Moody's Upgrades Mount Sinai Medical Center's Outlook From Stable To Positive
MIAMI BEACH, Fla., May 3, 2013 /PRNewswire-USNewswire/ -- Moody's Investors Service has upgraded its investment grade ratings assigned to Mount Sinai Medical Center in Miami Beach, Florida from stable to positive. The rating outlook reflects a multi-year track record of improved financial performance and continues to reinforce the medical center's strong image as a healthcare leader.
The upgrade follows a fundamentally improved operating profile with measurable volume capture in cardiac services, including cardiac surgery procedures. The Mount Sinai Heart Institute, a partnership with New York's prestigious Columbia University, continues to be a statewide leader in cardiovascular services providing patients the most active valve program in South Florida, as well as the best heart attack survival rate in the state. Mount Sinai has also concentrated its efforts in growing other key services lines, such as neuroscience, oncology and orthopaedics. Furthermore, the organization's diversified portfolio of services includes satellite offices located in Aventura, Hialeah, Coral Gables and Key Biscayne with increased outpatient presence in those markets.
Despite the challenging healthcare economic environment, Mount Sinai increased its operating cash flow to over $50 million in each of the last three fiscal years generating positive operating income and controlled expenses. The medical center's cash on hand increased from 137 days to 179 days, or $220 million, in 2012 due to well-executed operational initiatives and revenue management.
The ratings upgrade reflects Moody's expectation that continued revenue and expense initiatives will result in solid maintenance of current operating margins and further strengthening of Mount Sinai's operating performance.
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SOURCE Mount Sinai Medical Center
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