A Connecticut non-profit senior care continuum, had its debt-rating upgraded to an “A- Stable Outlook” rating by Fitch Ratings.
The change by the credit rating agency for Masonicare comes a little more than two years since Masonicare was given a BBB+ with a Positive Outlook, and reflects “the positive effects of management’s several year implementation of a revised business model, which reduced its exposure to skilled nursing facility volatility, according to Fitch.
According to Fitch, the upgrade reflects:
Masonicare’s President & CEO Jon-Paul Venoit said he credits the “continued improvement of the organization to the ongoing strategic adjustments to Masonicare’s diversified, state-wide portfolio” of services.
“The senior care industry remains challenged due to a variety of key contributors including the rising cost of goods and services, a pressured labor market, and reductions in state, federal and managed care reimbursement,” he said. “The only way to remain sustainable is to implement key strategic initiatives and remain vigilant about that strategy.”
Two CT senior living facilities say they will combine. Together they serve 6,500 people.
Venoit also said he credits the “Masonicare employee team members and a supportive and forward-thinking Board of Trustees for the organization’s continued momentum.”
“It is the people behind the plan that have brought us to where we are today. Without a team who can implement, a strategic plan is just an idea. We have a talented team of like-minded leaders who share a common vision and are committed to the organization, our residents and one another,” he said.
The company noted that Venoit joined Masonicare at age 16, working in dining services, and “grew through the ranks” and was appointed to president and CEO in 2016 during Masonicare’s fiscal challenges.
“At the time of JP’s appointment, Masonicare’s future looked grim. Dependent on their charity foundation to offset failed operations, Masonicare was poised to close its doors within 7-10 years if the company was unable to right set their financial position,” Ann Collette, chief of Strategy for Masonicare, said in a statement. “Through a well-crafted plan, inspiring leadership, and extraordinary teamwork, we implemented a year-over-year plan to address the pain points, while improving the delivery of care and service. As a result, Masonicare is poised for growth and service line expansion.”
Fitch also noted in its posting that: “Masonicare’s stable operating profile and good demand for services reflects its diversified service lines, strong reputation and geographic presence throughout much of Connecticut. Masonicare’s operations include two senior living communities, a SNF, a small acute psychiatric hospital (focused on geriatric care) and a sizeable home health agency.”
Masonicare provides statewide care and service to more than 4,500 patients and residents.
