Ed Fraser Memorial Hospital
Macclenny, Baker County, FL
· CCN 100134
Licensed to Baker County Medical Services Inc
Composite
54.0
rank score
Distress
76
FY2023
Fit
50
vs thesis
Estimated ticket
$1.5M–$2.9M
21 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio below 0.8
- occupancy below 30%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $34.1M |
| Operating margin | -10.4% |
| Total margin | -4.6% |
| Days cash on hand | 11 |
| Current ratio | 0.59 |
| Occupancy | 15% |
Facility
| Beds | 21 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 21 | $27.0M | $-2.7M | -17.0% | -9.2% | 95 | 1.29 | 13% | 291 | 61 |
| 2021 | 21 | $29.2M | $5.1M | -7.5% | 13.9% | 81 | 1.35 | 14% | 329 | 44 |
| 2022 | 21 | $40.7M | $8.6M | 17.8% | 20.4% | 17 | 3.00 | 10% | 298 | 31 |
| 2023 | 21 | $34.1M | $-1.7M | -10.4% | -4.6% | 11 | 0.59 | 15% | 394 | 76 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Baker County Medical Services Inc | operational/managerial control | 100 | 1993-10 | |
| Charles Wilson | corporate officer | 14 | 1993-10 | |
| Luanne Williams | corporate officer | 14 | 2011-01 | |
| Sherrie Raulerson | corporate officer | 14 | 2005-10 | |
| Charles Kennedy | corporate officer | 1993-10 | ||
| Charles Kennedy | corporate director | 2009-01 | ||
| Charles Wilson | corporate director | 2009-01 | ||
| Dorinda Tillquist | corporate officer | 2022-05 | ||
| Sherrie Raulerson | corporate director | 2009-01 | ||
| Tiffany Varnadoe | corporate officer | 2021-06 | ||
| Tiffany Varnadoe | w-2 managing employee | 2021-06 | ||
| Tiffany Varnadoe | operational/managerial control | 2021-06 |
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 |