Lakes Regional Healthcare
Spirit Lake, Dickinson County, IA
· CCN 160124
Licensed to Lakes Regional Healthcare
Composite
26.2
rank score
Distress
20
FY2024
Fit
43
vs thesis
Estimated ticket
$4.4M–$8.8M
44 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin under 2%
- occupancy below 30%
- margin deteriorating
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $66.1M |
| Operating margin | 1.5% |
| Total margin | 7.3% |
| Days cash on hand | 239 |
| Current ratio | 6.01 |
| Occupancy | 23% |
Facility
| Beds | 44 |
| 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 | 44 | $53.6M | $5.8M | -2.4% | 9.6% | 243 | 4.82 | 28% | 1,102 | 24 |
| 2022 | 44 | $55.3M | $2.9M | -2.4% | 4.8% | 243 | 4.62 | 29% | 1,109 | 24 |
| 2023 | 44 | $56.8M | $-104K | -5.9% | -0.2% | 231 | 5.19 | 28% | 1,133 | 39 |
| 2024 | 44 | $66.1M | $5.2M | 1.5% | 7.3% | 239 | 6.01 | 23% | 1,031 | 20 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Avera Mckennan | operational/managerial control | 2022-10 | ||
| David Flicek | other | 2022-10 | ||
| Denny Perry | corporate director | 2004-01 | ||
| Jason Harrington | corporate director | 2009-07 | ||
| Jason Harrington | w-2 managing employee | 2011-09 | ||
| Jennifer Gustafson | w-2 managing employee | 2006-05 | ||
| Jeremy Bolluyt | corporate director | 2013-07 | ||
| Kristine Walker | corporate director | 2007-01 | ||
| Linda Moore | corporate director | 2017-10 | ||
| Mary Bates | corporate director | 2011-07 | ||
| Sonja Hamm | w-2 managing employee | 2017-10 | ||
| Steven Alger | corporate officer | 2011-05 | ||
| Steven Feld | corporate director | 2011-01 |
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 |