Our 2013 fiscal year began October 1. Looking back on 2012, we have much good news to report. First and foremost, we received extremely high patient and resident satisfaction results this past year. It will always be a major focus of our staff to provide high quality care in a compassionate and thoughtful manner.
Financially, our news is also good: Masonicare’s bond rating by Standard & Poor’s was recently affirmed. We were able to restructure our debt, thereby reducing risk and adding stability, and our balance sheet has recovered and our profit and loss statement improved significantly from the market downturn of 2008-2009. Nevertheless, we continue to hold the line on expenses and look for new sources of revenue.
The world of healthcare is undergoing change not seen since Medicare was enacted in 1965. One example: under the Affordable Care Act, an electronic medical health record is required. We completed Phase I of this conversion in our outpatient practice and in our two hospital units. By this time next year, Phase II will have been completed. We are proactively planning for the future in other ways as well, including growing our caseload in home and community-based services, providing inpatient acute hospice care in Wallingford, and, when the time is right, developing the property we purchased inMansfield last year.
Masonicare is considered a leader in the care of seniors. This is borne out by the number of Masonicare executives who have been tapped to participate in initiatives on both the state and national levels. Richard Memmott of Masonicare Community Services chairs the State Commission on Aging; Carl Anderson, vice president of mission effectiveness, is on the Ethics Committee of LeadingAge, our national association; Jon-Paul Venoit, senior vp for residential living and community-based services, is on the Board of the Connecticut Assisted Living Association; and Tom Gutner, special assistant to the CEO, serves on the State Task Force studying Aging in Place. I am honored to have been elected last month to the Board of LeadingAge in Washington, and I continue to serve on the Board of its Connecticut affiliate and on the Board of the Masonic Communities and Services Association. Truly, Masonicare’s voice is well respected and strong in the senior services industry.
I look forward to 2013 with great anticipation. We will continue to strive to build on the historic foundations that our forefathers started 117 years ago.