CFO Gary Foster: Improving the Balance Sheet at Saratoga Hospital
Gary Foster, CFO of Saratoga Hospital in Saratoga Springs, N.Y., has been with the organization since 1994, and through his and others' efforts, the hospital has improved its balance sheet and general credit rating.
Yesterday, Standard & Poor's Ratings Service raised its long-term rating on Saratoga Hospital's revenue bonds from "BBB+" to "A-" thanks in part to the executive finance team. "The upgrade reflects Standard & Poor's assessment of Saratoga Hospital's improved balance sheet over the past few years…and the hospital's history of generating what Standard & Poor's considers solid and consistent operating income, generating good coverage and growing outpatient volume," according to S&P's report.
Mr. Foster oversees all of the hospital's financial initiatives, and the hospital's improved liquidity was one of the major factors in S&P's upgrade. At the end of fiscal year 2011, Saratoga Hospital recorded $82.6 million in unrestricted cash, or 161 days cash on hand — an increase from $69 million and 142 days cash on hand at the end of FY 2010.
Mr. Foster has spent his entire professional career in New York. Before joining Saratoga Hospital, he worked at Columbia Memorial Hospital in Hudson, and he also worked as an accountant with KPMG in Albany. Mr. Foster received his bachelor's in accounting from the State University of New York at Albany and is part of the New York State Society of Certified Public Accountants.
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