Franciscan Health Munster
dba Franciscan Healthcare-Munster ·
Munster, Lake County, IN
· CCN 150165
Licensed to Franciscan Health Munster
Composite
63.3
rank score
Distress
66
FY2023
Fit
84
vs thesis
Estimated ticket
$33.1M–$133M
78 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin -10% to -5%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio under 1.5
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $153M |
| Operating margin | -6.4% |
| Total margin | -4.2% |
| Days cash on hand | 21 |
| Current ratio | 1.43 |
| Occupancy | 58% |
Facility
| Beds | 78 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 63 | $104M | $5.4M | 0.4% | 4.9% | 50 | 1.30 | 53% | 2,658 | 29 |
| 2021 | 75 | $128M | $12.7M | 6.2% | 9.6% | 68 | 2.33 | 53% | 2,862 | 12 |
| 2022 | 78 | $140M | $-4.3M | -5.4% | -3.0% | 38 | 3.03 | 67% | 3,715 | 51 |
| 2023 | 78 | $153M | $-6.7M | -6.4% | -4.2% | 21 | 1.43 | 58% | 3,735 | 66 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Franciscan Alliance Inc | 5% or greater direct ownership interest | 100 | 2013-07 | |
| Alan Gillespie | other | 2023-08 | ||
| Ann Magiera | other | 2012-01 | ||
| Anna Hoefer | other | 2023-08 | ||
| Catherine Nielsen | other | 2023-08 | ||
| Dean Mazzoni | corporate officer | 2023-02 | ||
| Dean Mazzoni | w-2 managing employee | 2023-02 | ||
| Ernest Iannotta | other | 2023-08 | ||
| Hilton Hudson | other | 2023-08 | ||
| Kathleen Gettinger | other | 2023-08 | ||
| Kathleen Goeppinger | other | 2012-01 | ||
| Kenneth Herlin | other | 2023-08 | ||
| Kevin Leahy | corporate officer | 1996-11 | ||
| Kevin Leahy | w-2 managing employee | 2013-07 | ||
| Kevin Leahy | other | 2023-08 | ||
| Lethia Leveille | other | 2023-08 | ||
| Madonna Rougeau | other | 2012-01 | ||
| Margaret Mitchel | other | 2023-08 | ||
| Marie Morgan | other | 2023-08 | ||
| Marilyn Oliver | other | 2012-01 | ||
| Marlene Shapley | other | 2012-01 | ||
| Pamela Shultz | other | 2012-01 |
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 |