Fhn Memorial Hospital
dba Mercyhealth Fhn Hospital ·
Freeport, Stephenson County, IL
· CCN 140160
Licensed to Freeport Memorial Hospital
Composite
23.5
rank score
Distress
9
FY2023
Fit
48
vs thesis
Estimated ticket
$10.0M–$20.0M
100 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- 90-150 days cash on hand
- occupancy 30-45%
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $155M |
| Operating margin | 5.7% |
| Total margin | 13.3% |
| Days cash on hand | 107 |
| Current ratio | 2.87 |
| Occupancy | 39% |
Facility
| Beds | 100 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 100 | $129M | $10.0M | 8.2% | 6.7% | 230 | 2.73 | 32% | 3,082 | 6 |
| 2021 | 100 | $146M | $30.9M | 11.7% | 19.3% | 190 | 3.85 | 33% | 2,699 | 6 |
| 2022 | 100 | $149M | $15.0M | 3.6% | 9.4% | 122 | 3.15 | 39% | 2,974 | 10 |
| 2023 | 100 | $155M | $22.4M | 5.7% | 13.3% | 107 | 2.87 | 39% | 3,183 | 9 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Mercy Health Corporation | 5% or greater direct ownership interest | 100 | 2026-01 | |
| Carlos Arevalo | corporate director | 2024-10 | ||
| Dave Syverson | corporate director | 2002-11 | ||
| Hannah Engelkes | w-2 managing employee | 2026-03 | ||
| Javon Bea | corporate director | 1989-10 | ||
| Katherine Schack | corporate director | 2017-03 | ||
| Lorna Schindler | w-2 managing employee | 2011-01 | ||
| Mark Goelzer | corporate director | 1988-09 | ||
| Shannon Dunphy-Alexander | corporate director | 2026-02 | ||
| Thomas Budd | corporate director | 2015-01 | ||
| Thomas Pool | corporate director | 1998-09 | ||
| Wesley Jost | corporate director | 2016-09 |
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 |