Johnson Memorial Hospital
Franklin, Johnson County, IN
· CCN 150001
Licensed to Johnson Memorial Hospital
Composite
62.5
rank score
Distress
75
FY2023
Fit
72
vs thesis
Estimated ticket
$20.3M–$81.2M
58 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- occupancy 30-45%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- thin occupancy
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $81.1M |
| Operating margin | -33.6% |
| Total margin | -43.0% |
| Days cash on hand | 0 |
| Current ratio | 2.13 |
| Occupancy | 32% |
Facility
| Beds | 58 |
| Facility type | STH |
| Setting | urban |
| Ownership class | government |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 49 | $66.6M | $2.7M | -10.8% | 3.7% | 91 | 2.33 | 35% | 1,890 | 38 |
| 2021 | 49 | $95.1M | $4.4M | 8.3% | 4.8% | 109 | 2.72 | 42% | 2,091 | 10 |
| 2022 | 58 | $114M | $48.5K | -1.4% | 0.0% | 13 | 3.36 | 34% | 1,851 | 47 |
| 2023 | 58 | $81.1M | $-32.6M | -33.6% | -43.0% | 0 | 2.13 | 32% | 1,860 | 75 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Adam Putvin | corporate officer | 100 | 2024-04 | |
| Adam Putvin | corporate director | 100 | 2024-04 | |
| Adam Putvin | operational/managerial control | 100 | 2024-04 | |
| David Dunkle | corporate officer | 100 | 2019-03 | |
| David Dunkle | corporate director | 100 | 2019-03 | |
| David Dunkle | operational/managerial control | 100 | 2019-03 | |
| Heather Armstrong | corporate director | 100 | 2022-09 | |
| Heather Armstrong | operational/managerial control | 100 | 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 IN
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 |
|---|---|---|---|---|
| 2025-12-28 | Indiana University Health Inc | Indiana University Health North... | Indiana University Health | 1,274 |
| 2025-12-13 | Union Hospital Inc | Terre Haute Regional Hospital Lp | Union Hospital Inc. | 260 |
| 2025-07-01 | Parkview Logansport Hospital Inc | Memorial Hospital | Memorial Hospital Logansport | 37 |
| 2024-03-01 | Franciscan Health Michigan City | Franciscan Beacon Hospital, Llc | Franciscan Health Michigan City | 133 |
| 2020-11-01 | St Elizabeth Medical Center, Inc | Dearborn County Hospital | St Elizabeth Dearborn | 50 |
| 2019-07-16 | Reid Hospital & Health Care Services Inc | Fayette Memorial Hospital Association Inc | Reid Hospital & Health Care Services | 183 |