Madison State Hospital
Madison, Jefferson County, IN
· CCN 154019
Licensed to State Of Indiana Auditor Of State
Composite
52.4
rank score
Distress
56
FY2024
Fit
68
vs thesis
Estimated ticket
$7.0M–$14.0M
150 beds ·
within envelope
Ownership
government
PH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- 90-150 days cash on hand
- current ratio below 0.8
- rural — cheaper but limited density
- specialty facility — narrower problem scope
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $6.7M |
| Operating margin | -403.5% |
| Total margin | -399.9% |
| Days cash on hand | 99 |
| Current ratio | -511,915.06 |
| Occupancy | 73% |
Facility
| Beds | 150 |
| Facility type | PH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $46.8K |
| Per-bed (high) | $93.5K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 150 | $4.8M | $-23.7M | -499.6% | -493.9% | 101 | 640.88 | 69% | 65 | 49 |
| 2022 | 150 | $5.3M | $-20.4M | -382.2% | -378.3% | 134 | 2,025.29 | 64% | 47 | 49 |
| 2023 | 150 | $6.2M | $-25.8M | -414.0% | -408.8% | 110 | 3,627.56 | 68% | 77 | 49 |
| 2024 | 150 | $6.7M | $-27.0M | -403.5% | -399.9% | 99 | -511,915.06 | 73% | 63 | 56 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| State Of Indiana Auditor Of State | 5% or greater direct ownership interest | 100 | 2010-11 | |
| Jeffrey Wedding | corporate director | 2021-10 | ||
| Jeffrey Wedding | w-2 managing employee | 2021-10 | ||
| Katrina Norris | w-2 managing employee | 2019-02 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.