FLINT, Mich.-Fitch lowered its rating for 463-bed Hurley Medical Center, Flint, Mich., to BBB from BBB+, affecting $45.8 million of outstanding bonds. The New York-based credit-rating agency cited the hospital's declining operating performance in the past three years, including negative operating margins for 1999 and 2000. However, Fitch said the hospital's finances showed improvement, including a positive operating margin for the first six months of fiscal 2001.
INDIANAPOLIS-Riley Hospital for Children announced a five-year, $100 million expansion covering nine major projects, including new heart and pulmonary centers. The expansion will make 262-bed Riley the nation's third-largest children's hospital, officials said. The facility now is among the 10 largest children's hospitals in the country. Most of the new services will occupy the largely vacant top floor of the hospital's new $55 million outpatient center.
PIERRE, S.D.-The state of South Dakota is awarding eight rural hospitals a total of $252,000 in grants to pay for telemedicine projects, the state health department said. All of the grants are designed to use telemedicine technology to expand access to care. The projects include telemedicine links among hospitals and local schools, home-health patients and ambulances. Another grant will pay for a distance learning program for local health professionals.