Helping the 3-hospital, 529-bed system earn an ̎AA- ̎ rating were the following factors:
• UCMC’s new $700 million hospital pavilion project is on time and within budget, expected to be open in Jan. 2013.
• Liquidity is strong, with $862 million of unrestricted cash or 317 days cash on hand at June 30, 2010. Fitch’s ‘AA’ category median for days cash on hand is 215.
• UCMC’s saw outstanding fiscal performance in 2010, exceeding projections despite a decline in admissions. Total revenue for the 2010 fiscal year ended June 30 and was $1.2 billion.
UCMC’s increasing debt burden is Fitch’s main credit concern. The anticipated debt burden will be somewhat high for the ̎AA- ̎ category, especially after 2011 issuance. After the new pavilion opens, total debt is expected to be $848 million.
Read the Fitch release on University of Chicago Medical Center.
Read about other Top 30 Hospitals:
–Study: Distressed Surgeons Don’t Want Schedule Restrictions
–UCSF Breaks Ground on $1.5B Medical Center at Mission Bay
–Duke’s School of Medicine Receives $17.2M Gift
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
