Adair County Memorial Hospital
Greenfield, Adair County, IA
· CCN 161310
Licensed to Adair County Memorial Hospital
Composite
27.8
rank score
Distress
28
FY2024
Fit
38
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin -10% to -5%
- occupancy below 30%
- 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 | $18.0M |
| Operating margin | -5.6% |
| Total margin | 25.9% |
| Days cash on hand | 410 |
| Current ratio | 4.67 |
| Occupancy | 5% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | government |
| 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 | 25 | $13.3M | $4.9M | -21.4% | 23.1% | 289 | 6.42 | 4% | 57 | 37 |
| 2022 | 25 | $15.3M | $1.6M | -12.4% | 8.4% | 297 | 6.11 | 6% | 95 | 37 |
| 2023 | 25 | $15.5M | $1.3M | -16.1% | 6.7% | 280 | 8.45 | 4% | 87 | 37 |
| 2024 | 25 | $18.0M | $6.6M | -5.6% | 25.9% | 410 | 4.67 | 5% | 90 | 28 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Barbara Kalbach | corporate officer | 2023-01 | ||
| Barbara Kalbach | corporate director | 2017-03 | ||
| Bo Geidel | corporate director | 2024-01 | ||
| Catherine Hillestad | contracted managing employee | 2021-07 | ||
| Catherine Hillestad | corporate officer | 2021-07 | ||
| Catherine Hillestad | operational/managerial control | 2021-07 | ||
| Debra Tindle | corporate director | 2021-01 | ||
| James Freeland | corporate officer | 2023-01 | ||
| James Freeland | corporate director | 2021-01 | ||
| Mark Schildberg | corporate director | 2023-01 | ||
| Matthew Haley | corporate officer | 2022-08 | ||
| Matthew Haley | w-2 managing employee | 2022-08 | ||
| Matthew Haley | operational/managerial control | 2022-08 | ||
| Mercy Health Network Inc | operational/managerial control | 2012-11 | ||
| Timothy Piearson | contracted managing employee | 2019-10 | ||
| Timothy Piearson | operational/managerial control | 2019-10 | ||
| Willard Olesen | corporate officer | 2024-01 | ||
| Willard Olesen | corporate director | 2009-01 |
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 |
|---|---|---|---|---|
| 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 |