Legacy News

Moody's confirms Legacy Health's financial progress

December 05, 2024

Home  >  About  >  News & Media  >  Story Center


Moody’s announcement on Wednesday to reaffirm our current rating confirms Legacy Health’s strong progress on our path toward financial sustainability.

Moody’s last update to its rating of Legacy was nearly two years ago. In that time, we’ve seen workforce labor and other costs of delivering care increase substantially throughout the healthcare industry.

Despite the economic challenges, we are seeing positive progress due to our robust financial containment plan.

While we experienced a quarterly operating loss of $3 million for the most recent fiscal quarter ending Sept. 30, 2024, it’s important to note this is a significant improvement in our financial results – a $38.7 million improvement from the most recent quarter and a $8.9 million improvement from the same quarter of the prior fiscal year. Thanks to efforts across our organization, we are seeing sustained improved performance.

Other favorable measures for the last quarter, compared to the same quarter of the prior year, include a 12.4% increase in net patient service revenue, a 4.8% increase in outpatient surgeries, and a 9.2% increase in patient visits to Legacy Medical Group providers. In addition, we are seeing sustained improvement in average inpatient length of stay across our system as part of a safe discharge planning effort.

We continue to implement focused efforts to grow revenue and contain costs. In partnership with our dedicated staff and leaders, we remain committed to moving Legacy Health’s financials in a positive direction. With effective and strategic planning, a strong balance sheet, 186 days of cash on hand, and a solid asset portfolio, we have the runway we need to continue on this positive path.

Latest Stories

Sign up for our email newsletter