Sparrow Health, a six-hospital system, has also shown operational improvement in the first quarter and is expected to sustain such improvement, S&P said in support of the CreditWatch change. System bonds were affirmed at “A-,” and the outlook is positive.
Sparrow Health saw its operating losses halved to $25.2 million in the first quarter compared with two straight quarters of $50 million operating losses.
The University of Michigan closed the acquisition of Sparrow Health April 3 to create a $7 billion joint system.
“We believe the affiliation will be accretive to Sparrow, providing brand recognition, development of strategic growth, and increased operational efficiencies,” S&P said. “However, we expect this accretion could take time, as the affiliation is still in its infancy.”
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
