Memorial Hospital Association
dba Memorial Hospital ·
Carthage, Hancock County, IL
· CCN 141305
Licensed to Memorial Hospital Association
Composite
25.0
rank score
Distress
23
FY2023
Fit
36
vs thesis
Estimated ticket
$1.5M–$3.1M
18 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- 90-150 days cash on hand
- occupancy 30-45%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $46.8M |
| Operating margin | -1.7% |
| Total margin | 5.2% |
| Days cash on hand | 117 |
| Current ratio | 3.79 |
| Occupancy | 36% |
Facility
| Beds | 18 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 18 | $30.7M | $1.4M | -4.5% | 4.2% | 162 | 1.74 | 40% | 440 | 26 |
| 2021 | 18 | $39.6M | $11.2M | 3.6% | 22.6% | 154 | 3.31 | 42% | 490 | 6 |
| 2022 | 18 | $43.2M | $1.6M | -1.3% | 3.5% | 120 | 4.48 | 43% | 486 | 26 |
| 2023 | 18 | $46.8M | $2.6M | -1.7% | 5.2% | 117 | 3.79 | 36% | 442 | 23 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Ada Bair | corporate officer | 2018-06 | ||
| Ada Bair | w-2 managing employee | 2005-11 | ||
| Ada Bair | operational/managerial control | 2003-03 | ||
| Brenda Young | other | 2020-09 | ||
| Dan Asbury | corporate director | 2002-09 | ||
| Douglas Groth | corporate director | 2017-09 | ||
| Jami Hocker | corporate director | 2024-03 | ||
| Jennifer Roberts | corporate director | 2025-10 | ||
| Karen Araya | corporate director | 2024-10 | ||
| Luann Haas | corporate officer | 2017-04 | ||
| Luann Haas | corporate director | 1998-09 | ||
| Matthew Dickinson | corporate director | 2025-10 | ||
| Matthew Kraus | corporate director | 2025-10 | ||
| Patricia Schou | corporate director | 2024-10 | ||
| Stuart Froman | corporate director | 2025-10 | ||
| Teresa Smith | corporate officer | 2018-06 | ||
| Teresa Smith | w-2 managing employee | 2005-12 | ||
| Teresa Smith | operational/managerial control | 2005-12 | ||
| Terry Pope | corporate director | 2006-09 | ||
| Victora Kalivoda-Popela | corporate director | 2022-09 |
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 |
|---|---|---|---|---|
| 2023-01-14 | Deaconess Illinois Union County... | Anna Hospital Corporation | Union County Hospital District | 25 |
| 2023-01-14 | Deaconess Illinois Red Bud... | Red Bud Illinois Hospital Company Llc | Red Bud Regional Hospital | 25 |
| 2022-07-01 | Sarah Bush Lincoln Health Center | Fayette County Hospital District | Fayette County Hospital | 25 |
| 2021-07-01 | Osf Healthcare System | Julia Rackley Perry Memorial Hospital | Osf Saint Clare Medical Center | 25 |
| 2020-07-01 | Carle Eureka Hospital | Advocate Health And Hospitals Corporation | Carle Eureka Hospital | 25 |