The not-for-profit healthcare sector has been under considerable stress over the last year and a half, but small signs of improvement are finally beginning to emerge. For the majority of health systems, more meaningful recovery will likely take hold in the second half of 2024, and for others full recovery could take several years.
- Outline of our forward look on the major drivers of expense and revenues, including hopeful signs and major headwinds
- Key takeaways from our medians reports
- Overview of characteristics that differentiate financial performance and credit quality in the sector
- Credit implications of changes to federal and state funding and programs
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SpeakersSusan Fitzgerald Managing Director, Global Higher Education and Not-for-Profit Ratings Team Moody's Investors Service
Eva Bogaty Associate Managing Director and Head of Healthcare, US Public Finance Group Moody's Investors Service
Matthew Cahill, CFA Assistant Vice President - Analyst, US Public Finance Moody's Ratings
Dan Steingart VP-Senior Credit Officer, Public Finance Not-for-Profit Healthcare Moody's Investors Service
Rita Strauss Assistant Vice President/Analyst Moody's Investors Service
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Susan Fitzgerald is a Managing Director in Moody’s Investors Service Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Eva Bogaty is an Associate Managing Director and manages Moody’s Healthcare Ratings team which is responsible for the credit analysis of over 300 not-for-profit hospitals across the US. Eva previously served as the team lead for the Western States Local Governments ratings team, and as a lead analyst on both the Higher Education and Healthcare ratings teams. She serves as a rating chair across the public finance group and has significant experience in academic medical centers, not-for-profits, K-12 school districts, charter schools, and public hospital districts.
Prior to joining Moody’s, Eva worked in economic development for New York State, and in Russian women’s business development for a USAID-funded not-for-profit. Eva holds an MBA from New York University and an AB in Russian and East European Area Studies from Middlebury College.
Matthew Cahill is an Analyst in the Healthcare Ratings Group. He is a lead analyst for ratings of not-for-profit hospitals and healthcare systems in Florida, Georgia, Illinois, Maryland, Missouri, Ohio, and Texas, as well as several other states. Prior to joining the Healthcare Ratings Team, Matthew held multiple Financial Planning and Analysis roles, both within and outside the organization. Matthew received his B.S in Finance from Villanova University and earned the Chartered Financial Analyst Designation in 2019. Matthew is based out of the Moody’s New York Office.
Dan joined Moody’s Healthcare Ratings team in 2007. He covers hospitals in Massachusetts, North Carolina, South Carolina, Alabama, California and Washington in addition to several other states. Dan is a 2018 recipient of the Bond Buyer’s Rising Stars award and is the author of multiple research publications including the Not-for-Profit Healthcare Sector Outlook for 2020, the Not-for-Profit Healthcare Rating Methodology and research on the topics of: the Affordable Care Act, academic medical centers, payer-provider consolidation, and investment liquidity. Prior to joining Moody’s, Dan worked as a researcher at a think tank in Washington, DC and in community development in Russia and Israel. He holds a B.A. in political science from Binghamton University, a Masters in International Affairs with a concentration in finance from Columbia University, and earned the Chartered Financial Analyst designation in 2011.
Rita Strauss is an Assistant Vice President / Analyst in the Healthcare Ratings group and has been with Moody’s since 2014. Her responsibilities include assigning and monitoring healthcare ratings within the states of California, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, New Jersey, North Carolina, Pennsylvania, Virginia, and Wisconsin.
Prior to joining Moody’s, Rita worked as a Staff Auditor and Accountant at the American Federation of Musicians and Employers’ Pension Fund. Rita earned her M.B.A. with a concentration in Healthcare Administration from Mount Sinai School of Medicine/Baruch College and her B.A. in Finance/Investments from Baruch College Zicklin School of Business.