Rehabilitation Hospital Of Northern
dba Rehabilitation Hospital Of Northern Indiana ·
Mishawaka, St. Joseph County, IN
· CCN 153047
Licensed to Rehabilitation Hospital Of Northern Indiana, Llc
Composite
51.9
rank score
Distress
26
FY2024
Fit
84
vs thesis
Estimated ticket
$13.0M–$52.0M
40 beds ·
within envelope
Ownership
for-profit
PE 5y
Why it ranks here
- 90-150 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- PE-owned 5 years — approaching exit window
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- small but workable bed count
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $19.3M |
| Operating margin | 14.7% |
| Total margin | 14.8% |
| Days cash on hand | 139 |
| Current ratio | 0.07 |
| Occupancy | 75% |
Facility
| Beds | 40 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 40 | $8.0M | $-2.6M | -32.3% | -32.1% | 9 | 0.15 | 36% | 343 | 97 |
| 2022 | 40 | $12.4M | $-1.6M | -13.3% | -12.9% | 3 | 0.04 | 53% | 525 | 93 |
| 2023 | 40 | $14.0M | $-507K | -8.5% | -3.5% | 5 | 0.03 | 55% | 541 | 83 |
| 2024 | 40 | $19.3M | $2.9M | 14.7% | 14.8% | 139 | 0.07 | 75% | 764 | 26 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Epoch Acquisition Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Epoch Midco, Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Epoch Parent Holdings Llc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Epoch Parent Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Ernest Health Holdings Llc | 5% or greater direct ownership interest | 100 | 2019-02 | |
| One Equity Partners Vii Lp | 5% or greater indirect ownership interest | 58 | 2019-02 | PE |
| One Equity Partners Vii-A Lp | 5% or greater indirect ownership interest | 30 | 2019-02 | PE |
| One Equity Partners Vii-B Lp | 5% or greater indirect ownership interest | 12 | 2019-02 | PE |
| Caleb Reed | corporate officer | 2023-06 | ||
| Denise Kann | corporate officer | 2023-06 | ||
| Ernest Health, Inc | other | 2019-02 | ||
| Eudora Cannon | corporate officer | 2023-06 | ||
| Eudora Cannon | other | 2023-06 | ||
| Jacob Socha | corporate officer | 2023-06 | ||
| Vladimir Radivojevic | w-2 managing employee | 2025-07 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.