Parrish Medical Center
Titusville, Brevard County, FL
· CCN 100028
Licensed to North Brevard County Hospital District
Composite
68.8
rank score
Distress
85
FY2023
Fit
76
vs thesis
Estimated ticket
$72.8M–$291M
208 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
- debt above 70% of assets
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $159M |
| Operating margin | -19.6% |
| Total margin | -12.1% |
| Days cash on hand | 9 |
| Current ratio | 1.08 |
| Occupancy | 30% |
Facility
| Beds | 208 |
| 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 | 216 | $121M | $1.3M | -13.0% | 0.9% | 80 | 1.04 | 34% | 5,582 | 50 |
| 2021 | 210 | $131M | $6.9M | -13.3% | 4.5% | 32 | 0.88 | 39% | 5,383 | 59 |
| 2022 | 210 | $139M | $-34.0M | -20.9% | -25.4% | 14 | 1.49 | 39% | 4,634 | 76 |
| 2023 | 208 | $159M | $-20.5M | -19.6% | -12.1% | 9 | 1.08 | 30% | 4,414 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Darrell Bacon | w-2 managing employee | 100 | 2021-12 | |
| Darrell Bacon | operational/managerial control | 100 | 2021-12 | |
| Kent Bailey | contracted managing employee | 5 | 2019-10 | |
| Ashok Shah | corporate director | 2012-12 | ||
| Billie Fitzgerald | corporate director | 2010-07 | ||
| Christopher Mcalpine | corporate director | 2019-03 | ||
| Christopher Mcalpine | w-2 managing employee | 2019-03 | ||
| Elizabeth Galfo | corporate officer | 2015-08 | ||
| George Mikitarian | corporate director | 2010-07 | ||
| George Mikitarian | w-2 managing employee | 2010-07 | ||
| Herman Cole | corporate director | 2010-07 | ||
| Jerry Noffel | corporate director | 2010-07 | ||
| Margaret Crooks | corporate director | 2010-07 | ||
| Maureen Rupe | corporate director | 2010-07 | ||
| Robert Jordan | corporate director | 2010-07 | ||
| Stan Retz | corporate director | 2012-12 |
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 |