With 57% of its gross revenue from Medicare and Medicaid, SJRMC remains vulnerable to adverse changes in government reimbursement rates.
SJRMC had total revenues of approximately $254 million in fiscal 2010.
SJRMC is the leading health care provider in north central Indiana with three acute care hospitals, one long term acute facility and one free standing outpatient surgery center.
News & World Report for 16 consecutive years, will deliver services throughout the three SJRMC campuses including a 26-bed inpatient rehabilitation facility and long-term acute care hospital.
is a not-for-profit, multi-hospital healthcare system located in North Central Indiana and is part of Trinity Health, the fourth largest Catholic health system in the United States, based on operating revenue.
SJRMC has funded and will fund over the next several years the additional project costs primarily through operating cash flow.
SJRMC covenants to provide annual audited financials within 150 days of fiscal year-end and quarterly disclosure (including balance sheet, income and cash flow statements, and utilization data) within 60 days of quarter-end to the nationally recognized municipal securities information repositories (NRMSIRs).
SJRMC is currently constructing a new patient tower that was financed with the series 2004 bond proceeds in conjunction with GRT revenue bonds issued by San Juan County (GRT revenue bonds rated 'A+' by Fitch).
The Stable Rating Outlook reflects Fitch's belief that SJRMC will continue to exhibit strong operating profitability due to its dominant market share and sole community provider status.
SJRMC covenants to provide annual audited financials within 150 days of fiscal year-end and quarterly disclosure (includes balance sheet, income and cash flow statements, and utilization data) within 60 days of quarter-end to the nationally recognized municipal securities information repositories.
Fitch believes SJRMC has extremely strong community support, which is exhibited by the approval of a gross receipts tax in the county to fund approximately half of the hospital project cost.
SJRMC is vulnerable to governmental funding cuts at the state and national level due to its unfavorable payor mix with a high percentage of Medicaid and self pay payors.