Hospital rating downgrades declined in 2025 while the number of upgrades increased, resulting in a lower ratio of downgrades to upgrades and tempering higher downgrade activity in recent years.

From managing non-labor expenses to strengthening the workforce, expanding access and navigating payer reimbursement, health systems shared the key challenges shaping their focus this year—and their planning for the year ahead.

The latest Kaufman Hall Report includes highlights from the annual Healthcare Leadership Conference.

Healthcare sector delivers best-performing quarter, affordability crisis deepens, CMS proposes Medicare Advantage star ratings overhaul

The answer to “why weren’t we downgraded” is multifaceted and will depend on each hospital’s circumstances. But there are often three factors at play, including rating tolerance, the role of medians and effective messaging.

A better credit outlook for hospitals, AI takes center stage, staffing troubles at VA hospitals

Kaufman Hall’s 2025 Summer Rating Agency Update offered an early look at how the newly enacted One Big Beautiful Bill (OBBB) could reshape hospital credit profiles.

Watch our recent Rating Agency panel discussion featuring colleagues from Moody’s, S&P and Fitch. Hear the latest industry outlooks, rating activity through early 2025 and what this means for the healthcare sector.