Concord Township, OH, September 6, 2012 - Moody's Investors Service has upgraded Lake Health's revenue bond rating from Baa1 to A3, citing Lake Health's leading and growing market share, consistently strong operating margins, and volume growth.
"At a time when many other hospitals around the country are struggling, this is tremendous news for Lake Health," said Cynthia Moore-Hardy, president and CEO of Lake Health. "This decision allows us access to lower interest rates on borrowed money, saving hundreds of thousands of dollars annually, while reinvesting in the health of our community."
In its decision to upgrade the bond rating, Moody's cited several key factors, including successful financial performance over the past five years, strong operating margins and positive growth in patient volume, especially in Lake County, compared with recent area-wide declines in admissions. In fact, the number of Lake County residents who sought care from Lake Health grew 3% since 2007.
"We're pleased that Moody's continues to have confidence in our operations," said Ms. Moore-Hardy. "This is particularly true because financial challenges continue to grow for hospitals."
About Lake Health
For ten consecutive years NorthCoast 99 has named Lake Health one of the 99 Best Places to work in Northeast Ohio. Dedicated to redefining health care in Northeast Ohio, Lake Health provides patient- and family-centered care that promotes a lifetime of health and wellness. Lake Health delivers progressive, compassionate health care through 15 state-of-the-art facilities staffed by more than 500 physicians and 2,700 health care professionals. To learn more, visit www.lakehealth.org or follow @LakeHealth on Twitter.