Mercy Medical Center
Cedar Rapids, Linn County, IA
· CCN 160079
Licensed to Mercy Medical Center
Composite
52.9
rank score
Distress
57
FY2024
Fit
68
vs thesis
Estimated ticket
$91.8M–$367M
216 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- under 30 days cash on hand
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size at the top of the envelope — would need leverage
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $415M |
| Operating margin | -14.5% |
| Total margin | 2.2% |
| Days cash on hand | 12 |
| Current ratio | 4.13 |
| Occupancy | 57% |
Facility
| Beds | 216 |
| 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 | 216 | $357M | $119M | 0.8% | 25.6% | 93 | 4.78 | 54% | 9,995 | 13 |
| 2022 | 216 | $382M | $-15.5M | -8.4% | -3.9% | 36 | 5.72 | 57% | 8,983 | 53 |
| 2023 | 216 | $401M | $-24.4M | -12.8% | -5.7% | 10 | 4.38 | 54% | 8,925 | 64 |
| 2024 | 216 | $415M | $11.0M | -14.5% | 2.2% | 12 | 4.13 | 57% | 9,530 | 57 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Gregory Dewolf | corporate officer | 100 | 2026-04 | |
| Gregory Dewolf | corporate director | 100 | 2026-04 | |
| Gregory Dewolf | w-2 managing employee | 100 | 2026-04 | |
| Gregory Dewolf | operational/managerial control | 100 | 2026-04 | |
| Joseph Malas | corporate officer | 100 | 2026-03 | |
| Joseph Malas | corporate director | 100 | 2026-03 | |
| Joseph Malas | w-2 managing employee | 100 | 2026-03 | |
| Joseph Malas | operational/managerial control | 100 | 2026-03 | |
| Albert Ruffalo | corporate director | 2007-11 | ||
| Barbara Knapp | corporate director | 2007-11 | ||
| Barrie Ernst | corporate director | 2014-04 | ||
| Charles Rohde | corporate director | 2007-11 | ||
| Cheryle Mitvalsky | corporate director | 2007-11 | ||
| Christopher Dewolf | corporate director | 2014-04 | ||
| Fred Pilcher | corporate director | 2014-04 | ||
| John-Paul Besong | corporate director | 2014-04 | ||
| Kyle Skogman | corporate director | 2007-11 | ||
| Mary Quass | corporate director | 2007-11 | ||
| Maurita Soukup | corporate director | 2007-11 | ||
| Michele Busse | corporate director | 2007-11 | ||
| Nancy Kasparek | corporate director | 2014-04 | ||
| Robert Cataldo | corporate director | 2017-07 | ||
| Rupak Patel | corporate director | 2006-09 | ||
| Sharon Kerrigan | corporate director | 2017-07 |
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 |