Healthcare Finance News: How Children's Mercy Kansas City increased its bond rating through the pandemic
By Susan Morse
The COVID-19 pandemic, followed by continued workforce and inflationary costs, has financially strained hospitals and health systems.
Children's Mercy Kansas City is no exception, but it managed to increase its credit rating, something that hasn't happened for the pediatric medical center in 24 years. In June, S&P Global Ratings increased the credit score for Children's Mercy Kansas City from A+ to AA-.
Every hospital situation is different and the market is different, according to Paul Kempinski, who has served as president and CEO of Children's Mercy Kansas City for four years.
What worked for Children's Mercy Kansas City was staying the course and following a strategic plan developed three-and-a-half years ago and implemented just as COVID-19 took hold.
"The board had just approved the strategic plan in March 2020, and four days later we went into shutdown mode," Kempinski said. "We determined the plan was still critically important for us. We needed to lead towards the future vision of the organization. It was full speed ahead, even during the pandemic."
Read the full article via Healthcare Finance News