Fitch Ratings downgraded Wise Health System, citing shrinking liquidity and high doctor turnover among the pressures on the Texas operator.
The hospital system was lowered three notches to B+ from BB+ and placed on a negative rating watch by Fitch, according to a Friday report. Wise Health System’s balance sheet is “approaching tenuous and offering a limited margin of safety,” Fitch wrote. Its unrestricted cash declined to $69 million as of June 30 from $101 million at the end of last year.
Though Wise has a good proportion of privately-insured patients and the leading market share in its namesake rural county located 40 miles northwest of Fort Worth, it also has a larger-than-typical percentage of indigent care patients and those that don’t have coverage, Fitch wrote. Insurance reimbursements have “become less remunerative and less reliable post pandemic given Wise’s size and limited negotiating ability.
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