Tuesday’s 7.1% CPI print was an improvement from October’s 7.7% and well off the 9.1% peak (so far) posted in June. 7.1% is not price stability and there remains a large gap to the Fed...

Healthcare issuance remains light, running at over 30% below 2021 YTD levels. No channel of external healthcare capital formation has been active, but there have been interesting...

We have entered a financial moment when paying attention to the sunk cost fallacy will be central to maintaining, or recovering, the financial, clinical, and mission strength of America’s hospitals.

In recent months, hospitals of all sizes and ratings are reporting tremendous financial turbulence, primarily due to externalities such as the nursing shortage and the need for expensive contract labor.

Thursday’s CPI 7.7% report hinted at some slowing of inflationary pressures. Stock and bond markets had a huge party celebrating the release but none of it matters until Fed Chairman...

Year-to-date healthcare debt issuance is down almost 30% versus the same period in 2021 and currently stands at only 43% of full year 2020 issuance and 55% of full year 2021. Certainly...

Not-for-profit hospitals have recently been spotlighted for practices related to their level of and approach to charity care.

Not-for-profit healthcare issuance remains light across public and private funding channels. Uncertainty about the depth and breadth of capital access options persists but the main...

How soon they forget. Throughout 2020 and 2021, the media was full of praise for hospitals and healthcare workers on the frontlines of the COVID-19 pandemic. When the pandemic was new...

With one out of every two hospitals expected to show an operating loss in 2022, presentations to the rating agencies in many cases need to focus more on the turnaround plan and less on...

We see a continued modest capital formation environment. Bon Secours Mercy issued approximately $400 million of tax-exempt debt in a very difficult market. The transaction got done, but...

The American Hospital Association has released a report that we prepared for them on the state of hospital finances—and the results are sobering. We are projecting 2022 to be the worst...