Friday, May 30, 2014 at 4:28 PM
Good news today for Cleveland's taxpayers: A national credit rating agency has raised its financial outlook for Cuyahoga County's MetroHealth System. Ideastream's Sarah Jane Tribble has the story...
The Fitch credit rating service revised its financial outlook for MetroHealth this week from negative to stable.
Emily Wong, a senior director at Fitch, says it appears MetroHealth has turned a corner. The hospital system's rating was lower for the past two years over concerns of financial losses and management turnover.
"This go around, they really turned their operations around, they really benefited from the Medicaid expansion and their numbers are solid," Wong says.
MetroHealth reported a nearly $19 million profit for 2013 and is on track to be profitable this year.
Earlier this month, MetroHealth's leaders said the system finances were so strong they would no longer need county taxpayer's annual $40 million subsidy to fund operations. But leaders also said they'd like the community to support efforts to build a new hospital campus.
The Fitch releaset can be read in full here.