“Despite successful implementation of several initiatives, fiscal 2023 was extremely challenging for the system, with Guthrie reporting results that were well below the prior year and budgeted expectations,” Fitch said in the note.
The four-hospital system reported a $72 million operating loss, $50 million of which was attributed to contract labor costs and other staffing issues, Fitch said.
The planned acquisition of Binghamton, N.Y.-based Our Lady of Lourdes Memorial Hospital, due to close in early 2024, may increase short-term pressure on Guthrie but is likely to be a net positive longer-term, according to the note.
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