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16 CFO / FINANCE 14 health systems with strong finances By Ayla Ellison H ere are 14 health systems with strong operational metrics and solid financial positions, according to reports from Fitch Ratings and Moody's Investors Service. Note: is is not an exhaustive list. Health system names were compiled from credit rating reports. 1. Advocate Aurora Health has an "AA" rating and stable outlook with Fitch. e health system, dually headquartered in Milwaukee and Downers Grove, Ill., has a strong financial profile and a leading market position over a broad service area in Illinois and Wisconsin, Fitch said. e health system's fundamental operating platform is strong, the credit rating agency said. 2. AnMed Health has an "AA-" rating and stable outlook with Fitch. e Anderson, S.C.-based system has a leading market share in most service lines, strong operating performance and very solid EBITDA margins, Fitch said. 3. Banner Health has an "AA-" rating and stable outlook with Fitch. e Phoenix-based health system's core hospital delivery system and growth of its insurance division combine to make it a successful highly integrated delivery system, Fitch said. e credit rating agency said it expects Banner to maintain operating EBITDA margins of about 8 percent on an annual basis, reflecting the growing revenues from the system's insurance division and large employed physician base. 4. Bon Secours Mercy Health has an "AA-" rating and stable outlook with Fitch. e Cincinnati-based health system has a broad geographic footprint as one of the five largest Catholic health systems in the U.S., a good payer mix and a leading or near leading market share in eight of its eleven markets in the U.S., Fitch said. 5. Lincoln, Neb.-based Bryan Health has an "AA-" rating and stable outlook with Fitch. e health system has a leading and growing market position, very strong cash flow and a strong financial position, Fitch said. e credit rating agency said Bryan Health has been resilient through the COVID-19 pandemic and is well- positioned to accommodate additional strategic investments. 6. Franciscan Alliance has an "AA" rating and stable outlook with Fitch. e Mishawaka, Ind.-based health system has a very strong cash position and maintains leading market shares in seven of its nine defined primary service areas, Fitch said. e health system benefits from a good payer mix, the credit rating agency said. 7. Gundersen Health System has an "AA-" rating and stable outlook with Fitch. e La Crosse, Wis.-based health system has strong balance sheet metrics and a leading market position and expanding operating platform in its service area, Fitch said. e credit rating agency expects the health system to return to strong operating performance as it emerges from disruption related to the COVID-19 pandemic. 8. Hackensack Meridian Health has an "AA-" rating and stable outlook with Fitch. e Edison, N.J.-based health system has shown consistent year-over-year increases in market share and has a solid liquidity position, Fitch said. 9. Falls Church, Va.-based Inova Health System has an "Aa2" rating and stable outlook with Moody's. e health system has a consistently strong operating cash flow margin and CHS hit with lawsuit over mass layoff By Ayla Ellison F ranklin, Tenn.-based Community Health Systems is being sued in Florida federal court for alleged violations of the Worker Adjustment and Retraining Notification Act. The lawsuit, filed Aug. 29 by a former employee, alleges CHS and ShorePoint Health Venice (Fla.), which is owned by CHS, didn't provide workers with written notice required by the WARN Act before terminating their employment in August. The plaintiff, who was laid off from ShorePoint Health Venice, is bringing the action on behalf of herself and about 600 other former employees seeking to recover damages. CHS ended some services, including emergency services, at ShorePoint Health Venice in August and plans to close the hospital on Sept. 22. The lawsuit alleges CHS and ShorePoint terminated employees on Aug. 29 without providing the 60 days advance written notice required by the WARN Act. "Defendants' purported commitment to keep the … plaintiff and the putative class members 'employed,' on paper at least, by not officially terminating them until November 22, 2022, changes nothing because the … plaintiff and putative class members were told to no longer show up for work and they are no longer paid by defendants," the complaint states. Employers can claim an exemption from the written notice requirement for "unforeseeable business circumstance," but the plaintiff alleges CHS and ShorePoint knew the mass layoff was imminent in April or sooner. The lawsuit is seeking 60 days of wages, salary, commissions, bonuses, accrued pay for vacation and personal days, pension, 401(k) contributions, health insurance and other fringe benefits for the plaintiff and putative class members. The suit is also seeking payment for medical expenses incurred during the 60-day period following termination that would have been covered and paid under the defendants' health insurance plans. CHS declined Becker's request to comment on the lawsuit. n