BELLEVUE, Wash.--(BUSINESS WIRE)--For the sixth time, Overlake Medical Center earned a financial ratings increase, being upgraded from “A-” to “A” with a stable outlook from Standard and Poor’s Ratings Service.
Overlake Medical Center’s Executive VP, Finance, CFO Gary McLaughlin, and new CEO, J. Michael Marsh, visited San Francisco last month to present in front of both Moody’s and S&P.
“Introducing our new CEO and his vision for Overlake was well received by both agencies,” said McLaughlin. “We at Overlake are extremely pleased with our solid financial performance. Hospitals and healthcare providers across the country face continued financial pressure to keep pace with needed infrastructure investment, regulatory pressures and declining reimbursement for services. Receiving this increase is a powerful statement about Overlake’s financial health and management.”
According to the S&P report, the upgrade in Overlake’s rating is due in large part to the medical center’s successful completion of an electronic medical record conversion during the past year. Standard and Poor’s evaluation also noted Overlake has a “good management team that has consistently delivered on results and has shown detailed consideration to future planning.”
McLaughlin lauds the diligence and commitment of Overlake Medical Center’s Finance Committee, headed by Patty Bedient, for maintaining consistent financial stewardship.
Overlake previously had a split rating with Moody’s and S&P; Moody’s currently rates the medical center with an “A2” with a stable outlook. The upgrade in Overlake’s S&P rating represents a move to parity with the two agencies.
Overlake CFO Gary McLaughlin is available for interviews. If you would like to schedule an interview or get more information about this rating increase, please contact Daven Rosener, email@example.com or 253-307-5402.
About Overlake Medical Center
Overlake Medical Center is a nonprofit, non-tax-supported regional medical center with a network of primary care, specialty and urgent care medical clinics throughout the Eastside. The hospital is licensed for 349 beds and offers a comprehensive range of services, including cardiac care, cancer care, general and specialty surgery, women’s programs, senior care and psychiatric services, and it was the first Level III trauma service on the Eastside. For more information, visit www.overlakehospital.org.