Bethesda Hospital
Boynton Beach, Palm Beach County, FL
· CCN 100002
Licensed to Bethesda Hospital Inc.
Composite
69.6
rank score
Distress
83
FY2023
Fit
80
vs thesis
Estimated ticket
$127M–$508M
363 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- liabilities exceed assets
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $345M |
| Operating margin | -34.5% |
| Total margin | -29.9% |
| Days cash on hand | 0 |
| Current ratio | 1.19 |
| Occupancy | 61% |
Facility
| Beds | 363 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 382 | $315M | $6.3M | -15.1% | 1.7% | 2 | 1.07 | 61% | 16,857 | 57 |
| 2021 | 395 | $338M | $-52.0M | -17.4% | -14.9% | 0 | 2.25 | 61% | 16,309 | 71 |
| 2022 | 406 | $335M | $-113M | -36.3% | -32.2% | 0 | 1.39 | 59% | 16,278 | 83 |
| 2023 | 363 | $345M | $-108M | -34.5% | -29.9% | 0 | 1.19 | 61% | 16,586 | 83 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Baptist Health South Florida Inc | operational/managerial control | 2023-03 | ||
| Barbara Lucas | corporate director | 2023-02 | ||
| Bethesda Hospital Inc. | operational/managerial control | 2021-10 | ||
| Charlton Stucken | corporate director | 2021-10 | ||
| Colleen Rhodd | corporate director | 2021-10 | ||
| George Elmore | corporate director | 2006-10 | ||
| Ian Jeffrey Pheterson | corporate director | 2002-10 | ||
| Jared Smith | corporate officer | 2023-02 | ||
| Jared Smith | w-2 managing employee | 2023-02 | ||
| Marie Bedner | corporate director | 2013-01 | ||
| Matthew Arsenault | corporate officer | 2017-10 | ||
| Matthew Arsenault | w-2 managing employee | 2017-10 | ||
| Michael Mccarthy | corporate director | 2023-02 | ||
| Roberta Stokes | corporate director | 2017-10 | ||
| Steven Litinsky | corporate director | 2015-09 |
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 FL
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 | Galen Of Florida Inc | West Florida - Pph, Llc | St. Petersburg General | 162 |
| 2025-03-01 | Adventhealth Port Charlotte Inc | Port Charlotte Hma Llc | Bayfront Health Port Charlotte | 254 |
| 2025-02-27 | Hope 97 Llc | Prime Healthcare Services-Lehigh Acres Llc | Lehigh Regional | 53 |
| 2024-11-01 | Lee Health System Inc | Lee Memorial Health System | Gulf Coast Medical Center | 624 |
| 2024-11-01 | Lee Health System Inc | Lee Memorial Health System | Lee Memorial Hospital | 746 |
| 2024-10-30 | Hsa Cgh Llc | Steward Cgh Inc | Coral Gables Hospital | 245 |
| 2024-10-30 | Hsa Hh Llc | Steward Hh, Inc. | Hialeah Hospital | 340 |
| 2024-10-30 | Hsa Pgh Llc | Steward Pgh, Inc. | Palmetto General Hospital | 358 |
| 2024-10-30 | Hsa Nsmc Llc | Steward Nsmc Inc | North Shore Medical Center And Fmc | 748 |
| 2024-10-23 | Ohsrh, Llc | Steward Sebastian River Medical Center Inc | Sebastian River Medical Center | 145 |
| 2023-12-01 | Tampa General Hospital Citrus Llc | Citrus Hma Llc | Seven Rivers Regional Medical Center | 121 |
| 2023-12-01 | Tampa General Hospital Hernando Llc | Hernando Hma Llc | Brooksville Regional Hosptal | 244 |
| 2020-10-01 | Ohi West, Inc. | Bayfront Hma Medical Center Llc | Bayfront Health St. Petersburg | 262 |
| 2019-09-01 | Adventhealth Polk South Inc | Lake Wales Hospital Corporation | Adventhealth Lake Wales | 118 |
| 2019-09-01 | Adventhealth Polk North Inc | Haines City Hma Llc | Adventhealth Heart Of Florida | 202 |