The downgrade to Ba1 reflects Northern Hospital District of Surry County's (NHSC) material decline in operating performance in fiscal 2022, resulting in negative operating cash flow and our expectation that financial performance will remain weak in 2023. We expect that the organization's debt service coverage will be thin this year and next. Weak operating performance is attributable to elevated expense pressures resulting from an electronic record implementation, labor shortages, and inflation.
The 'A-' rating reflects PHH's leading inpatient market share and normally sound operating performance. Operating results are expected to improve over the medium term, as PHH continues to implement its growth and efficiency strategies across the system, which includes the recent acquisition of Highlands Hospital in Connellsville and the opening of a micro hospital in State College in 2024.
The CDC signed off Wednesday on the use of updated COVID-19 boosters for children as young as 5. Earlier in the day, the FDA expanded the shots' emergency use authorization to include this age group.
Folx Health, which offers virtual healthcare services for the LGBTQ+ community, raised $30 million in a Series B funding round led by 7wireVentures. The investment will also go toward scaling Folx's new employer offering, building customer support teams and working toward accepting insurance coverage.
CLEVELAND — Citing financial concerns stemming from the COVID-19 pandemic, University Hospitals has announced that it will be laying off 117 administrative employees and eliminating another 326 unfilled administrative positions.
Managed detection and response services let healthcare organizations with a limited IT workforce leave cybersecurity threat monitoring and mitigation to the experts so staff can focus on efforts closer to home.