Mercyone Waterloo Medical Center
Waterloo, Black Hawk County, IA
· CCN 160067
Licensed to Covenant Medical Center Inc
Composite
62.3
rank score
Distress
65
FY2024
Fit
78
vs thesis
Estimated ticket
$58.2M–$233M
137 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- 30-60 days cash on hand
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $351M |
| Operating margin | -14.3% |
| Total margin | -16.3% |
| Days cash on hand | 51 |
| Current ratio | 2.35 |
| Occupancy | 60% |
Facility
| Beds | 137 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 162 | $281M | $12.0M | 0.5% | 4.2% | 119 | 2.75 | 44% | 4,775 | 17 |
| 2022 | 162 | $284M | $-17.0M | -7.3% | -6.0% | 70 | 2.11 | 49% | 4,775 | 47 |
| 2023 | 161 | $283M | $-7.7M | -5.1% | -2.7% | 49 | 2.29 | 49% | 4,858 | 49 |
| 2024 | 137 | $351M | $-56.2M | -14.3% | -16.3% | 51 | 2.35 | 60% | 6,838 | 65 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Mercy Health Network Inc | 5% or greater indirect ownership interest | 100 | 2016-05 | |
| Trinity Health Corporation | 5% or greater indirect ownership interest | 100 | 2016-05 | chain |
| Wheaton Franciscan Healthcare - Iowa Inc | 5% or greater direct ownership interest | 100 | 2006-03 | |
| Bryan Burton | corporate director | 2025-01 | ||
| David Deaver | corporate officer | 2025-01 | ||
| David Deaver | corporate director | 2015-04 | ||
| Kurt Andersen | corporate director | 2025-01 | ||
| Lora Dinsdale | w-2 managing employee | 1987-03 | ||
| Nancy Kertz | corporate director | 2025-01 | ||
| Rachelle Makinde | corporate officer | 2025-01 | ||
| Rachelle Makinde | corporate director | 2022-01 | ||
| Ryan Meyer | corporate officer | 2023-01 | ||
| Ryan Meyer | w-2 managing employee | 2023-01 | ||
| Sandra Benak | corporate director | 2021-01 | ||
| Sheila Gifford | corporate officer | 2025-08 | ||
| Timothy Huber | corporate officer | 2017-04 | ||
| Timothy Huber | w-2 managing employee | 1987-12 |
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 IA
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 |
|---|---|---|---|---|
| 2025-09-01 | Northwest Iowa Hospital Corporation | Marian Health Center-Smhc | St. Lukes Regl Medical Center | 179 |
| 2024-01-31 | State University Of Iowa | Mercy Hospital Iowa City Iowa | University Of Iowa Health Care Medic | 211 |
| 2021-07-01 | Southeast Iowa Regional Medical Center Inc | Fort Madison Community Hospital | Southeast Iowa Regional Medical Ctr | 174 |