North Baldwin Infirmary
Bay Minette, Baldwin County, AL
· CCN 010129
Licensed to Gulf Health Hospitals Inc
Composite
51.4
rank score
Distress
59
FY2024
Fit
62
vs thesis
Estimated ticket
$24.6M–$98.6M
58 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- 30-60 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy below 30%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $74.7M |
| Operating margin | -2.3% |
| Total margin | 2.9% |
| Days cash on hand | 40 |
| Current ratio | 0.34 |
| Occupancy | 28% |
Facility
| Beds | 58 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 25 | $33.9M | $-12.3M | -35.4% | -36.5% | 0 | -16.65 | 66% | 1,783 | 80 |
| 2022 | 25 | $33.9M | $-20.2M | -58.6% | -59.9% | 0 | -16.65 | 69% | 2,069 | 80 |
| 2023 | 58 | $55.3M | $1.5M | -3.3% | 2.6% | 3 | 0.21 | 28% | 2,476 | 71 |
| 2024 | 58 | $74.7M | $2.3M | -2.3% | 2.9% | 40 | 0.34 | 28% | 2,166 | 59 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Douglas Nix | corporate officer | 2009-01 | ||
| Douglas Nix | corporate director | 2009-01 | ||
| Douglas Nix | w-2 managing employee | 2007-11 | ||
| Infirmary Health System | 5% or greater direct ownership interest | 2001-05 | ||
| Infirmary Health System | operational/managerial control | 2001-05 | ||
| Joe Stough | corporate officer | 2008-12 | ||
| Joe Stough | w-2 managing employee | 2008-12 | ||
| Kerry Tolleson | corporate director | 2013-04 | ||
| Kerry Tolleson | w-2 managing employee | 2013-04 | ||
| Mary Moss | w-2 managing employee | 2015-03 | ||
| Randy Redfoot | w-2 managing employee | 1990-07 | ||
| Scott Browning | corporate director | 2010-02 | ||
| Scott Browning | w-2 managing employee | 2010-02 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.
Who has been buying in AL
Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 2025-08-01 | University Of Alabama At Birmingham | Uab Callahan Eye Hospital Authority | University Of Alabama Hospital | 1,149 |
| 2025-05-01 | Marion Regional Health - Winfield, Inc. | Northwest Medical Center Inc. | Northwest Medical Center | 28 |
| 2024-09-30 | City Of Jackson Healthcare Authority | Jackson Medical Center, Llc | Jackson Medical Center | 35 |
| 2024-04-01 | Hh Health System - Dekalb Llc | Fort Payne Hospital Corporation | Dekalb Regional Medical Center | 97 |
| 2023-10-01 | Usa Health Hca Providence Hospital Llc | Providence Hospital | Providence Hospital | 349 |
| 2021-10-01 | Hh Health System - Jackson Llc | Jackson County Health Care Authority | Highlands Medical Center | 45 |
| 2018-06-01 | Floyd Cherokee Medical Center Llc | Centre Hospital Corporation | Cherokee Medical Center | 45 |
| 2017-11-01 | The Health Care Authority Of The... | Greenville Hospital Corporation | Regional Medical Ctr Of Central Al | 44 |
| 2016-01-01 | Hh-Health System - Athens Limestone Llc | Healthcare Authority Of Athens And... | Athens Limestone | 66 |