Middlesboro Arh
dba Middlesboro Arh Hospital ·
Middlesboro, Bell County, KY
· CCN 180020
Licensed to Appalachian Regional Healthcare Inc
Composite
52.4
rank score
Distress
72
FY2024
Fit
50
vs thesis
Estimated ticket
$3.2M–$6.4M
46 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- under 30 days cash on hand
- current ratio below 0.8
- occupancy 30-45%
- margin deteriorating sharply
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $44.1M |
| Operating margin | -24.0% |
| Total margin | 16.8% |
| Days cash on hand | 0 |
| Current ratio | -0.25 |
| Occupancy | 30% |
Facility
| Beds | 46 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 46 | $49.0M | $16.0M | 8.4% | 26.3% | 0 | -0.11 | 46% | 1,246 | 38 |
| 2022 | 46 | $40.7M | $-4.0M | -18.7% | -9.1% | 0 | -0.26 | 39% | 1,312 | 86 |
| 2023 | 46 | $36.8M | $1.8M | -31.4% | 3.6% | 0 | -0.23 | 32% | 1,099 | 69 |
| 2024 | 46 | $44.1M | $11.1M | -24.0% | 16.8% | 0 | -0.25 | 30% | 1,300 | 72 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrea Massey | corporate director | 2019-11 | ||
| Angela Hatton | corporate director | 2025-11 | ||
| Byron Gabbard | corporate officer | 2023-11 | ||
| Christi Lee | corporate officer | 2021-11 | ||
| Eric Smith | corporate director | 2025-11 | ||
| Gregory Couch | corporate director | 2013-11 | ||
| Hollie Harris | corporate officer | 2021-05 | ||
| Jeffrey Hollon | corporate director | 2012-11 | ||
| Joann Anderson | corporate director | 2017-11 | ||
| Karen Newman | corporate director | 2022-11 | ||
| Ken Allman | corporate director | 2019-11 | ||
| Maria Braman | corporate officer | 2016-03 | ||
| Martha Ellis | corporate director | 2024-11 | ||
| Michael Rust | corporate director | 2019-11 | ||
| Randall Evans | corporate director | 2023-11 | ||
| Robert Wilson | corporate director | 2025-11 | ||
| Samuel Dunn | corporate director | 2021-11 | ||
| Sonya Bergman | corporate officer | 2021-11 | ||
| Vanessa Johnson | w-2 managing employee | 2017-08 |
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 |