Palmer Lutheran Health Center
dba Gundersen Palmer Lutheran Hospital And Clinics ·
West Union, Fayette County, IA
· CCN 161316
Licensed to Palmer Lutheran Health Center Inc
Composite
37.1
rank score
Distress
46
FY2023
Fit
41
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin -10% to -5%
- total margin under 2%
- 60-90 days cash on hand
- 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
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $27.9M |
| Operating margin | -9.9% |
| Total margin | 1.0% |
| Days cash on hand | 81 |
| Current ratio | 3.43 |
| Occupancy | 20% |
Facility
| Beds | 25 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $27.7M | $1.9M | -8.7% | 5.9% | 190 | 2.50 | 19% | 195 | 36 |
| 2021 | 25 | $35.1M | $9.4M | 2.7% | 21.6% | 200 | 4.57 | 20% | 228 | 9 |
| 2022 | 25 | $34.4M | $1.9M | -7.0% | 4.9% | 122 | 3.74 | 21% | 248 | 36 |
| 2023 | 25 | $27.9M | $322K | -9.9% | 1.0% | 81 | 3.43 | 20% | 156 | 46 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Bellin Gundersen Health System Inc | 5% or greater indirect ownership interest | 100 | 2022-11 | |
| Bellin Gundersen Health System Inc | operational/managerial control | 100 | 2022-11 | |
| Gundersen Lutheran Health System Inc | 5% or greater direct ownership interest | 100 | 2015-07 | |
| Brenda Moser | corporate officer | 2025-01 | ||
| Charles Johnson | corporate director | 2020-01 | ||
| Gundersen Lutheran Health System Inc | operational/managerial control | 2015-07 | ||
| Jodi Webb | corporate director | 2024-11 | ||
| Kristi Flack | corporate director | 2018-01 | ||
| Nicole Havenstrite | corporate director | 2024-01 | ||
| Patrice Kuennen | corporate officer | 2018-10 | ||
| Patrice Kuennen | w-2 managing employee | 2018-10 | ||
| Rachel Albrecht | corporate director | 2023-01 | ||
| Thomas Tornstrom | corporate director | 2022-04 |
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 |