Eskenazi Health
Indianapolis, Marion County, IN
· CCN 150024
Licensed to The Health And Hospital Corporation Of Marion County
Composite
58.9
rank score
Distress
66
FY2023
Fit
73
vs thesis
Estimated ticket
$26.7M–$53.4M
314 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- 90-150 days cash on hand
- current ratio below 0.8
- margin deteriorating sharply
- rural — cheaper but limited density
- large — ticket likely stretches the envelope
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $608M |
| Operating margin | -57.2% |
| Total margin | -9.9% |
| Days cash on hand | 105 |
| Current ratio | -2.23 |
| Occupancy | 74% |
Facility
| Beds | 314 |
| Facility type | STH |
| Setting | rural |
| Ownership class | government |
| 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 | 314 | $491M | $98.3M | -53.1% | 11.6% | 193 | -1.73 | 73% | 16,822 | 41 |
| 2021 | 313 | $535M | $87.1M | -49.9% | 9.8% | 155 | -2.53 | 76% | 16,902 | 41 |
| 2022 | 314 | $562M | $-83.1M | -59.7% | -10.2% | 133 | -3.33 | 73% | 15,269 | 62 |
| 2023 | 314 | $608M | $-86.1M | -57.2% | -9.9% | 105 | -2.23 | 74% | 15,140 | 66 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Brenda Horn | corporate director | 2023-09 | ||
| Carl Drummer | corporate director | 2016-01 | ||
| Christopher Scott | corporate officer | 2021-03 | ||
| Christopher Scott | w-2 managing employee | 2021-03 | ||
| Gary Fisch | corporate director | 2025-01 | ||
| Kelly Doucet | corporate director | 2025-02 | ||
| Lisa Harris | corporate officer | 2004-01 | ||
| Michael O'brien | corporate director | 2025-02 | ||
| Nicole Harper | corporate officer | 2022-03 | ||
| Robert Lazard | corporate director | 2021-01 | ||
| The Health And Hospital Corporation Of Marion County | operational/managerial control | 1966-01 | ||
| Thomas Hanify | corporate director | 2022-01 |
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 |