Harrison Memorial Hospital
Cynthiana, Harrison County, KY
· CCN 180079
Licensed to Harrison Memorial Hospital
Composite
37.1
rank score
Distress
38
FY2023
Fit
50
vs thesis
Estimated ticket
$2.6M–$5.2M
26 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- 60-90 days cash on hand
- 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 · FY2023
| Net patient revenue | $83.8M |
| Operating margin | -1.5% |
| Total margin | 3.6% |
| Days cash on hand | 82 |
| Current ratio | 3.80 |
| Occupancy | 40% |
Facility
| Beds | 26 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 34 | $54.4M | $6.1M | -14.8% | 8.9% | 156 | 2.99 | 28% | 952 | 37 |
| 2021 | 34 | $71.2M | $5.1M | 1.6% | 6.8% | 128 | 3.23 | 41% | 1,197 | 17 |
| 2022 | 34 | $67.8M | $-333K | -9.9% | -0.4% | 92 | 0.74 | 44% | 1,392 | 53 |
| 2023 | 26 | $83.8M | $3.2M | -1.5% | 3.6% | 82 | 3.80 | 40% | 1,241 | 38 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| David Asher | w-2 managing employee | 2013-09 | ||
| Harland Hatter | corporate director | 2018-01 | ||
| Jacqueline Burrell | corporate director | 2022-01 | ||
| James Calder | corporate officer | 2024-01 | ||
| Kathy Tussey | corporate officer | 2024-05 | ||
| Maribeth Midden | corporate director | 2022-01 | ||
| Patrick Darnell | corporate director | 2018-01 | ||
| Peggy Lair | corporate officer | 2021-08 | ||
| Stephen Toadvine | corporate officer | 2024-05 | ||
| Wayne Conner | 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 |