For more than two decades, Warren Forgey has worked in the financial department of Schneck Medical Center in Seymour, Ind., and lately his work has captured the hospital finance industry's attention.
Located 60 miles south of Indianapolis, Schneck may be in a small pond, but its excellent debt service, cash reserves and dominant market share make it a pretty big fish. Licensed for 166 beds, the county-owned hospital commands 67 percent of the market in its primary service area.
S&P upgraded Schneck's credit rating from "A-" to "A" in March last year, and Fitch affirmed its "A" rating of the hospital in November. Through the first nine months of fiscal year 2012, Mr. Forgey and the hospital recorded $121.6 million of unrestricted cash and investments, amounting to a whopping 488 days cash on hand and a 250 percent cash-to-debt ratio.
Mr. Forgey joined the hospital as assistant controller in 1992 and has been its CFO since 1996. Before Schneck, he was a financial analyst for Bloomington Hospital in Indiana since 1976.
If you have more information or updates for this profile or would like to recommend a leader to be profiled in the future, please contact Lindsey Dunn, editor in chief, Becker's Hospital Review at ldunn@beckershealthcare.com.
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Located 60 miles south of Indianapolis, Schneck may be in a small pond, but its excellent debt service, cash reserves and dominant market share make it a pretty big fish. Licensed for 166 beds, the county-owned hospital commands 67 percent of the market in its primary service area. S&P upgraded Schneck's credit rating from "A-" to "A" in March last year, and Fitch affirmed its "A" rating of the hospital in November. Through the first nine months of fiscal year 2012, Mr. Forgey and the hospital recorded $121.6 million of unrestricted cash and investments, amounting to a whopping 488 days cash on hand and a 250 percent cash-to-debt ratio.
Mr. Forgey joined the hospital as assistant controller in 1992 and has been its CFO since 1996. Before Schneck, he was a financial analyst for Bloomington Hospital in Indiana since 1976.
If you have more information or updates for this profile or would like to recommend a leader to be profiled in the future, please contact Lindsey Dunn, editor in chief, Becker's Hospital Review at ldunn@beckershealthcare.com.
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