Emerald Coast Behavioral Hospital
Panama City, Bay County, FL
· CCN 104073
Licensed to Emerald Coast Behavioral Hospital Llc
Composite
52.0
rank score
Distress
30
FY2023
Fit
92
vs thesis
Estimated ticket
$23.6M–$94.6M
86 beds ·
within envelope
Ownership
for-profit
PH
Why it ranks here
- under 30 days cash on hand
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- bed count in the target band
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $25.9M |
| Operating margin | 5.5% |
| Total margin | 5.8% |
| Days cash on hand | 0 |
| Current ratio | 22.54 |
| Occupancy | 71% |
Facility
| Beds | 86 |
| Facility type | PH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $275K |
| Per-bed (high) | $1.1M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 86 | $14.6M | $7.6M | 10.7% | 36.7% | 0 | 2.78 | 66% | 1,881 | 22 |
| 2021 | 86 | $6.2M | $6.7M | 38.3% | 63.7% | 0 | 2.72 | 67% | 1,999 | 22 |
| 2022 | 86 | $25.0M | $2.1M | 8.1% | 8.5% | 0 | 2.97 | 69% | 2,017 | 22 |
| 2023 | 86 | $25.9M | $1.5M | 5.5% | 5.8% | 0 | 22.54 | 71% | 2,131 | 30 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Cheryl Ramagano | corporate officer | 100 | 2010-11 | |
| George Brunner | corporate officer | 100 | 2012-10 | |
| Katharine Lyver | corporate officer | 100 | 2024-01 | |
| Matthew Klein | corporate officer | 100 | 2010-11 | |
| Matthew Peterson | corporate officer | 100 | 2019-09 | |
| Matthew Peterson | operational/managerial control | 100 | 2019-09 | |
| Premier Behavioral Solutions, Inc. | 5% or greater direct ownership interest | 100 | 2009-08 | |
| Psychiatric Solutions, Inc. | 5% or greater indirect ownership interest | 100 | 2009-08 | |
| Steve Filton | corporate officer | 100 | 2010-11 | |
| Steve Filton | operational/managerial control | 100 | 2010-11 | |
| Thomas Day | corporate officer | 100 | 2021-07 | |
| Timothy Bedford | contracted managing employee | 100 | 2010-11 | |
| Timothy Bedford | corporate officer | 100 | 2010-11 | |
| Uhs Of Delaware Inc | operational/managerial control | 100 | 2010-11 | chain |
| Universal Health Services Inc | 5% or greater indirect ownership interest | 100 | 2010-11 | |
| Matthew Peterson | corporate director | 33 | 2019-09 | |
| Steve Filton | corporate director | 33 | 2010-11 | |
| Thomas Day | corporate director | 33 | 2021-07 | |
| Alan Miller | 5% or greater indirect ownership interest | 2010-11 | ||
| Donald Murphy | contracted managing employee | 2025-04 | ||
| Donald Murphy | corporate officer | 2025-04 | ||
| James Coleman | contracted managing employee | 2010-11 |
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 |
|---|---|---|---|---|
| 2025-07-01 | 9001 Tamiami Trail Opco, Llc | Willough Healthcare Inc | The Willough At Naples | 87 |
| 2019-06-03 | Southern Winds Hospital Llc | Southern Winds Health Llc | Southern Winds Hospital Llc | 72 |