New York and London-based rating agency, Fitch Ratings, has upgraded Mount Sinai Medical Center’s bond ratings status from stable to positive. The hospital’s recent return to profitability in 2009 is forecasted to continue into the 2010 fiscal year.
The upgrade reflects Mount Sinai’s continued improvement of operating performance and significant expense reduction. The appointments of a new chief of cardiology, Dr. Gervasio Lamas, and chief of cardiac surgery, Dr. Joseph Lamelas, have helped build a strong cardiac service line which has resulted in a sharp increases in the hospital’s cardiac surgical volume. Emergency room visits, births and inpatient admissions have also increased significantly.
Additional positive rating factors are Mount Sinai’s solid market position as the only hospital in Miami Beach, FL, the addition of experienced medical staff in other key service lines and strong community support from the hospital’s donors through its foundation.
Mount Sinai President and CEO, Steven Sonenreich, emphasizes that Mount Sinai’s donors are a critical component of its success. “Mount Sinai was established 60 years ago, with the help of visionary community leaders and philanthropists who responded to the need for a new hospital on Miami Beach. Philanthropy continues to play a major role today”, said Sonenreich.
According to Fitch Ratings, by June 30, 2010, Mount Sinai held $149.8 million of unrestricted cash and investments, equivalent to about 124 days cash on hand. The upgrade to positive from Fitch Ratings continues to reflect Mount Sinai’s improved operating performance, as also reported back in July when Moody’s Investors Services also upgraded Mount Sinai’s outlook to positive.
About Mount Sinai Medical Center
Founded in 1949, Mount Sinai Medical Center is the largest independent, private, not-for-profit teaching hospital in South Florida. Mount Sinai’s mission is to provide high quality health care to our diverse community enhanced through teaching, research, charity care and financial responsibility. Mount Sinai’s Centers of Excellence combine technology, research and academics to provide innovative and comprehensive care in Cardiology, Neurology, Oncology and Orthopaedics. One of only six statutory teaching hospitals in the state, Mount Sinai is the hospital of choice for those who seek the level of expertise and care that only a teaching hospital can offer. The medical center’s commitment to quality has garnered prestigious recognition, including designation as one of America’s Top Hospitals by U.S. News & World Report.