Brentwood, Tenn. (PRWEB) March 12, 2014
Standard & Poor's Rating Services has revised its outlook for QHR client hospital West Park Hospital (WPH) in Cody Wyoming, to stable and affirmed its 'BBB' long-term rating on existing debt. An additional eight QHR client hospitals maintained stable and positive ratings on Standard & Poor's small hospital list, including Brazosport Regional Health System (Jackson, TX), Gritman Medical Center (Moscow, ID), Halifax Regional Hospital (South Boston, VA), Huron Regional Medical Center (Huron, SD), Jennie Stuart Medical Center (Hopkinsville, KY), Nevada Regional Medical Center (Nevada, MO), Northern Hospital of Surry County (Mount Airy, NC) and Opelousas General Hospital (Opelousas, LA).
WPH's improved rating will help the hospital begin the final phase of its "Bridge to the Future" facility master plan project, developed by QHR's American Health Facilities Development (AHFD). The plan was approved by the WPH Board in 2006 and has been implemented over this time.
According to Standard & Poor's, WPH "boasts a strong complement of specialties; management has focused on physician recruitment and the medical staff currently includes roughly 56 doctors, including 23 employed physicians."
"Over the past year, our CEO Doug McMillan has done an incredible job recruiting additional physicians and stabilizing our rating," explained Patrick McConnell, CFO of WPH. "Doug spends a tremendous amount of time and long hours in physician recruitment, and it has paid off for WPH."
"Knowing that the majority of today's critical access hospitals are struggling financially with ongoing negative margins, we are very pleased with Standard & Poor's rating upgrade," said Doug McMillan, CEO of WPH.
"The rating upgrade is important as we approach the final phase of our 'Bridge to the Future' project," Doug added. "This final phase will be an $18 million project that includes relocating all hospital inpatient and intensive care unit to the second floor of our new building addition. We are very excited to finish this project."
"QHR has provided financial, operational and strategic services to WPH for 25 years. Throughout our partnership with WPH's Board, we have seen how the combination of QHR's support and strong hospital leadership leads to outstanding results," said James L. Horrar, President and CEO of Quorum Health Resources. "We are proud of WPH's hard work and commend this well-deserved rating upgrade, particularly in today's difficult healthcare environment."
West Park Hospital operates a 25-bed acute care critical access hospital, a 94-bed long-term care center, an eight-bed hospice house and a 20-bed chemical dependency unit in Cody, WY.
About QHR (Quorum Health Resources)
QHR (Quorum Health Resources) has provided consulting, management and education resources to hospitals and health systems for three decades. QHR is the market leader in hospital management, serving more than 700 hospitals over the past 3 decades. As a consulting resource, QHR is consistently ranked among the top healthcare consulting firms in the nation, and the QHR Learning Institute reaches nearly 15,000 healthcare professionals each year. For more information, go to http://www.qhr.com.