Franciscan Health Michigan City
Michigan City, IN
· CCN 150015
Licensed to Franciscan Health Michigan City
Already transacted. CMS recorded an ownership change effective
2024-03-01. Confirm the current owner before spending a call on this.
Composite
10.6
rank score
Distress
4
FY2023
Fit
71
vs thesis
Estimated ticket
$13.3M–$26.6M
133 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- 90-150 days cash on hand
- rural — cheaper but limited density
- bed count in the target band
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
- changed ownership 2024-03-01 — likely already transacted
Latest financials · FY2023
| Net patient revenue | $350M |
| Operating margin | 5.0% |
| Total margin | 6.7% |
| Days cash on hand | 102 |
| Current ratio | 5.40 |
| Occupancy | 66% |
Facility
| Beds | 133 |
| 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 | 99 | $235M | $-190M | 9.1% | -778.8% | — | 2.75 | 73% | 5,868 | 21 |
| 2021 | 99 | $281M | $55.1M | 18.9% | 19.5% | 102 | 2.37 | 79% | 7,132 | 4 |
| 2022 | 119 | $277M | $22.6M | 6.1% | 8.1% | 104 | 5.36 | 66% | 6,566 | 4 |
| 2023 | 133 | $350M | $23.7M | 5.0% | 6.7% | 102 | 5.40 | 66% | 6,242 | 4 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Franciscan Alliance Inc | 5% or greater direct ownership interest | 100 | 1974-09 | |
| Justin Kats | corporate officer | 100 | 2026-03 | |
| Justin Kats | w-2 managing employee | 100 | 2026-03 | |
| Stacey Leva | corporate officer | 100 | 2026-03 | |
| Stacey Leva | w-2 managing employee | 100 | 2026-03 | |
| Kevin Leahy | corporate officer | 1996-11 | ||
| Kevin Leahy | w-2 managing employee | 2014-04 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2024-03-01 | acquisition/merger | Franciscan Health Michigan City | Franciscan Beacon Hospital, Llc |
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 |