Riverview Hospital
dba Riverview Health ·
Noblesville, Hamilton County, IN
· CCN 150059
Licensed to Riverview Hospital
Composite
68.2
rank score
Distress
84
FY2023
Fit
76
vs thesis
Estimated ticket
$42.4M–$169M
121 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- debt above 85% of assets
- occupancy 30-45%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- thin occupancy
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $251M |
| Operating margin | -17.6% |
| Total margin | -8.7% |
| Days cash on hand | 11 |
| Current ratio | 0.38 |
| Occupancy | 33% |
Facility
| Beds | 121 |
| Facility type | STH |
| Setting | urban |
| Ownership class | government |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 119 | $190M | $-28.5M | -26.5% | -13.4% | 21 | 0.50 | 36% | 4,075 | 86 |
| 2021 | 119 | $222M | $-14.0M | -17.7% | -5.6% | 23 | 0.43 | 43% | 4,429 | 86 |
| 2022 | 121 | $233M | $-36.8M | -19.0% | -15.3% | 6 | 0.37 | 39% | 4,309 | 90 |
| 2023 | 121 | $251M | $-23.5M | -17.6% | -8.7% | 11 | 0.38 | 33% | 3,956 | 84 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Jayna Friend | w-2 managing employee | 100 | 2026-04 | |
| Julie Nix | corporate officer | 100 | 2026-04 | |
| Julie Nix | w-2 managing employee | 100 | 2026-04 | |
| Riverview Hospital | 5% or greater direct ownership interest | 100 | 1966-07 | |
| Riverview Hospital | operational/managerial control | 100 | 1966-07 |
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 |