Moody's has lowered St. Louis-based medical system (19 states / 140 hospitals) Ascension's outlook from stable to negative according to a September 26th article posted to Becker's Hospital CFO Report. Moody's said the negative outlook reflects Ascension's challenges in improving operating cash flow margins to pre-pandemic levels.
The rating agency said that while Ascension's days of cash on hand will likely stay above 200, it will be difficult for the system to grow to peer levels "modest cash flow, rising capital spending, and any potential cash impact" related to a cybersecurity incident. Ascension reported a $1.8 billion operating loss for the fiscal year ending June 30, despite a $1.2 billion operating improvement in core operations. The FY 2024 results include $402 million in one-time, non-cash write-downs and non-recurring losses. A substantial amount of the loss was due to the May ransomware attack, resulting in reduced revenues from the associated business interruption along with costs incurred to address the issues and other business-related expenses.
A mass exodus of employees from Ascension followed the hacking event. Soon thereafter Ascension announced they were selling 9 hospitals in Illinois and several in other states such as Alabama. There are apparently civil & criminal law enforcement investigations into Ascensions business practices now as well. In September, for example, a federal lawsuit was unsealed in Indiana accusing Ascension of 10 million dollars plus medical fraud. The same issues named in the lawsuit (billing deceased patients) have cropped up in customer complaints related to Ascension partners posted to Better Business Bureau website in other states such as Alabama.
My own experience going to an Ascension ER in Birmingham, AL. in 2018-'19. I found that when my disposition was qualified as "self pay" (no insurance or stated source of income) I did not receive adequate medical treatment and was told no injuries appeared in X-Rays and CT that show I had broken my skull (an injury I almost died from - see images in video). Furthermore, you can hear in recorded phone calls in my other videos the lengths other professional doctors will go to support this fallacy. Millionaires who went to college for 10 years to do their jobs risked their professional reputations versus correcting mistakes.
I encountered issues of medical fraud and corruption in my dealings with medical staff and facilities around the Birmingham, Alabama area in recent years. I believe much of the fortunes and millions / billions of dollars in profit enjoyed by Ascension and their associates are underpinned by a mountain of wrongfully treated patients who suffered at the hands of this medical provider's care.
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