The cash flow losses are largely due to elevated labor and supply costs as well as lower revenue cycle management capabilities following the implementation of a new billing system, Moody’s said. The “Caa1” rating is categorized as “substantial risk.”
Operating performance is not expected to reach breakeven level anytime soon.
“Mercy has continued to face challenges in securing a long-term strategic partner, high management turnover, and inability to achieve lasting performance improvement,” the research note said.
Mercy Iowa City retained consultants Insight Health Partners in February after breaching debt coverage requirements.
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