Chi Health Mercy Corning
Corning, Adams County, IA
· CCN 161304
Licensed to Alegent Health - Mercy Hospital Corning Iowa
Composite
31.6
rank score
Distress
40
FY2024
Fit
34
vs thesis
Estimated ticket
$1.9M–$3.7M
22 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- under 30 days cash on hand
- current ratio below 0.8
- occupancy below 30%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $24.5M |
| Operating margin | 3.7% |
| Total margin | 11.0% |
| Days cash on hand | 2 |
| Current ratio | -0.24 |
| Occupancy | 14% |
Facility
| Beds | 22 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 22 | $17.3M | $-1.1M | -11.6% | -6.0% | 5 | -0.19 | 12% | 86 | 84 |
| 2022 | 22 | $19.2M | $600K | -7.9% | 2.8% | 8 | -0.13 | 14% | 153 | 67 |
| 2023 | 22 | $19.3M | $-565K | -12.2% | -2.7% | 6 | -0.21 | 16% | 175 | 80 |
| 2024 | 22 | $24.5M | $2.9M | 3.7% | 11.0% | 2 | -0.24 | 14% | 164 | 40 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chi Nebraska | 5% or greater direct ownership interest | 100 | 2013-08 | |
| Commonspirit Health | 5% or greater indirect ownership interest | 100 | 2013-08 | |
| Alicia Reed | operational/managerial control | 2022-02 | ||
| Evert Kuiper | corporate director | 2022-01 | ||
| Evert Kuiper | operational/managerial control | 2022-01 | ||
| Heather Morgan | corporate director | 2020-07 | ||
| John Petersdorf | corporate director | 2021-01 | ||
| Kelly Bacon | corporate director | 2021-07 | ||
| Kevin Fitzgerald | corporate director | 2021-07 | ||
| Kirtibala Gupta | corporate director | 2021-07 | ||
| Mardell Wilson | corporate director | 2020-10 | ||
| Marvin O'quinn | other | 2022-08 | ||
| Maurita Soukup | corporate director | 2017-07 | ||
| Nadine Heimann | corporate director | 2019-07 | ||
| Nick O'tool | operational/managerial control | 2023-01 | ||
| Suzanne Hruza | corporate director | 2014-09 | ||
| William Barney | corporate director | 2020-07 | ||
| William Yates | corporate director | 2015-10 |
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 |
|---|---|---|---|---|
| 2021-07-01 | Henry County Health Center Inc | Henry County Soldiers' And... | Henry County Health Center | 25 |
| 2019-05-01 | Avera Mckennan | Sanford Health Network | Avera Merrill Pioneer Hospital | 11 |