The Medical Center
Bowling Green, Warren County, KY
· CCN 180013
Licensed to Bowling Green-Warren County Community Hospital Corporation
Composite
34.1
rank score
Distress
18
FY2024
Fit
65
vs thesis
Estimated ticket
$152M–$608M
304 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- 30-60 days cash on hand
- margin slipping
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size well above the envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $528M |
| Operating margin | 7.9% |
| Total margin | 13.4% |
| Days cash on hand | 51 |
| Current ratio | 2.67 |
| Occupancy | 73% |
Facility
| Beds | 304 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 308 | $401M | $65.2M | 3.5% | 14.4% | 33 | 1.55 | 72% | 13,854 | 17 |
| 2022 | 318 | $423M | $48.5M | 2.4% | 10.5% | 47 | 1.65 | 70% | 13,586 | 17 |
| 2023 | 318 | $451M | $48.4M | 4.2% | 10.1% | 39 | 2.39 | 71% | 14,125 | 17 |
| 2024 | 304 | $528M | $75.1M | 7.9% | 13.4% | 51 | 2.67 | 73% | 14,911 | 18 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Commonwealth Health Corporation, Inc. | 5% or greater direct ownership interest | 100 | 2007-11 | |
| Cathy Bishop | corporate director | 2000-01 | ||
| Connie Smith | corporate officer | 1998-03 | ||
| Connie Smith | w-2 managing employee | 1998-03 | ||
| David Gray | corporate officer | 2020-08 | ||
| David Gray | w-2 managing employee | 2020-08 | ||
| Donna Blackburn | corporate director | 2004-01 | ||
| Eli Jackson | corporate director | 2000-01 | ||
| Jackie Pope-Tarrence | corporate director | 2018-02 | ||
| Janet Johnson | corporate director | 2005-03 | ||
| Joe Natcher | corporate director | 1992-01 | ||
| Katrina Wood | corporate officer | 2023-05 | ||
| Katrina Wood | w-2 managing employee | 2023-05 | ||
| Michael Thurmond | corporate director | 2024-05 | ||
| Michele Lawless | corporate officer | 2020-08 | ||
| Michele Lawless | w-2 managing employee | 2020-08 | ||
| Mohammed Kazimuddin | corporate director | 2015-01 | ||
| Paul Cook | corporate director | 1982-01 | ||
| Paul Kelsey | corporate director | 2026-01 | ||
| Thomas Loving | corporate director | 2014-01 | ||
| Wade Stone | corporate officer | 2013-04 | ||
| Wade Stone | w-2 managing employee | 2012-11 | ||
| William Borders | w-2 managing employee | 2023-12 | ||
| William Moss | corporate director | 2022-01 |
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 KY
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 |
|---|---|---|---|---|
| 2024-07-01 | Bowling Green-Warren County... | Logan Memorial Hospital Llc | Logan Memorial Hospital | 37 |
| 2021-12-01 | Arh Tug Valley Health Services Inc | Paintsville Hospital Company Llc | Paintsville Arh Hospital | 39 |
| 2021-01-01 | Owensboro Health Twin Lakes... | Grayson County Hospital Foundation Inc | Owensboro Health Twin Lakes Medical | 49 |
| 2020-09-01 | Baptist Healthcare System Inc | Hardin Memorial Hospital | Baptist Health Hardin | 271 |
| 2019-11-01 | Uofl Health-Louisville Inc | Jewish Hospital & St. Mary's... | Uofl Health-Louisville | 789 |
| 2019-11-01 | Uofl Health-Shelbyville Inc | Jewish Hospital & St. Mary's... | Uofl Health-Shelbyville | 32 |
| 2019-09-01 | Baptist Healthcare System Inc | Baptist Health Richmond Inc | Baptist Health Richmond | 53 |
| 2019-08-01 | Arh Tug Valley Health Services Inc | Highlands Hospital Corp | Highlands Regional Medical Center | 63 |
| 2016-02-11 | T J Health Columbia Inc | Adair County Hospital District | Tj Health Columbia | 49 |