WMC leaders confident in financial strength of hospital in wake of Moody's report, financial filings
With a recent boost from Moody’s and on the back of growth in patient revenue, Wyoming Medical Center’s leaders say they’re confident in the financial strength of the largest hospital in the state.
The hospital is expected to post $261 million in revenue for fiscal year 2019, according to a report by Moody’s, which rates the hospital’s bond rating. The financial services company reaffirmed WMC’s A3 rating — a positive grade denoting low risk. WMC made $18.7 million in profits in fiscal year 2018, according to its tax return, a $3 million drop from the previous year but still likely the most profitable hospital in Wyoming. Financial disclosure forms for Cheyenne Regional Medical Center — which has more employees but fewer beds than WMC — show it made $15.3 million in 2018.
Wyoming Medical Center, via Natrona County, issued just under $12 million in bonds in 2017 to help tackle previous bonds issued in 2011 to help pay for “improvements” to the hospital, according to financial documents. In all, according to Moody’s, the hospital has about $51 million in total debt.
In its assessment of WMC’s rating, Moody’s wrote that “the stable outlook reflects our expectation that Wyoming Medical Center will continue to produce stable and favorable operating margins, and that balance sheet and debt measures will remain strong.” The company further noted the hospital’s integration of its east campus and its “material increase of revenue base.”
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