Kindred Hospital Indianapolis
dba Kindred Hospital - Indianapolis ·
Indianapolis, Marion County, IN
· CCN 152007
Licensed to Kindred Hospitals Limited Partnership
Composite
65.8
rank score
Distress
85
FY2024
Fit
69
vs thesis
Estimated ticket
$12.4M–$49.6M
59 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin -10% to -5%
- total margin below -8%
- current ratio below 0.8
- liabilities exceed assets
- occupancy 30-45%
- margin deteriorating
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- bed count in the target band
- small ticket — deploys little of the available capital
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $15.9M |
| Operating margin | -9.5% |
| Total margin | -8.9% |
| Days cash on hand | — |
| Current ratio | 0.74 |
| Occupancy | 38% |
Facility
| Beds | 59 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $210K |
| Per-bed (high) | $840K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 59 | $16.2M | $-909K | -5.6% | -5.6% | — | 0.49 | 38% | 365 | 83 |
| 2022 | 59 | $17.4M | $-914K | -5.7% | -5.2% | 0 | 0.58 | 38% | 325 | 87 |
| 2023 | 59 | $14.0M | $-3.5M | -25.5% | -24.8% | 0 | 0.37 | 31% | 269 | 97 |
| 2024 | 59 | $15.9M | $-1.4M | -9.5% | -8.9% | — | 0.74 | 38% | 278 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Kentucky Hospital Holdings Jv Lp | 5% or greater indirect ownership interest | 100 | 2018-07 | |
| Kentucky Hospital Holdings Llc | 5% or greater indirect ownership interest | 100 | 2018-07 | |
| Kentucky Hospital Intermediate Llc | 5% or greater indirect ownership interest | 100 | 2018-07 | |
| Kindred Healthcare Llc | 5% or greater indirect ownership interest | 100 | 1998-02 | |
| Kindred Healthcare Operating Llc | 5% or greater direct ownership interest | 100 | 1998-02 | |
| Knight Health Holdings Llc | 5% or greater indirect ownership interest | 100 | 2021-12 | |
| Knight Health Llc | 5% or greater indirect ownership interest | 100 | 2021-12 | |
| Kindred Hospitals West Llc | limited partnership interest | 98 | 1998-02 | |
| Kindred Hospitals West Llc | general partnership interest | 1 | 1998-02 | |
| Kindred Nursing Centers Limited Partnership | general partnership interest | 1 | 2010-06 | |
| Dana Rock | corporate officer | 2024-12 | ||
| Deanna Schiavone | corporate officer | 2025-09 | ||
| Jacquelyn Davis | w-2 managing employee | 2025-09 | ||
| Johnetta Traylor | corporate officer | 2024-12 | ||
| Mark Laroche | corporate officer | 2025-09 | ||
| Michael Bean | corporate officer | 2004-12 | ||
| Scott Graeser | corporate officer | 2025-09 |
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 |
|---|---|---|---|---|
| 2024-01-01 | Nw Indiana-Amg Specialty Hospital Inc | Vibra Hospital Of Northwestern Indiana, Llc | Vibra Hospital Of Northwest Indiana | 40 |