York, Pa., Oct. 03, 2023 (GLOBE NEWSWIRE) -- Affirmed by Moody’s Investor Services (Moody’s) and Fitch Ratings, WellSpan Health today announced stable bond ratings, maintaining a leading position in South Central Pennsylvania and allowing the health system to continue providing the highest quality care at the lowest cost to patients.
Moody’s Investor Services and Fitch Ratings, credit rating businesses that provide financial research on bonds and other debt securities to help illustrate an organization’s financial wellbeing, have issued a stable outlook for WellSpan Health’s bond rating, pointing to ‘WellSpan’s strong financial profile and its leading market position in a favorable service area’ as reasoning to affirm the health system’s rating, despite the ongoing challenges facing the healthcare industry and economy at large. Moody’s affirmed the “Aa3” and “Aa3/VMIG 1 revenue bonds” rating for the third year in a row while Fitch affirmed their AA- rating.
“The continued efforts to maintain our health system’s financial performance is affirmed through these bond ratings and attests to WellSpan’s leading position in South Central Pennsylvania,” said Laura Buczkowski, executive vice president and chief financial officer, WellSpan Health. “Despite these turbulent economic times, Moody’s and Fitch’s assessments reinforce WellSpan as being exceptionally well-positioned among our peers to optimize our care performance while providing the best quality, experience, and lowest cost for our patients.”
The Fitch report details that despite operating performance softening in recent years due to challenges facing the industry, management at WellSpan has a track record of producing solid operating results with performance expected to improve to levels more consistent with historical trends for the health system.
“While being fiscally responsible and making strategic investments to enhance care for our patients, we continue to disrupt and transform today’s healthcare system to exceed the expectations of our patients,” said Roxanna Gapstur, Ph.D., R.N., president and chief executive officer, WellSpan Health. “The entire WellSpan team of 20,000 play an active role in driving our outstanding clinical performance and wise stewardship of resources.”
WellSpan’s recent and ongoing partnerships with Emerus, General Catalyst, Rite Aid, Truveta, Helix, Nuance and CRDC USA, among others, highlight the organization’s commitment to innovative approaches and vision to reimagine healthcare. To meet the rapidly growing demand for health care services across South Central Pennsylvania, WellSpan has continued investments in critical infrastructure projects such as a building three new neighborhood hospitals and expanding access to care in Lancaster County by building a new ambulatory surgical center and a new outpatient endoscopy center while expanding digestive health services. WellSpan continues to enhance existing infrastructure as well, including the continued expansion at WellSpan York Hospital using sustainable solutions, and expanding services such as the organization’s comprehensive behavioral health network demonstrate a focus on supporting the health of area communities.
WellSpan is committed to the communities it serves and is always working to make health care accessible by addressing barriers to care like 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 fiscal year alone, WellSpan distributed $312.8 million to the community and $1.4 million directly through community partnership grants, as noted in the annual Community Benefit Report.
To learn more about WellSpan’s continued growth and community contributions, visit www.WellSpan.org/News.
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