From The Desk Of Roundup Newswires Publisher / Editor Brian Harrod......
BAILOUT NEEDED: Liquidity is extremely thin, at St. John's Riverside Hospital, with just over 6 days' cash on hand and the Yonkers Industrial Development Agency might get left holding the bag
GETTING WORSE: Standard & Poor downgraded Yonkers’ St. John’s Riverside Hospital’s revenue debt to “CCC+” from “B-,” due to the hospital’s continuing operating losses.
FOR IMMEDIATE RELEASE: S&P Global Ratings lowered its rating to ‘CCC+’ from ‘B-‘ on Yonkers Industrial Development Agency, N.Y.’s existing revenue debt issued for St. John’s Riverside Hospital (SJRH).
PRESS RELEASE: The outlook for St. John's Riverside Hospital is negative.
GETTING WORSE: Standard & Poor downgraded Yonkers’ St. John’s Riverside Hospital’s revenue debt to “CCC+” from “B-,” due to the hospital’s continuing operating losses.
FOR IMMEDIATE RELEASE: S&P Global Ratings lowered its rating to ‘CCC+’ from ‘B-‘ on Yonkers Industrial Development Agency, N.Y.’s existing revenue debt issued for St. John’s Riverside Hospital (SJRH).
PRESS RELEASE: The outlook for St. John's Riverside Hospital is negative.
YONKERS: St. John's Riverside Hospital’s ‘CCC+’ rating and negative outlook reflect Standard & Poor’s view of SJRH’s extremely weak financial profile underlined
S&P listed St. John's Riverside Hospital’s persistent operating losses, extremely weak maximum annual debt service (MADS) coverage, and highly leveraged balance sheet that continues to deteriorate as factors in its further downgrade of the Yonkers healthcare provider.
S&P Global Ratings credit analyst #AamnaShah said, “In addition, liquidity is extremely thin, with just over 6 days’ cash on hand in fiscal 2018.”
S&P listed St. John's Riverside Hospital’s persistent operating losses, extremely weak maximum annual debt service (MADS) coverage, and highly leveraged balance sheet that continues to deteriorate as factors in its further downgrade of the Yonkers healthcare provider.
S&P Global Ratings credit analyst #AamnaShah said, “In addition, liquidity is extremely thin, with just over 6 days’ cash on hand in fiscal 2018.”
An even lower rating is precluded at this time due to a pending $29 million NY Statewide Healthcare Facility Transformation grant award that management indicates will be used to retire its outstanding debt obligations.
St John's Hospital management anticipates the funding will be received in December 2019; however, if the funds to retire existing debt are not received, it is S&P’s opinion that the hospital’s financial commitments appear to be unsustainable in the long term, although the issuer may not face a near term (within 12 months) credit or payment crisis.
St John's Hospital management anticipates the funding will be received in December 2019; however, if the funds to retire existing debt are not received, it is S&P’s opinion that the hospital’s financial commitments appear to be unsustainable in the long term, although the issuer may not face a near term (within 12 months) credit or payment crisis.
In August 2018, the hospital’s Board of Trustees approved of a resolution to begin negotiations to formally integrate into Montefiore Health System (Montefiore).
Management has indicated that SJRH is working with #Montefiore to discuss terms to execute on a letter of intent to join Montefiore.
There is still some uncertainty regarding timing; however, management has indicated that a formal affiliation could be possible in 2020.
S&P views the potential integration favorably as the partnership should bring synergies from both a financial and strategic perspective.....
https://yonkersnewswire.com/
In an effort to patch the hole, Cuomo is considering slashing payments to hospitals and nursing homes in the current budget and perhaps next year.
Savings may include across the board reductions in rates paid to providers and health plans, reductions in discretionary payments, and other actions that can be executed administratively in the current fiscal year,” the state Division of Budget in its mid-year budget report reads.
This is Governor Andrew Cuomo's biggest budget shortfall since he came into office in 2011 and there probably not be a state bailout for St. St. John's Riverside Hospital.
St. John's Riverside Hospital was already in trouble after Gov. Andrew Cuomo pushed off a $1.7 billion Medicaid bill in March 2019 into 2020, which made it grow into the $4 billion.
NY POST OPINION: Gov. Andrew Cuomo’s AWOL in saying what he’ll do about New York’s huge Medicaid problem
The Cuomo administration has admitted there is a “structural imbalance” in its massive Medicaid budget, which means the Empire State’s biggest single government program is spending beyond its means.
So, what does Gov. Andrew Cuomo plan to do about it? Some hint of the answer might be forthcoming in a midyear financial update — whenever, that is, Cuomo gets around to issuing one as required by law.
That report is now two weeks overdue.
Meanwhile, the Medicaid cost overrun points to a broader budget problem: With the economy and tax receipts still growing in line with projections, for the first time in nearly three decades, New York has an operating deficit not caused by an economic downturn..... https://nypost.com/2019/11/13/
Management has indicated that SJRH is working with #Montefiore to discuss terms to execute on a letter of intent to join Montefiore.
There is still some uncertainty regarding timing; however, management has indicated that a formal affiliation could be possible in 2020.
S&P views the potential integration favorably as the partnership should bring synergies from both a financial and strategic perspective.....
https://yonkersnewswire.com/
In an effort to patch the hole, Cuomo is considering slashing payments to hospitals and nursing homes in the current budget and perhaps next year.
Savings may include across the board reductions in rates paid to providers and health plans, reductions in discretionary payments, and other actions that can be executed administratively in the current fiscal year,” the state Division of Budget in its mid-year budget report reads.
This is Governor Andrew Cuomo's biggest budget shortfall since he came into office in 2011 and there probably not be a state bailout for St. St. John's Riverside Hospital.
St. John's Riverside Hospital was already in trouble after Gov. Andrew Cuomo pushed off a $1.7 billion Medicaid bill in March 2019 into 2020, which made it grow into the $4 billion.
NY POST OPINION: Gov. Andrew Cuomo’s AWOL in saying what he’ll do about New York’s huge Medicaid problem
The Cuomo administration has admitted there is a “structural imbalance” in its massive Medicaid budget, which means the Empire State’s biggest single government program is spending beyond its means.
So, what does Gov. Andrew Cuomo plan to do about it? Some hint of the answer might be forthcoming in a midyear financial update — whenever, that is, Cuomo gets around to issuing one as required by law.
That report is now two weeks overdue.
Meanwhile, the Medicaid cost overrun points to a broader budget problem: With the economy and tax receipts still growing in line with projections, for the first time in nearly three decades, New York has an operating deficit not caused by an economic downturn..... https://nypost.com/2019/11/13/
.jpg)
No comments:
Post a Comment