Virtua Health Credit Rating

[Desiderato Chouinard]

SP Global Ratings maintained 31 ratings without revising the outlooks, took three positive rating actions, and revised four outlooks unfavorably and one outlook favorably without changing the ratings in the U.S. not-for-profit health care sector in May. Two of the three upgrades related to our assessment of the combined credit strength of Advocate Aurora Health and Atrium Health (with the combined organization now known as Advocate Health) that resulted in an upgrade on Atrium Health and its related credit, Wake Forest Baptist. Of note, this was the first month since October 2021 where we did not lower any ratings.

We removed Sparrow Obligated Group from CreditWatch (where it had been placed with developing implications) based on its merger with the University of Michigan. There were three new sale issuances in the month, with all ratings and outlooks unchanged.

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Dennis W. Pullin is president and CEO of Virtua Health, an academic health system in New Jersey offering a full continuum of preventative, primary, ambulatory, acute and tertiary care across more than 400 locations.

A recognized thought leader and advocate for health equity, Mr. Pullin has led significant transformation of the 142-year-old not-for-profit organization, notably through the acquisition of Lourdes Health System in 2019 and the forging of an academic affiliation with Rowan University, a top 100 public research institute, resulting in the Virtua Health College of Medicine and Life Sciences of Rowan University.

Mr. Pullin came to Virtua in 2017 from the Washington, D.C./Baltimore, MD area where he had been president of MedStar Harbor Hospital and senior vice president of MedStar Health. Prior to leading MedStar Harbor, he was senior vice president and chief operating officer at MedStar Washington Hospital Center in Washington, D.C.

Mr. Pullin serves as host for the Here for Good podcast, where he engages in meaningful conversations with transformational leaders about how they create a positive impact on the world around them. He is also the author of several impactful op-ed articles on topics ranging from rising violence against health care professionals to the life-saving gift of organ donation.

Mr. Pullin has served as an adjunct professor at Texas Lutheran University and Towson University and has presented and published a wide variety of papers and articles. A past Fellow of the American College of Sports Medicine, he is a Hall of Fame Inductee of the Edgewood Independent School District, San Antonio, Texas.

In 2011, Dr. Matsinger became Medical Director of Operation at Virtua Voorhees and directly interacted with the physicians regarding quality initiatives and patient satisfaction. During his time at Voorhees, he participated in the successful implementation of an electronic medical record system and the opening of a new world-class hospital campus that enhanced the medical services offered to the residents of Southern New Jersey.

In 2000, Dr. Matsinger graduated from the Philadelphia College of Osteopathic Medicine where he also completed his internship and residency in Internal Medicine. In 2007, Dr. Matsinger received an executive master of business administration from the LeBow School of Business at Drexel's University in Philadelphia. He is also a member of Beta Sigma Gamma, the international business honors society and is a Fellow in the American College of Osteopathic Internists. Dr. Matsinger also successfully completed The Academy GE Fellows Program for Physician Executives which develops future physician leaders across the healthcare industry.

Prior to his promotion to chief financial officer at Virtua, Segin served for 5 years as chief financial officer for West Jersey Health System. He also served as a supervisor at the CPA firm of Pannell Kerr Forster.

Segin is a Certified Public Accountant in the states of New Jersey and Pennsylvania. He is a member of the American Institute of Certified Public Accountants, The New Jersey Society of Certified Public Accountants, The Pennsylvania Institute of Certified Public Accountants, the Healthcare Financial Management Association, and the New Jersey Hospital Association.

Segin serves on various boards including Chairperson of the Board of Health Business Solutions and Trustee of the New Jersey Hospital Association (NJHA). Segin is Chairperson of the Board of Acentus Practice Management as well as Chairperson and President of Virtua Assurance Inc. Committee memberships include Chairperson of the NJHA Finance Committee and a member of the NJHA Finance and Executive Compensation Committees.

Dr. Blaber is a practicing cardiologist who has been affiliated with Virtua Our Lady of Lourdes Hospital in Camden (formerly Our Lady of Lourdes Medical Center) for more than 20 years. There he participated in numerous clinical and administrative committees, including a term as Medical Staff President. In 2010, he was named President of Lourdes Medical Associates and, in 2011, President of Lourdes Cardiology Services.

In 2016, he was appointed to the New Jersey Cardiovascular Health Advisory Panel. The same year, the Diocese of Camden honored him with the Saint Luke Award for Leadership in Catholic Health Care in southern New Jersey. He has served on the boards of The Joseph Fund, the Haddonfield Ambulance Association, the Interfaith Care Givers of Haddonfield, and the Bucknell University Alumni Association.

Dr. Blaber came to South Jersey by way of Walter Reed Army Medical Center, Fort Benning, and Fort Meade. He served six years in the U.S. Army as an internist and achieved the rank of major. He received his medical degree from Hahnemann University School of Medicine, where he completed a fellowship in cardiovascular disease. He graduated from Bucknell University with a Bachelor of Science in chemistry and earned a Master of Business Administration from Villanova University.

Fendrick is coach certified for Six Sigma and green belt trained. She also completed the Health Management Academy GE Fellowship program for senior executives and is a Fellow with the American College of Healthcare Executives.

Before joining Virtua, Fendrick worked at ChristianaCare, starting her career as an administrative resident, then working in quality and operations. Fendrick earned her Bachelor of Arts at Franklin and Marshall College and her MBA with a concentration in health services from the Duke University Fuqua School of Business.

Jordan brings over 30 years of human resources experience to the position. For almost 24 years, she has held progressively responsible positions at Virtua, including senior vice president, vice president, assistant vice president, and director of human resources, where she provided strategic human resource partnership and oversight. Jordan has implemented talent management solutions and systems in the areas of employee and labor relations, organizational effectiveness, performance management, and leadership assessment.

Prior to entering the healthcare industry, Rowinski was Regional Attorney for AT&T Corporation providing legal services in a multi-state area. She began her legal career with the law firms of Morgan, Lewis & Bockius and Reid & Priest in Washington, D.C.

Chrisie arrived at Virtua in 2018 specifically to transform the sophistication and capabilities of the marketing division. Under her leadership, Virta underwent a successful rebranding following the acquisition of another health system. She has launched a CRM capability, a unique segmentation model, a robust online reputation management practice, an engaging podcast hosted by her CEO, and an enterprise-wide human understanding philosophy to support the connection of colleagues back to purpose. She introduced and helped to grow an online consumer panel which now boasts over 40,000 consumers who regularly provide valuable feedback.

Lisa Ferraro is a senior vice president and president of Virtua Our Lady of Lourdes Hospital Prior to transitioning into this role, Ferraro served as an SVP and the chief quality, safety and risk officer. Lisa has been with Virtua for 25 years with roles that focused on integrated operations, patient care, staffing, and case management.

Gordon began his career in banking IT, where he rose to lead application development for the First Union National Bank, now Wachovia. Today, many of his programs are still in use. Gordon is a member of the national Healthcare Information Management Systems Society as well as the NJ society chapter.

Barry Graf serves as senior vice president of partnerships and business development. In this role he is responsible for developing and maintaining partnership relationships with physicians and other healthcare providers. This includes oversight of various diagnostic and therapy partnerships as well as a statewide network of ambulatory surgery centers.

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