Memorial Hospital Of South Bend Inc
dba Memorial Hospital Of South Bend ·
South Bend, St. Joseph County, IN
· CCN 150058
Licensed to Memorial Hospital Of South Bend
Composite
12.8
rank score
Distress
17
FY2023
Fit
61
vs thesis
Estimated ticket
$214M–$858M
429 beds ·
over envelope
Ownership
nonprofit
STH
Why it ranks here
- 30-60 days cash on hand
- occupancy 45-60%
- urban — higher occupancy and iteration surface
- very large — likely out of range
- estimated price exceeds the capital envelope
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $674M |
| Operating margin | 15.5% |
| Total margin | 19.7% |
| Days cash on hand | 53 |
| Current ratio | 5.40 |
| Occupancy | 58% |
Facility
| Beds | 429 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| 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 | 414 | $555M | $114M | 15.7% | 19.5% | 21 | 2.54 | 66% | 18,455 | 22 |
| 2021 | 429 | $612M | $113M | 13.4% | 17.5% | 12 | 2.04 | 70% | 18,675 | 22 |
| 2022 | 429 | $631M | $104M | 9.7% | 15.4% | 25 | 3.80 | 69% | 19,390 | 22 |
| 2023 | 429 | $674M | $140M | 15.5% | 19.7% | 53 | 5.40 | 58% | 19,044 | 17 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Beacon Health System Inc | operational/managerial control | 100 | 2011-11 | |
| Jeffrey Costello | corporate officer | 100 | 1995-10 | |
| Larry Tracy | corporate officer | 100 | 2016-06 | |
| Larry Tracy | w-2 managing employee | 100 | 2016-06 | |
| Kreg Gruber | corporate officer | 2018-01 |
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 |