Fitch Ratings Once Again Upgrades Miami Beach's Mount Sinai Medical Center
MIAMI BEACH, Fla., Aug. 3, 2012 /PRNewswire-USNewswire/ -- New York-based rating agency Fitch Ratings has upgraded Mount Sinai Medical Center's bond ratings status from BBB- to BBB. Over the past few years, Mount Sinai has continued to generate increased, positive revenues and effectively manage expenses year after year.
The upgrade reflects Mount Sinai's continued improvement of operating performance and significant expense reduction while expanding into multiple locations, including satellite offices in Hialeah, Coral Gables, Aventura and Key Biscayne.
The Mount Sinai Heart Institute has developed into one of the state's strongest cardiovascular service lines, which has resulted in continued strong performance of the hospital's cardiac surgical volume. Mount Sinai has the best cardiac surgery survival rate in Florida among institutions that perform the highest volume of complex procedures, captures the largest market share of valve surgeries in Florida, and has the best heart attack survival rate in the state, according to the Centers for Medicare and Medicaid Services' Hospital Compare data. In addition, births and emergency department visits have continually increased over the last several years.
Additional positive rating factors are Mount Sinai's solid market position as the only hospital on Miami Beach and one of a select few statutory teaching hospitals in the state of Florida. Mount Sinai's outstanding medical staff provides award-winning care in its centers of excellence, including cardiology, cancer, and neuroscience. The medical center's ongoing recruitment of high quality, experienced medical staff and its strong community support from donors also made a positive impact on its rating upgrade.
Steven D. Sonenreich, Mount Sinai's President and CEO, attributes the medical center's success to the board of trustees, its donors and medical staff who embrace the hospital's mission. "Mount Sinai was established 60 years ago, with the help of visionary community leaders who responded to the need for a new hospital on Miami Beach," Sonenreich said. "Philanthropy continues to play a role today as does our focus on delivering results-driven academic care that is both high quality and cost efficient."
According to Fitch Ratings, by June 30, 2012, Mount Sinai held $186.6 million of unrestricted cash and investments, equivalent to about 154 days cash on hand – an increase of 63 days since 2008. The upgrade from Fitch Ratings continues to reflect Mount Sinai's improved operating performance, as also reported back in March when Moody's Investors Services upgraded Mount Sinai's outlook to stable at a higher-level rating.
Additional information about Mount Sinai Medical Center in Miami Beach, Florida is available at www.msmc.com.
SOURCE Mount Sinai Medical Center