The Griffin Hospital
Derby, New Haven County, CT
· CCN 070031
Licensed to The Griffin Hospital
Composite
36.7
rank score
Distress
30
FY2023
Fit
58
vs thesis
Estimated ticket
$10.1M–$20.2M
101 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- 60-90 days cash on hand
- debt above 70% of assets
- margin slipping
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $228M |
| Operating margin | -4.9% |
| Total margin | 5.7% |
| Days cash on hand | 84 |
| Current ratio | 2.01 |
| Occupancy | 74% |
Facility
| Beds | 101 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 101 | $169M | $13.1M | -13.0% | 6.4% | 99 | 1.36 | 66% | 5,918 | 47 |
| 2021 | 101 | $203M | $27.1M | -17.5% | 10.2% | 107 | 1.82 | 80% | 6,507 | 40 |
| 2022 | 101 | $217M | $17.3M | -13.8% | 6.6% | 85 | 1.96 | 82% | 6,648 | 42 |
| 2023 | 101 | $228M | $14.4M | -4.9% | 5.7% | 84 | 2.01 | 74% | 6,882 | 30 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Alexander Balko | corporate officer | 2018-06 | ||
| Alexander Balko | w-2 managing employee | 2018-06 | ||
| Alexander Balko | operational/managerial control | 2018-06 | ||
| Andrea Warhola | w-2 managing employee | 2017-08 | ||
| Donna Digianvittorio | corporate director | 2015-01 | ||
| Frederick Browne | corporate director | 2014-10 | ||
| George Logan | corporate director | 2005-01 | ||
| Gerald Weiner | corporate director | 1995-01 | ||
| Jean Crum Jones | corporate director | 2008-01 | ||
| John Betkoski | corporate director | 1998-01 | ||
| John Zaprzalka | corporate director | 1998-01 | ||
| Kenneth Baldyga | corporate director | 2001-01 | ||
| Matthew Milardo | w-2 managing employee | 1989-06 | ||
| Nancy Dinardo | corporate director | 2011-01 | ||
| Patrick Charmel | corporate director | 2007-11 | ||
| Philip White | corporate director | 2015-01 | ||
| Robert Reiss | corporate director | 2009-01 | ||
| Themis Klarides | corporate director | 2006-01 | ||
| William Pearson | corporate director | 2012-01 |
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 CT
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 |
|---|---|---|---|---|
| 2019-10-01 | Svmc Holdings, Inc | St. Vincent's Medical Center | St. Vincents Medical Center | 219 |
| 2019-06-09 | Bridgeport Hospital | Milford Hospital, Inc | Bridgeport Hospital | 390 |
| 2017-08-01 | Vassar Health Connecticut Inc | Essent Healthcare Of Connecticut, Inc. | Sharon Hospital | 50 |