategic partnerships with Hippocratic AI, Zipline, AiDoc, Emerus, General Catalyst, Truveta, Helix, Nuance and CRDC USA, among others, highlight the organization’s commitment to innovative approaches and vision to reimagine health care.
To meet the rapidly growing demand for health care services across central Pennsylvania, WellSpan has invested in critical infrastructure projects such as building three new neighborhood hospitals in Shrewsbury, Newberry and Carlisle; and expanding access to care in Lancaster County with a new ambulatory surgical center. WellSpan is strategically investing in WellSpan York Hospital as the tertiary and complex care center of choice in central Pennsylvania. Efforts to incorporate sustainable solutions while keeping the majority of contracting work local have been successful in bringing new jobs to communities across the region.
In addition, earlier this year WellSpan welcomed Evangelical Community Hospital into its network, keeping high-quality, community-based care at the forefront serving central Pennsylvania. With this addition to the team, WellSpan now boasts 23,000 strong, with 2,500 providers across more than 250 locations and nine award-winning hospitals.
To continue to fuel the pipeline for health care professionals, WellSpan recently signed a memorandum of understanding with Temple University’s Lewis Katz School of Medicine to establish a new regional medical school campus in York County. In addition, the new Jersey College’s School of Nursing at WellSpan now offers an associate degree in nursing to address the national nursing shortage. Additionally, WellSpan is building new residency programs across various specialties to educate the next generation of medical providers.
WellSpan is committed to the communities it serves and works to make health care accessible by addressing barriers to care such as language and cultural resources, expanding telehealth opportunities, extending financial assistance for eligible patients, and collaborating with partners to bring such support directly to the community. In the last year, WellSpan had more than a $5 billion economic impact on the central Pennsylvania region with more than $400 million in community benefit as noted in its annual Community Benefit Report.
To learn more about WellSpan’s continued growth and community contributions, visit www.WellSpan.org/News.
