Northshore University Healthsystem
Evanston, Cook County, IL
· CCN 140010
Licensed to Endeavor Health Clinical Operations
Composite
14.7
rank score
Distress
34
FY2023
Fit
54
vs thesis
Estimated ticket
$337M–$1.3B
674 beds ·
over envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin under 2%
- under 30 days cash on hand
- current liabilities exceed current assets
- urban — higher occupancy and iteration surface
- very large — likely out of range
- estimated price exceeds the capital envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $1.9B |
| Operating margin | 1.4% |
| Total margin | 17.3% |
| Days cash on hand | 25 |
| Current ratio | 0.95 |
| Occupancy | 69% |
Facility
| Beds | 674 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 694 | $1.5B | $273M | -7.4% | 13.5% | 73 | 0.73 | 66% | 35,579 | 46 |
| 2021 | 675 | $1.7B | $1.3B | 1.6% | 42.2% | 53 | 0.43 | 69% | 35,146 | 37 |
| 2022 | 672 | $2.3B | $-562M | 1.1% | -23.4% | 28 | 0.51 | 70% | 42,737 | 59 |
| 2023 | 674 | $1.9B | $412M | 1.4% | 17.3% | 25 | 0.95 | 69% | 35,857 | 34 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Endeavor Health | 5% or greater direct ownership interest | 100 | 2022-01 | |
| Carolyn Cekal | w-2 managing employee | 2024-01 | ||
| Christine Erdmann | w-2 managing employee | 2024-01 | ||
| David Zucker | corporate director | 2024-01 | ||
| Douglas Welday | corporate officer | 2018-10 | ||
| Douglas Welday | w-2 managing employee | 2018-10 | ||
| Douglas Welday | operational/managerial control | 2018-10 | ||
| Gabrielle Cummings | w-2 managing employee | 2002-06 | ||
| Gerald Gallagher | corporate officer | 2024-01 | ||
| Gerald Gallagher | corporate director | 2024-01 | ||
| Gerald Gallagher | w-2 managing employee | 2002-08 | ||
| Mary Sheahen | corporate director | 2022-01 | ||
| Rocco Martino | corporate director | 2024-01 | ||
| Toure Claibourne | corporate director | 2024-01 |
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 IL
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 |
|---|---|---|---|---|
| 2025-03-01 | Saint Joseph Medical Center - Joliet Llc | Presence Central And Suburban... | Presence St. Joseph Medical Center | 425 |
| 2025-03-01 | St Marys Hospital - Kankakee Llc | Presence Central And Suburban... | Presence St. Marys Hospital | 169 |
| 2025-03-01 | Mercy Medical Center - Aurora Llc | Presence Central And Suburban... | Presence Mercy Medical Center | 190 |
| 2025-03-01 | Saint Joseph Hospital - Elgin Llc | Presence Central And Suburban... | Presence Saint Joseph Hospital Elgin | 144 |
| 2025-03-01 | Saint Francis Hospital - Evanston Llc | Presence Chicago Hospitals Network | Presence Saint Francis Hospital | 146 |
| 2025-03-01 | Resurrection Medical Center - Chicago Llc | Presence Chicago Hospitals Network | Presence Resurrection Medical Center | 221 |
| 2025-03-01 | Saint Mary Of Nazareth Hospital -... | Presence Chicago Hospitals Network | Presence Saints Mary & Elizabeth Med | 296 |
| 2025-01-01 | Osf Healthcare System | Katherine Shaw Bethea Hospital | Katherine Shaw Bethea Hospital | 80 |
| 2023-03-01 | American Healthcare Systems Illinois Llc | Granite City Illinois Hospital Company Llc | Gateway Regional | 288 |
| 2023-01-14 | Deaconess Illinois Crossroads Inc | National Healthcare Of Mt Vernon Inc | Crossroads Community Hospital | 47 |
| 2023-01-14 | Deaconess Regional Healthcare... | Marion Hospital Corporation | Heartland Regional Medical Center | 94 |
| 2020-12-01 | Advocate Health And Hospitals Corporation | Advocate Health And Hospitals Corporation | Advocate Southland Health Network | 438 |
| 2020-07-01 | Carle Bromenn Medical Center | Advocate Health And Hospitals Corporation | Carle Bromenn Medical Center | 206 |
| 2020-02-01 | Osf Healthcare System | Little Company Of Mary Hospital Inc | Little Company Of Mary | 222 |
| 2019-10-01 | Thorek Memorial Hospital | Bethany Homes And Methodist Hospital | Methodist Hospital Of Chicago | 141 |