Healthcare: State of the Industry
2022 has been an challenging operating year for healthcare, coming on the heels of prolonged pandemic volatility. Overall, healthcare credit remains largely stable due to adaptable management and solid cash and liquidity.
Hospitals are actively adopting strategies to rebound after the Omicron surge and continued labor pressures. Fiscal 2022 operating performance is likely to be soft for most, and though we expect strong cash cushion from 2021 to buoy most through the cycle, systems with already weak debt service coverage and covenant headroom are most at risk. Inflationary pressures are compounding already volatile expense growth.
- Our expectations for fiscal 2022 results after a very weak first half of 2022
- An outline of where the credit risk is most acute for fiscal 2022
- The impact of higher inflation on the industry
- Top healthcare trends for the future
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SpeakersEva Bogaty Associate Managing Director and Head of Healthcare, US Public Finance Group Moody's Investors Service
Beth Wexler Vice President/Senior Credit Officer Moody's Investors Service
Diana Lee Vice President - Senior Credit Officer, US Public Finance Group Moody's Ratings
Rita Strauss Assistant Vice President/Analyst Moody's Investors Service
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Eva Bogaty is an Associate Managing Director and manages Moody’s Healthcare Ratings team which is responsible for the credit analysis of over 300 not-for-profit hospitals across the US. Eva previously served as the team lead for the Western States Local Governments ratings team, and as a lead analyst on both the Higher Education and Healthcare ratings teams. She serves as a rating chair across the public finance group and has significant experience in academic medical centers, not-for-profits, K-12 school districts, charter schools, and public hospital districts.
Prior to joining Moody’s, Eva worked in economic development for New York State, and in Russian women’s business development for a USAID-funded not-for-profit. Eva holds an MBA from New York University and an AB in Russian and East European Area Studies from Middlebury College.
Beth is a Vice President/Senior Credit Officer in Moody’s Health Care ratings group. Her responsibilities include assigning and monitoring healthcare ratings within the states of Florida, Maryland, New York, Pennsylvania, Ohio, Illinois, Indiana, Virginia, Wisconsin, Delaware, and West Virginia. A sampling of obligors in Beth’s portfolio include Geisinger Health, University of Wisconsin Hospitals & Clinics, H. Lee Moffitt Cancer Center, NYU Langone Hospitals, Johns Hopkins Health System, Inova Health System, MedStar Health, Memorial Sloan-Kettering, Sentara Healthcare, University of Maryland Medical System, and University of Pittsburgh Medical Center. Beth has expertise in liquidity and complex debt structure analysis, including self liquidity programs. She is also the co-chair of Moody’s Public Finance Compliance Task Force.
Beth joined Moody’s in 1997. Prior to joining Moody’s Beth spent five years as an underwriter and surveillance officer with Financial Security Assurance. Beth earned her M.B.A. with a concentration in health care administration from Mount Sinai School of Medicine/Baruch College and her B.A. in sociology from the State University of New York at Albany.
Diana Lee is a Vice President/Senior Credit Officer in Moody’s not-for-profit healthcare ratings group. Diana rejoined Public Finance in 2017 after spending 20 years in Moody’s Corporate Finance Group. In her prior role, she was responsible for healthcare companies in a variety of subsectors, including for-profit hospitals, managed care, medical device, healthcare distribution and pharmacy benefit management. Diana has authored numerous Moody’s reports on healthcare matters as well as rating methodologies.
Before joining Moody’s in 1989, Diana held several positions in the healthcare sector. She worked as an internal consultant at the Columbia-Presbyterian Medical Center, an administrator at the University of Massachusetts Medical Center and performed healthcare research at Boston University Medical Center.
Diana received a Masters degree in health services administration from the University of Michigan and an undergraduate degree in biology from Brown University. Diana served on the Advisory Board of the University of Michigan School of Public Health’s Griffith Leadership Center, which promotes and supports excellence in health management and policy leaders.
Rita Strauss is an Assistant Vice President / Analyst in the Healthcare Ratings group and has been with Moody’s since 2014. Her responsibilities include assigning and monitoring healthcare ratings within the states of California, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, New Jersey, North Carolina, Pennsylvania, Virginia, and Wisconsin.
Prior to joining Moody’s, Rita worked as a Staff Auditor and Accountant at the American Federation of Musicians and Employers’ Pension Fund. Rita earned her M.B.A. with a concentration in Healthcare Administration from Mount Sinai School of Medicine/Baruch College and her B.A. in Finance/Investments from Baruch College Zicklin School of Business.