Moody’s Investors Service has upgraded its investment grade to Baa2 from Baa3 for long-term ratings assigned to Mount Sinai Medical Center in Miami Beach, Florida. The rating outlook is stable at the higher rating level, showing a multi-year trend of improved financial performance, and continues to reinforce the medical center’s strong image as a healthcare leader.
The upgrade follows a fundamentally improved operating profile with measurable volume capture in cardiac services, such as a two percent increase in openheart procedures and a 6.5 percent increase in cardiac catheterizations. The Mount Sinai Heart Institute, a partnership with New York’s prestigious Columbia University, continues to be a statewide leader in cardiovascular services providing patients the best heart attack survival rate in Florida as well as the most active valve program. Furthermore, Mount Sinai’s diversified portfolio of services is evident in satellite offices located in Aventura, Hialeah, Coral Gables and Key Biscayne with increased outpatient presence in those markets.
Despite the challenging healthcare and economic environment, Mount Sinai has increased its operating cash flow to over $50 million, generating three consecutive years of positive operating income and controlled expenses. The medical center has 137 days cash on hand due to revenue management and stronger operating performances. The outlook rating reflects Moody’s expectation that continued revenue and expense initiatives will result in solid maintenance of current operating margins and further strengthening of Mount Sinai’s operating performance.
