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(Chillicothe) – A key measure of Adena Health System’s financial strength was reaffirmed this week, demonstrating both its ability to remain fiscally responsible while providing quality care during a pandemic, and its ability to execute on strategic plans that will continue to expand access to health care providers and services across the nine counties it serves.
That reaffirmation of Adena’s long-range credit rating came from nationwide credit rating agency S&P Global Ratings, which assigned the Health System an A- rating with stable outlook.
S&P Global Ratings reported its rating “reflects Adena’s healthy financial performance in fiscal 2021 and fiscal 2020 as Adena continued to operate through a period of elevated capital spending, enterprise growth, and pandemic challenges. The rating also reflects management’s execution on its strategy of strengthening its brand, growing its medical staff, and expanding its local and regional partnerships.”
“To have our rating and outlook reaffirmed might sound a little ho-hum, but it is really a big deal,” explained Adena Chief Financial Officer Lisa Carlson. “The health care industry has been under a lot of pressure over of last couple of years through the pandemic, so to maintain our rating position represents we are doing what is best for our patients while at the same time doing what is fiscally best for the organization.”
Adena was cited for its year-over-year growth, which over the last year included the addition of Adena Fayette Medical Center in Washington Court House, the on-time and on-budget opening of the Adena Orthopedic and Spine Institute in Chillicothe, and successful recruitment into its medical group expanding health care services across the region.
Adena President & CEO Jeff Graham added, “I have been proud of our physicians, advanced practice providers, leaders and caregivers at every turn throughout the pandemic for their execution and response to safely care for our communities and each other while at the same time putting our Health System in a position to be as strong as ever, as reflected in this rating. Having local health care that is invested in its people and communities has been the foundation of what Adena represents now and into the future.”