Ball Memorial Hospital
dba Iu Health Ball Memorial Hospital ·
Muncie, Delaware County, IN
· CCN 150089
Licensed to Indiana University Health Ball Memorial Hospital Inc
Composite
32.3
rank score
Distress
6
FY2023
Fit
74
vs thesis
Estimated ticket
$150M–$602M
301 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- margin deteriorating
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size well above the envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $539M |
| Operating margin | 3.7% |
| Total margin | 10.3% |
| Days cash on hand | 313 |
| Current ratio | 9.06 |
| Occupancy | 67% |
Facility
| Beds | 301 |
| 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 | 309 | $439M | $59.6M | 4.9% | 12.5% | 306 | 4.27 | 68% | 15,672 | 0 |
| 2021 | 314 | $505M | $72.9M | 7.0% | 13.4% | 294 | 5.33 | 72% | 15,009 | 0 |
| 2022 | 316 | $525M | $22.3M | 0.9% | 4.1% | 275 | 7.08 | 72% | 14,777 | 7 |
| 2023 | 301 | $539M | $59.8M | 3.7% | 10.3% | 313 | 9.06 | 67% | 13,787 | 6 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Arthur Vasquez | corporate officer | 2026-01 | ||
| Arthur Vasquez | corporate director | 2026-01 | ||
| Charles Routh | corporate director | 2012-05 | ||
| Daniel Borgenheimer | corporate director | 2019-05 | ||
| Dea Bell | corporate director | 2023-05 | ||
| Derron Bishop | corporate director | 2019-01 | ||
| Donald Engel | corporate director | 2024-05 | ||
| Eric Westergren | corporate director | 2025-05 | ||
| Geoffrey Mearns | corporate director | 2018-01 | ||
| Indiana University Health Inc | operational/managerial control | 2009-01 | ||
| Joan Castor | corporate director | 2018-10 | ||
| John Rhea | corporate officer | 2018-05 | ||
| John Rhea | corporate director | 2005-01 | ||
| Kevin Woodgett | corporate director | 2024-05 | ||
| Kreigh Cook | contracted managing employee | 2026-01 | ||
| Kreigh Cook | corporate officer | 2023-09 | ||
| Kreigh Cook | operational/managerial control | 2023-09 | ||
| Michael Craig | contracted managing employee | 2024-07 | ||
| Michael Craig | corporate officer | 2024-07 | ||
| Michael Craig | operational/managerial control | 2024-07 | ||
| Michael Fisher | corporate director | 2013-07 | ||
| Michelle Altobella | corporate officer | 2012-05 | ||
| Patrick Cleary | corporate director | 2002-10 | ||
| Peter Voss | corporate officer | 2007-10 | ||
| Peter Voss | corporate director | 2007-10 |
Showing 25 of 29. Full list via /api/targets/150089.
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 |