The upgrade reflects materially improved operating performance following Memorial Hospital’s turnaround initiatives that began in 2022, according to an Aug. 9 report from Fitch. The initiatives restored profitable operations for fiscal year 2023 and are expected to continue to improve over time.
The hospital implemented more than $80 million in operating performance improvements over the last two fiscal years, including labor, revenue cycle, and supply expense reductions, as well as increased patient volumes and improved throughput, according to the report.
Memorial Hospital has a stable outlook with Fitch.
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