Fort Lauderdale -- The North Broward Hospital District (d/b/a Broward Health) outlook has been upgraded by Standard and Poor's Global Ratings to stable. This revised outlook reflects Standard and Poor's expectation that Broward Health will continue to address operating and organizational challenges as they remain an essential healthcare provider in Broward County." Standard and Poor also cited Broward Health's solid balance sheet, unused tax millage capacity and implementation of key performance improvement measures as rationale for the upgrade.
"This is tremendous news for Broward Health," said Gino Santorio, President/CEO of Broward Health. "Our leadership team and medical staff have worked relentlessly to accelerate operational efficiencies and perform at the highest level of financial integrity and compliance, all while enhancing the quality of care to all those we serve."
In the S&P report released March 25, 2019, Broward Health was also provided a BBB+ rating. Broward Health’s “still strong balance sheet with good liquidity and financial flexibility” were stated as rationale for the improved rating.
“In the past year we have cut operational expenses by $33 million while reducing the millage rate, completing multi-million-dollar capital improvement projects at Salah Foundation Children’s Hospital and Broward Health Coral Springs,” said Alex Fernandez, Senior Vice President/CFO, Broward Health. “We are proud that S&P has recognized our efforts and noted that we continue leading in market position in a very competitive service area.”
S&P reported that Broward Health’s financial profile is “strong.” Operating performance is tracking with budget and debt levels remain light.