Wayne County Hospital
Corydon, Wayne County, IA
· CCN 161358
Licensed to Wayne County Hospital
Composite
36.8
rank score
Distress
48
FY2024
Fit
38
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin below -10%
- 30-60 days cash on hand
- 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 | $37.0M |
| Operating margin | -14.4% |
| Total margin | 15.5% |
| Days cash on hand | 49 |
| Current ratio | 3.34 |
| Occupancy | 22% |
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 | $33.3M | $-542K | -20.9% | -1.3% | 89 | 1.92 | 33% | 564 | 59 |
| 2022 | 25 | $37.4M | $6.2M | -0.2% | 13.9% | 57 | 1.94 | 35% | 540 | 42 |
| 2023 | 25 | $43.3M | $4.6M | 3.9% | 9.8% | 29 | 2.54 | 28% | 514 | 31 |
| 2024 | 25 | $37.0M | $7.7M | -14.4% | 15.5% | 49 | 3.34 | 22% | 476 | 48 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Daren Relph | corporate officer | 100 | 2013-10 | |
| Callie Mehrhoff | corporate director | 2025-06 | ||
| Cynthia Shelley | corporate director | 2021-01 | ||
| Daren Relph | contracted managing employee | 2010-06 | ||
| Darrell Cook | corporate director | 2010-01 | ||
| David Mcelvain | corporate director | 2024-01 | ||
| Denise Hook | corporate officer | 2013-10 | ||
| Denise Hook | w-2 managing employee | 2010-09 | ||
| Dewayne Watters | corporate director | 2021-06 | ||
| Donna Donald | corporate director | 2008-01 | ||
| Jill Tueth | corporate director | 2010-01 |
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 |