SHC continues to have a strong credit rating, as Fitch Ratings recently rated its $475 million in revenue bonds at AA-. Fitch analysts said SHC’s operating profitability has been “robust” over the past four fiscal years, and a strong cash flow is helping the hospital system prepare for the large capital plan.
Mr. Morissette has served as SHC’s CFO since August 2007 and has helped fortify SHC’s solid financial profile. In FY 2011, SHC generated operating and operating EBIDA margins of 7.9 percent and 14.4 percent, respectively. Those are well above Fitch’s AA medians of 4.3 percent and 10.6 percent.
Before joining SHC, Mr. Morissette served for four years as senior vice president of finance and strategy at the University of Toledo (Ohio) Medical Center during the health system’s merger with the University of Toledo. Prior to that tenure, he served various executive roles at the Herman M. Finch University of Health Sciences at The Chicago Medical School for 11 years, including senior vice president and CFO.
More Articles on Hospital CFO Profiles:
CFO Scott Leckey: Tri-Athlete With a Lean Balance Sheet
CFO Joel Perlman: Building a Balanced Portfolio
CFO Kerri Ruppert Schiller: Changing the Financial Tides of CHOC Children’s
