Spencer Municipal Hospital
Spencer, Clay County, IA
· CCN 160112
Licensed to Spencer Municipal Hospital
Composite
28.7
rank score
Distress
22
FY2024
Fit
47
vs thesis
Estimated ticket
$4.9M–$9.8M
49 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin negative
- occupancy 30-45%
- margin slipping
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- thin occupancy
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $118M |
| Operating margin | -3.2% |
| Total margin | 4.5% |
| Days cash on hand | 191 |
| Current ratio | 6.20 |
| Occupancy | 31% |
Facility
| Beds | 49 |
| Facility type | STH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 49 | $103M | $6.1M | -6.1% | 5.3% | 235 | 7.15 | 33% | 1,386 | 28 |
| 2022 | 49 | $108M | $19.7K | -3.8% | 0.0% | 210 | 7.53 | 33% | 1,308 | 24 |
| 2023 | 49 | $109M | $-2.2M | -10.3% | -1.8% | 178 | 6.31 | 33% | 1,446 | 41 |
| 2024 | 49 | $118M | $5.8M | -3.2% | 4.5% | 191 | 6.20 | 31% | 1,441 | 22 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| City Of Spencer Iowa | 5% or greater direct ownership interest | 100 | 1966-01 | |
| City Of Spencer Iowa | operational/managerial control | 100 | 1966-01 | |
| Amanda Bare | corporate director | 2022-01 | ||
| Brenda Tiefenthaler | corporate officer | 2005-11 | ||
| Brenda Tiefenthaler | corporate director | 2005-11 | ||
| Brenda Tiefenthaler | w-2 managing employee | 2005-07 | ||
| Bruce Nystrom | corporate director | 2018-01 | ||
| Gary Vanhofwegen | corporate director | 2003-05 | ||
| Julie Christensen | corporate director | 2017-01 | ||
| Shannon Fox | corporate director | 2026-02 | ||
| Shannon Fox | w-2 managing employee | 2026-02 | ||
| Steven Lensing | corporate director | 2017-01 |
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 |