CFO David Kirshner: Instilling High-Quality Credit at Boston Children's Hospital
Earlier in May, Moody's Investors Service affirmed Boston Children's Aa2 debt rating — the third-highest possible rating from Moody's and a signal the hospital has very low credit risk and has the means to repay short-term debt.
Mr. Kirshner has positioned Boston Children's, one of the largest pediatric academic medical centers and a teaching hospital for the Harvard Medical School, into an "excellent" market position, according to Moody's analysts. In addition, Mr. Kirshner and the financial team lead a strong balance sheet with more than $2 billion of unrestricted cash and investments, a 327 percent cash-to-debt ratio and 654 days cash on hand — figures that few other general acute-care or children's hospitals can match.
Moody's also said Boston Children's defined benefit pension plans are "relatively well-funded" with only $30.9 million in pension liabilities at the end of fiscal year 2011.
Prior to joining Boston Children's, Mr. Kirshner was the treasurer and CFO of Winchester Healthcare Management, the parent organization of Winchester (Mass.) Hospital for five years, and he also was vice president of finance at Anna Jaques Hospital in Newburyport, Mass.
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