Fitch Affirms Heritage Valley Health System at AA-; Outlook Stable
Fitch Rating Service recently affirmed Heritage Valley Health System’s rating of “AA- with a Stable Outlook,” based on the organization’s strong financial profile, solid management team and Fitch’s expectation that volumes will return to pre-pandemic levels. Fitch also took into account the health system’s expanding market share, sizable employed physician group and growing outpatient service network. Heritage Valley was able to maintain its current rating despite competition in the greater Pittsburgh area healthcare market and increased operating expenses associated with the state-mandated response to the coronavirus pandemic. The system’s strong balance sheet provided a cushion against operating volatilities experienced in fiscal years 2020 and 2021.
“There’s no doubt that this has been a difficult year,” states Norm Mitry, President and CEO of Heritage Valley Health System. “We are very proud of our medical staff, leadership team, nurses, ancillary staff and support personnel for their commitment to both our community and our health system. This level of dedication allowed our organization to maintain its strong Fitch rating, even during a pandemic.” Mr. Mitry added that “We are also extremely grateful for the support shown by our community, from both an operational and philanthropic perspective.”
Heritage Valley Health System operates 580 beds at three acute care hospitals located in Beaver, Sewickley and Kennedy Township, along with a significant number of outpatient facilities in the northwest tier of Allegheny County, Beaver County and eastern Ohio. The health system is in the process of expanding services at its recently acquired Kennedy location (formerly known as Ohio Valley Hospital), including outpatient surgeries, rehabilitation services and inpatient adult psych.
About Heritage Valley Health System: Heritage Valley Health System is a $535 million integrated delivery network providing comprehensive health care for residents of Allegheny, Beaver, Butler and Lawrence counties in Pennsylvania; eastern Ohio; and the panhandle of West Virginia. In partnership with approximately 3,800 employees and more than 600 physicians, Heritage Valley offers a broad range of medical, surgical and diagnostic services at its three hospitals: Heritage Valley Sewickley, Heritage Valley Beaver and Heritage Valley Kennedy; in 55 physician offices; and more than 21 community satellite facilities. For more information about Heritage Valley Health System, please visit www.heritagevalley.org.