CFO Bernadette Spong: Reaching Record-High Cash Flows at Rex Healthcare
Ms. Spong — recognized by Business Leader and Triangle Business Journal for her non-profit CFO excellence — and the management team have boosted Rex Healthcare's credit profile over the years. In January, Moody's Investors Service affirmed the A1 rating on the health system's $125 million of rated debt, citing several strengths for the high rating.
Rex Healthcare, which is owned by highly-rated University of North Carolina Health Care in Chapel Hill, has sustained "strong and improved financial performance" in fiscal year 2010 and FY 2011, according to Moody's analysts. In those two years, Rex Healthcare posted a cash flow margin of 11.1 percent and 11.4 percent, respectively — the highest levels the health system has ever reached.
Ms. Spong, a certified public accountant and former controller at Rex Healthcare, serves on the boards of many local organizations, including the Elon University Love School of Business, where she earned her MBA.
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