Hendricks Regional Health
Danville, Hendricks County, IN
· CCN 150005
Licensed to Hendricks County Hospital
Composite
52.6
rank score
Distress
45
FY2023
Fit
81
vs thesis
Estimated ticket
$65.0M–$260M
130 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin -10% to -5%
- under 30 days cash on hand
- current ratio under 1.5
- occupancy 45-60%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- moderate occupancy
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $447M |
| Operating margin | -5.2% |
| Total margin | 4.9% |
| Days cash on hand | 6 |
| Current ratio | 1.25 |
| Occupancy | 49% |
Facility
| Beds | 130 |
| Facility type | STH |
| Setting | urban |
| Ownership class | government |
| 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 | 130 | $325M | $6.0M | -13.2% | 1.6% | 44 | 1.08 | 47% | 5,513 | 53 |
| 2021 | 130 | $381M | $38.5M | -1.3% | 9.1% | 10 | 0.96 | 48% | 5,374 | 49 |
| 2022 | 130 | $423M | $-36.0M | -3.6% | -8.9% | 11 | 1.06 | 49% | 5,791 | 60 |
| 2023 | 130 | $447M | $24.4M | -5.2% | 4.9% | 6 | 1.25 | 49% | 5,854 | 45 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Hendricks County Hospital | 5% or greater direct ownership interest | 100 | 2012-09 | |
| Deanna Fenoughty | corporate officer | 2023-07 | ||
| Deanna Fenoughty | w-2 managing employee | 2023-07 | ||
| Erin Engels | corporate director | 2016-01 | ||
| John Waite | corporate director | 2020-08 | ||
| Mark Gentry | corporate director | 2022-01 | ||
| Stanton Risser | corporate director | 2020-12 | ||
| Stanton Risser | operational/managerial control | 2020-12 | ||
| Timothy Whicker | corporate director | 2022-01 | ||
| Tyler Starkey | corporate director | 2020-08 |
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 |