CMH maintains strong financial health in 2023
One of CMH’s Strategic Plan goals is to ensure long-term financial health. This goal is broken down into three categories:
- Maintain CMH’s A- bond rating.
- Expand the CMH Foundation to increase philanthropic benefits to the organization and the community CMH serves.
- Provide annual education for all leaders.
In 2023, CMH met all three of these goals. In May, CMH leaders were pleased to learn that the hospital’s bond rating was maintained as A-. The rating reflects CMH’s maintenance of a healthy balance sheet and solid operations, despite current sector and market pressures, such as staffing challenges and costs, according to Fitch Ratings.
This rating was influenced partially by CMH’s work to achieve its financial targets. Projects completed under this goal included developing a Revenue Integrity Committee and making major updates to CMH’s Cerner system, which is used to manage patient records.
The CMH Foundation grew in 2023 to include three full-time caregivers, director, Mark Kujala and specialists, Rebekah Gustin and Junia Stephens. Since assembling as a new team, the Foundation department has increased its production and fundraising by having a more active role in the community and applying for grants. This work will continue to be incredibly important as the Foundation aims to obtain donations and grants for the BuildCMH Expansion Project, which will not cost taxpayers anything.
The Foundation is working to raise $10 million in donations to support the project. In addition to philanthropy, CMH intends to acquire a bond to help pay for the expansion facility. Work on the bond continued through 2023.
Finally, CMH led annual education for all of its leaders through quarterly leadership retreats and its employee education program, which provides funds for all caregivers to participate in professional development. One of the focuses of the leadership retreats was financial education, which was a required training for all CMH leaders.