2024 US Not-for-Profit Healthcare Outlook
Join our analysts as they explore the US Not-for-Profit Healthcare Outlook for 2024.
The outlook for not-for-profit healthcare is stable as the sector begins to emerge from the considerable financial and operational stress of the last two years. For the majority of health systems, operating performance will begin to reach sustainable levels, allowing for reinvestment in facilities, funding of operations and stable liquidity.
- Expectations for hospital revenues and expenses, including moderate volume growth, labor stabilization and expense mitigation strategies
- Characteristics that will differentiate a hospital’s ability to rebound in 2024 and beyond
- The likelihood of future covenant breaches, forbearance agreements and defaults
- An update on cyber risks, AI, and M&A and debt structure trends
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SpeakersEva Bogaty Associate Managing Director and Head of Healthcare, US Public Finance Group Moody's Investors Service
Matthew Cahill, CFA Assistant Vice President - Analyst, US Public Finance Moody's Investors Service
Daniel Steingart Vice President/Senior Credit Officer Moody’s Investors Service
Rita Strauss Assistant Vice President/Analyst Moody's Investors Service
Naomi Richman Senior Vice President, US Public Finance Moody's Ratings
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Eva Bogaty is an Associate Managing Director and manages Moody’s Healthcare Ratings team which is responsible for the credit analysis of over 300 not-for-profit hospitals across the US. Eva previously served as the team lead for the Western States Local Governments ratings team, and as a lead analyst on both the Higher Education and Healthcare ratings teams. She serves as a rating chair across the public finance group and has significant experience in academic medical centers, not-for-profits, K-12 school districts, charter schools, and public hospital districts.
Prior to joining Moody’s, Eva worked in economic development for New York State, and in Russian women’s business development for a USAID-funded not-for-profit. Eva holds an MBA from New York University and an AB in Russian and East European Area Studies from Middlebury College.
Matthew Cahill is an Analyst in the Healthcare Ratings Group. He is a lead analyst for ratings of not-for-profit hospitals and healthcare systems in Florida, Georgia, Illinois, Maryland, Missouri, Ohio, and Texas, as well as several other states. Prior to joining the Healthcare Ratings Team, Matthew held multiple Financial Planning and Analysis roles, both within and outside the organization. Matthew received his B.S in Finance from Villanova University and earned the Chartered Financial Analyst Designation in 2019. Matthew is based out of the Moody’s New York Office.
Dan joined Moody’s Healthcare Ratings team in 2007. He covers hospitals in Massachusetts, North Carolina, South Carolina, Alabama, California and Washington in addition to several other states. Dan is a 2018 recipient of the Bond Buyer’s Rising Stars award and is the author of multiple research publications including the Not-for Profit Healthcare Sector Outlook for 2020, the Not-for-Profit Healthcare Rating Methodology and research on the topics of: the Affordable Care Act, academic medical centers, payer-provider consolidation, and investment liquidity.
Prior to joining Moody’s, Dan worked as a researcher at a think tank in Washington, DC and in community development in Russia and Israel. He holds a B.A. in political science from Binghamton University, a Masters in International Affairs with a concentration in finance from Columbia University, and earned the Chartered Financial Analyst designation in 2011.
Rita Strauss is an Assistant Vice President / Analyst in the Healthcare Ratings group and has been with Moody’s since 2014. Her responsibilities include assigning and monitoring healthcare ratings within the states of California, Illinois, Louisiana, Massachusetts, Michigan, Mississippi, New Jersey, North Carolina, Pennsylvania, Virginia, and Wisconsin.
Prior to joining Moody’s, Rita worked as a Staff Auditor and Accountant at the American Federation of Musicians and Employers’ Pension Fund. Rita earned her M.B.A. with a concentration in Healthcare Administration from Mount Sinai School of Medicine/Baruch College and her B.A. in Finance/Investments from Baruch College Zicklin School of Business.
Naomi Richman is a Senior Vice President in Moody's US Public Finance Group. Naomi manages the Surveillance team and Data and Analytics team. She is also responsible for contributing to state and local government analytical initiatives, research and methodologies. Naomi was previously a Managing Director in US Public Finance and Chief Credit Officer for global public sector ratings. Naomi has over 35 years of experience in credit analysis at Moody's, covering state and local governments, housing, higher education, financial guarantors, and global sovereigns.
Prior to joining Moody's, Naomi spent four years with the New York City Department of Finance. Naomi holds an MPP from Harvard University and an AB from Bryn Mawr College.