Hillsboro Area Hospital
Hillsboro, Montgomery County, IL
· CCN 141332
Licensed to Hillsboro Area Hospital, Inc.
Composite
22.1
rank score
Distress
14
FY2024
Fit
40
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- occupancy below 30%
- margin deteriorating
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $39.9M |
| Operating margin | 7.6% |
| Total margin | 12.8% |
| Days cash on hand | 458 |
| Current ratio | 7.83 |
| Occupancy | 15% |
Facility
| Beds | 25 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 25 | $31.7M | $5.5M | 5.7% | 15.6% | 505 | 5.54 | 18% | 224 | 9 |
| 2022 | 25 | $33.7M | $3.9M | 5.7% | 10.9% | 498 | 6.18 | 14% | 268 | 9 |
| 2023 | 25 | $33.8M | $1.7M | 0.7% | 4.7% | 444 | 9.02 | 17% | 250 | 16 |
| 2024 | 25 | $39.9M | $5.4M | 7.6% | 12.8% | 458 | 7.83 | 15% | 250 | 14 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Hillsboro Area Hospital System Nfp | 5% or greater direct ownership interest | 100 | 2003-08 | |
| Alexander Nazarian | corporate officer | 2024-04 | ||
| Alexander Nazarian | w-2 managing employee | 2024-04 | ||
| Alexander Nazarian | operational/managerial control | 2024-04 | ||
| Ashley Smith | corporate officer | 2022-01 | ||
| Ashley Smith | w-2 managing employee | 2022-01 | ||
| Benjamin Cady | corporate director | 2012-10 | ||
| Earl Flack | corporate director | 2018-05 | ||
| Hillsboro Area Hospital System Nfp | operational/managerial control | 2003-08 | ||
| James Hertel | corporate director | 2021-10 | ||
| Jordan Ruppert | corporate director | 2018-05 | ||
| Joseph Blaser | corporate director | 2023-03 | ||
| Julie Jenkins | corporate director | 2012-10 | ||
| Kimberly Clevenger | w-2 managing employee | 2023-02 | ||
| Lisa White | corporate director | 2020-10 | ||
| Mary Herschelman | corporate director | 2022-10 | ||
| Michael Alexander | contracted managing employee | 2023-04 | ||
| Michael Alexander | corporate officer | 2023-04 | ||
| Misty Borrowman | corporate director | 2020-10 |
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 |