Ascension Sacred Heart Bay
Panama City, FL
· CCN 100026
Licensed to Bay County Health System Llc
Composite
62.4
rank score
Distress
60
FY2024
Fit
88
vs thesis
Estimated ticket
$61.2M–$245M
144 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $200M |
| Operating margin | -11.4% |
| Total margin | -9.8% |
| Days cash on hand | 0 |
| Current ratio | 1.79 |
| Occupancy | 82% |
Facility
| Beds | 144 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 123 | $60.7M | $-13.9M | -32.9% | -20.8% | 0 | 16.16 | 91% | 2,964 | 67 |
| 2021 | 127 | $166M | $-35.2M | -20.4% | -21.3% | 6 | 1.02 | 93% | 8,053 | 74 |
| 2022 | 169 | $173M | $-34.9M | -22.2% | -19.7% | 0 | 1.06 | 69% | 7,608 | 70 |
| 2023 | 126 | $192M | $-10.4M | -6.7% | -5.3% | 22 | 1.29 | 82% | 7,253 | 60 |
| 2024 | 144 | $200M | $-20.0M | -11.4% | -9.8% | 0 | 1.79 | 82% | 8,294 | 60 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Sacred Heart Health System Inc | 5% or greater direct ownership interest | 100 | 2020-07 | |
| Carmon Bass | corporate director | 2015-06 | ||
| Coba Cornejo | corporate officer | 2019-03 | ||
| Coba Cornejo | w-2 managing employee | 2019-03 | ||
| Coba Cornejo | operational/managerial control | 2019-03 | ||
| Don King | corporate officer | 2022-07 | ||
| Don King | w-2 managing employee | 2022-07 | ||
| Don King | operational/managerial control | 2022-07 | ||
| Patrick George | corporate officer | 2025-12 | ||
| Patrick George | w-2 managing employee | 2025-12 | ||
| Patrick George | operational/managerial control | 2025-12 | ||
| Robin Godwin | corporate officer | 2021-06 | ||
| Robin Godwin | w-2 managing employee | 2021-06 | ||
| Robin Godwin | operational/managerial control | 2021-06 | ||
| Sacred Heart Health System Inc | operational/managerial control | 2020-07 |
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 |