Agnesian HealthCare listed among 21 hospitals, health systems with strong finances
Agnesian HealthCare is among 21 acute-care hospitals and health systems with strong operational and financial positions, based on reports from Moody’s Investors Service, Fitch Ratings and Standard & Poor’s Ratings Services in the past month.
Agnesian HealthCare holds an “A3” rating and positive outlook with Moody’s. Agnesian HealthCare has averaged an operating cash flow margin of 12.3 percent since 2011. The system has also significantly enhanced its liquidity since 2008 with days of cash on hand nearly doubling from 116 to 224.
"Our goal at Agnesian HealthCare is to give quality care to the people in our communities,” says Bonnie Schmitz, Agnesian HealthCare vice president and chief financial officer. “One source of our financial strength has been growing services that allow individuals and families to receive vital medical care close to home.”
In its first three years of affiliation with Ripon Medical Center, Agnesian HealthCare is seeing increases in patients seeking more specialized care including cardiology services. Ripon Medical Center and Waupun Memorial Hospital providers transfer patients to St. Agnes Hospital for cardiac catheterizations and open heart surgery.
Orthopedic services have grown with the addition of orthopedic surgeons, and the addition of podiatrists (foot and ankle care physicians) has greatly expanded local capabilities around musculoskeletal conditions.
In addition, the Agnesian Cancer Center continues its innovations, most recently being the first in Wisconsin to use Xofigo, or Radium 223, which was approved by the US Food and Drug Administration in May 2013 for use in men with prostate cancer that has spread to the bone but not to other organs.
A new da Vinci ® Surgical System at St. Agnes Hospital allows surgeons to offer a minimally-invasive option for complex surgical procedures. Patients benefit from a quicker recovery time and can return back more swiftly to their normal activities. They also experience significantly less pain, bleeding and better clinical outcomes.
“The Congregation of Sisters of St. Agnes established Agnesian HealthCare more than 100 years ago to serve this community with high quality healthcare services,” Schmitz says. “Through our strategic initiatives, we have been fortunate to create a profit which we continue to reinvest back into the Agnesian HealthCare system for technology, new facilities, upkeep of existing facilities and more.”
Schmitz says that Agnesian HealthCare has also been taking steps, like other healthcare organizations, to meet the challenges of declining reimbursement.
“Cuts in Medicaid and Medicare reimbursements are placing financial pressures on all hospitals making it critical that we be good stewards of our resources,” Schmitz explains. “To ensure our future viability, we continue to focus on our cost management and strategic initiatives to efficiently manage our operations in this challenging environment.”
Agnesian HealthCare has engaged its associates in an ongoing Work Smart program, evaluating opportunities to increase quality, patient satisfaction, and cost effectiveness. “Our leaders and associates are embracing a new way of thinking,” according to Schmitz. “The enthusiasm and commitment that our associates are exhibiting towards Work Smart is commendable, and we are excited with the ideas coming in – all shapes and sizes, with all levels of savings. By taking these proactive steps today, we can ensure that we continue to provide our community with the highest quality of care in the future.”