CFO Warren Forgey: Forging Finances Ahead at Schneck Medical Center
Located 60 miles south of Indianapolis, Schneck may be in a small pond, but its excellent debt service, cash reserves and dominant market share make it a pretty big fish. Licensed for 166 beds, the county-owned hospital commands 67 percent of the market in its primary service area.
S&P upgraded Schneck's credit rating from "A-" to "A" in March last year, and Fitch affirmed its "A" rating of the hospital in November. Through the first nine months of fiscal year 2012, Mr. Forgey and the hospital recorded $121.6 million of unrestricted cash and investments, amounting to a whopping 488 days cash on hand and a 250 percent cash-to-debt ratio.
Mr. Forgey joined the hospital as assistant controller in 1992 and has been its CFO since 1996. Before Schneck, he was a financial analyst for Bloomington Hospital in Indiana since 1976.
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