Kings Daughters Hospital
dba Norton - Kings Daughters Health ·
Madison, Jefferson County, IN
· CCN 150069
Licensed to Norton - Kings Daughters Health Inc
Composite
58.7
rank score
Distress
78
FY2023
Fit
59
vs thesis
Estimated ticket
$4.9M–$9.8M
70 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- 30-60 days cash on hand
- current ratio below 0.8
- occupancy 30-45%
- margin deteriorating sharply
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $138M |
| Operating margin | -18.8% |
| Total margin | -3.4% |
| Days cash on hand | 34 |
| Current ratio | -17.47 |
| Occupancy | 41% |
Facility
| Beds | 70 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 61 | $119M | $32.0M | -2.5% | 20.7% | 86 | 3.68 | 48% | 2,692 | 28 |
| 2021 | 61 | $144M | $32.7M | 5.0% | 19.4% | 72 | 3.14 | 52% | 2,627 | 12 |
| 2022 | 43 | $123M | $-43.5M | -13.8% | -44.8% | 66 | -32.51 | 59% | 2,048 | 70 |
| 2023 | 70 | $138M | $-5.4M | -18.8% | -3.4% | 34 | -17.47 | 41% | 2,284 | 78 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Carol Dozier | corporate officer | 100 | 2013-07 | |
| Carol Dozier | w-2 managing employee | 100 | 2014-01 | |
| Norton - Kings Daughters Health Inc | 5% or greater direct ownership interest | 100 | 2025-01 | |
| Elizabeth Truax | corporate director | 2025-01 | ||
| Norton Healthcare - Indiana, Inc | 5% or greater indirect ownership interest | 2025-01 | ||
| Norton Healthcare Inc | 5% or greater indirect ownership interest | 2025-01 | ||
| Shelley Gast | corporate director | 2022-01 | ||
| Shelley Gast | w-2 managing employee | 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 |