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Article: Bon Secours bounces back; System gets back to basics and soothes rating agency.(The Week In Healthcare)
- Article from:
- Modern Healthcare
- Article date:
- June 13, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Melanie Evans
Bon Secours Health System's newly arrived chief executive officer, Richard Statuto, is hoping leaner management and targeted investment will help the Marriottsville, Md.-based system regain footing lost in its rocky expansion of recent years.
Since arriving in February to replace Christopher Carney as president and CEO (Feb. 14, p. 6), Statuto has pared down management and said the system will be focused on its existing markets. This strategy prompted Moody's Investors Service last week to revise its outlook for the health system to stable from negative, affirming its rating of A3 on $1.1 billion of debt.
A restructuring ...