Encompass Health Rehabilitation Hosp
dba Encompass Health Rehabilitation Hospital Of Middletown ·
Middletown, New Castle County, DE
· CCN 083026
Licensed to Encompass Health Rehabilitation Hospital Of Middletown, Llc
Composite
31.9
rank score
Distress
0
FY2023
Fit
75
vs thesis
Estimated ticket
$13.0M–$52.0M
40 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- small but workable bed count
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $29.9M |
| Operating margin | 28.1% |
| Total margin | 28.0% |
| Days cash on hand | 196 |
| Current ratio | 6.61 |
| Occupancy | 97% |
Facility
| Beds | 40 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 40 | $25.7M | $7.0M | 27.0% | 27.0% | 113 | 6.31 | 95% | 1,186 | 4 |
| 2021 | 40 | $26.9M | $7.6M | 28.1% | 28.2% | 113 | 6.39 | 97% | 1,223 | 4 |
| 2022 | 40 | $29.2M | $8.2M | 28.0% | 28.1% | 101 | 7.63 | 97% | 1,273 | 4 |
| 2023 | 40 | $29.9M | $8.3M | 28.1% | 28.0% | 196 | 6.61 | 97% | 1,304 | 0 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Encompass Health Corporation | 5% or greater indirect ownership interest | 100 | 2010-09 | chain |
| Encompass Health Owned Hospitals Holdings Llc | 5% or greater direct ownership interest | 100 | 2010-09 | |
| Truist Bank | 5% or greater security interest | 100 | 2026-03 | |
| Vanguard Group Inc | 5% or greater indirect ownership interest | 10 | 2023-12 | |
| Blackrock Inc | 5% or greater indirect ownership interest | 9 | 2023-12 | |
| Carey Mcrae | operational/managerial control | 2025-01 | ||
| Carey Mcrae | other | 2025-01 | ||
| Dustin Mcfarland | w-2 managing employee | 2024-04 | ||
| Encompass Health Corporation | operational/managerial control | 2014-12 | chain | |
| Mark Tarr | operational/managerial control | 2017-01 | ||
| Robert Mccallum | operational/managerial control | 2025-01 | ||
| Robert Mccallum | other | 2025-01 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.