The outlook and ratings refer to both the healthcare system and the university’s academic sector.
Thomas Jefferson is pausing future acquisitions as it seeks to find cost savings of approximately $300 million, according to the research note. Recent transactions have included the 2021 purchase of Temple University Health System’s 50 percent stake in what is now called Jefferson Health Plans.
The system, which operates 18 hospitals, competes with large health systems such as Penn Medicine and Temple University Health, both also based in Philadelphia, and Livonia, Mich.-based Trinity Health, among others. It has the top market share in all key service lines, S&P said.
Management is predicting an $80 million operating loss for fiscal 2023.
“Management’s ability to translate the system’s enterprise profile strengths into improved financial performance will be important for future rating stability,” S&P said.
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