In its statement on the closure, Wellstar said financial losses were driving its decision to close Atlanta Medical Center’s doors, citing a $107 million loss in a period of a year. The news of the closure of the downtown institution on Boulevard came as a surprise, shocking community members, politicians and staff members alike.
An attack in the healthcare sector is more likely to result in financial consequences. 32% of respondents from other industries report that an attack had no impact on their business, while only 14% of healthcare organizations say the same. Unplanned expenses to cover security gaps and compliance fines are the most common types of damage that the healthcare sector faces due to a cyberattack.
The affirmation of the 'A-' ratings reflects HRHS' maintenance of adequate cash flow and a strong overall leverage profile characterized by total adjusted debt that remains below both unrestricted cash and investments and the healthcare system's annual revenue base. The Negative Outlook reflects uncertainty around capital spending and the potential issuance of new debt to address infrastructure issues at the system's main campus and expand inpatient/outpatient capacity.
The biggest threats to the affordability of employer-provided health coverage are drug prices, high-cost claims, and hospital prices, according to a survey of employers released Wednesday.
The 'A' rating reflects TGH's variable but generally solid operating performance despite disruptions related to the pandemic, while also undergoing a major construction and renovation project. While fiscal 2022 will be more challenged due to macro labor and inflationary pressures, Fitch believes that TGH is well positioned for improved operating margins over the next two years as the projects are expected to be accretive to TGH's operating performance.