CFO Terry Steele: Holding Steady at Holland Hospital
Holland (Mich.) Hospital CFO Terry Steele can be proud of his hospital's financial performance. Moody's Investors Service assigned an "A2" rating on the 189-bed hospital's $37 million in bonds and affirmed the same rating on another $42.2 million in revenue certificates.
Holland Hospital holds a 60 percent market share in its area despite the acquisition of its competitor, Zeeland Community Hospital, by Spectrum Health a year ago. Its strong market presence has helped the hospital continue its strong operating performance, posting a 10 percent margin through eight months of fiscal year 2013, which followed a dozen years of operating margins ranging from 9.8 percent to as high as 15.3 percent.
Mr. Steele's balance sheet looks strong with 322 days of cash on hand as of Nov. 30, 2012. For seven straight years, Holland Hospital also has been included on the Thomson Reuters 100 Top Hospitals list.
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