It may not be the sexist of stories, but given the critical role the Hospital plays in our community the news release below indicating that its financial condition is very strong is excellent news.
N E W S R E L E A S E
FOR IMMEDIATE RELEASE
November 12, 2019
S&P Affirms Saratoga Hospital’s ‘A’ Rating
SARATOGA SPRINGS, N.Y., November 12, 2019—For the second year in a row, Saratoga Hospital has earned an ‘A’ rating from S&P Global Ratings, which noted the hospital’s strong, consistent operating performance, solid unrestricted reserves, growing admissions and leading market share.
S&P also cited Saratoga Hospital’s “favorable affiliation” with Albany Med. The S&P outlook for Saratoga Hospital remains “stable.”
The hospital continues to be one of the highest rated in New York state.
“The ‘A’ rating affirms the financial strength of our hospital and results in significant benefits to our community,” said Gary Foster, Saratoga Hospital vice president and chief financial officer. “We continue to be well-positioned to add the technology, talent and programs that are essential to the long-term health of the Saratoga region.”
Because A-rated bonds are more attractive to banks and other investors, Saratoga Hospital can finance capital improvements at lower interest rates. That frees more resources to invest in patient care.
The S&P report described Saratoga Hospital’s financial profile as “very strong” and pointed to its “multiyear history of producing stable financial margins and cash flow” as well as its “prudent expense management and revenue growth initiatives.” The report also noted supply-chain, purchasing and other efficiencies made possible by the hospital’s affiliation with Albany Med and Columbia Memorial Health and resulting in millions of dollars in annual savings.
Saratoga Hospital sought its first S&P rating in 2003 when issuing bonds to help finance construction of Saratoga Surgery Center on the Wilton campus. The hospital’s rating has been upgraded from ‘BBB+’ in 2003 to ‘A-’ in 2012 to ‘A’ in 2018.
About Saratoga Hospital: Saratoga Hospital is the Saratoga region’s leading healthcare provider and the only acute-care facility in Saratoga County. The hospital’s multispecialty practice, Saratoga Hospital Medical Group, provides care at more than 20 locations, ensuring easy access to programs and services that can have the greatest impact on individual and community health. Saratoga Hospital has maintained Magnet designation for nursing excellence since 2004. Through its affiliation with Columbia Memorial Health and Albany Med, Saratoga Hospital is part of the largest locally governed health system in the region. For more information: www.saratogahospital.org or www.facebook.com/SaratogaHospital.
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