Lutheran Downtown Hospital
Fort Wayne, Allen County, IN
· CCN 150047
Licensed to St Joseph Health System Llc
Composite
70.1
rank score
Distress
90
FY2024
Fit
74
vs thesis
Estimated ticket
$21.0M–$84.0M
60 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy below 30%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $53.8M |
| Operating margin | -18.5% |
| Total margin | -16.7% |
| Days cash on hand | 0 |
| Current ratio | 0.08 |
| Occupancy | 16% |
Facility
| Beds | 60 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 61 | $27.3M | $-21.1M | -122.6% | -53.2% | 0 | 0.18 | 44% | 2,053 | 97 |
| 2022 | 60 | $45.7M | $-22.2M | -59.5% | -43.8% | 0 | 0.04 | 35% | 1,501 | 97 |
| 2023 | 60 | $54.6M | $-5.3M | -17.3% | -9.1% | 0 | 0.08 | 23% | 1,220 | 100 |
| 2024 | 60 | $53.8M | $-9.1M | -18.5% | -16.7% | 0 | 0.08 | 16% | 1,114 | 90 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chs Community Health Systems Inc | 5% or greater indirect ownership interest | 100 | 2007-07 | |
| Community Health Systems Inc | 5% or greater indirect ownership interest | 100 | 2007-07 | |
| Hma-Tri Holdings Llc | 5% or greater indirect ownership interest | 100 | 2015-12 | |
| Lutheran Health Network Investors Llc | 5% or greater direct ownership interest | 100 | 2007-07 | |
| Tennyson Holdings Llc | 5% or greater indirect ownership interest | 100 | 2006-01 | |
| Triad Healthcare Llc | 5% or greater indirect ownership interest | 100 | 2015-12 | |
| Qhg Of Fort Wayne Company Llc | 5% or greater indirect ownership interest | 42 | 2014-11 | |
| Lutheran Health Network Of Indiana Llc | 5% or greater indirect ownership interest | 38 | 2014-11 | |
| Dhfw Holdings Llc | 5% or greater indirect ownership interest | 6 | 2007-07 | |
| Christopher Cobb | corporate officer | 2017-04 | ||
| Edna Buffington-Price | corporate director | 2022-03 | ||
| Jason Johnson | corporate officer | 2020-01 | ||
| Justin Pitt | corporate officer | 2022-03 | ||
| Justin Pitt | corporate director | 2022-03 | ||
| Kevin Hammons | corporate officer | 2019-02 | ||
| Kevin Hammons | corporate director | 2020-01 | ||
| Nathaniel Summar | corporate director | 2017-07 | ||
| Paula Lalor | corporate director | 2017-04 | ||
| Roman Ottinger | corporate officer | 2020-01 | ||
| Twilla Lee | w-2 managing employee | 2021-01 | ||
| William Cash | corporate officer | 2018-06 |
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 |