Pam Ii Of Covington
dba Pam Specialty Hospital Of Covington ·
Covington, St. Tammany Parish County, LA
· CCN 192048
Licensed to Pam Ii Of Covington, Llc
Composite
60.7
rank score
Distress
73
FY2023
Fit
65
vs thesis
Estimated ticket
$6.5M–$26.0M
31 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin -10% to -5%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio under 1.5
- debt above 85% of assets
- occupancy 45-60%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- small but workable bed count
- small ticket — deploys little of the available capital
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $16.9M |
| Operating margin | -6.5% |
| Total margin | -4.2% |
| Days cash on hand | 3 |
| Current ratio | 1.40 |
| Occupancy | 48% |
Facility
| Beds | 31 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $210K |
| Per-bed (high) | $840K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 58 | $15.6M | $865K | -1.1% | 5.2% | 6 | 2.15 | 44% | 401 | 48 |
| 2021 | 42 | $19.4M | $1.0M | 1.5% | 5.1% | 1 | 2.01 | 48% | 324 | 31 |
| 2022 | 31 | $20.2M | $1.1M | 4.9% | 5.2% | 1 | 1.55 | 65% | 309 | 30 |
| 2023 | 31 | $16.9M | $-725K | -6.5% | -4.2% | 3 | 1.40 | 48% | 261 | 73 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Pam Cubed Llc | 5% or greater indirect ownership interest | 93 | 2021-03 | chain |
| Pam Cubed Specialty Hospitals Llc | 5% or greater indirect ownership interest | 93 | 2021-03 | |
| Covington Hospital General Manager, Llc | 5% or greater direct ownership interest | 82 | 2010-03 | |
| Pam Ii Holdings, Llc | 5% or greater indirect ownership interest | 75 | 2021-03 | |
| Brittany Misitano | 5% or greater indirect ownership interest | 74 | 2021-03 | |
| Pam Ii Holdings, Llc | 5% or greater direct ownership interest | 18 | 2016-05 | |
| Anthony Misitano | corporate officer | 2016-04 | ||
| Brittany Misitano | corporate officer | 2026-04 | ||
| Karick Stober | corporate officer | 2012-09 | ||
| Pam Cubed Llc | other | 2024-04 | chain | |
| Pam Ii Management Company, Llc | operational/managerial control | 2010-03 | ||
| Timothy Thigpen | w-2 managing employee | 2026-05 | ||
| Wells Fargo Bank, N.a. | 5% or greater security interest | 2024-07 |
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 LA
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 |
|---|---|---|---|---|
| 2025-03-01 | Sage Specialty Hospital Of Lake... | Chg Hospital Sulphur Llc | Cornerstone Specialty Southwest Loui | 28 |
| 2025-02-01 | Cornerstone Post Acute Care Of Bossier Llc | Chg Hospital Bossier City Llc | Cornerstone Specialty Bossier City | 43 |
| 2024-05-19 | Baton Rouge Specialty Hospital | Kpc Promise Hospital Of Baton Rouge, Llc | Kpc Promise Hospital Of Baton Rouge | 54 |
| 2019-09-30 | Pam Specialty Hospital Of Shreveport Llc | New Lifecare Hospitals, Llc | Pam Specialty Hospital Of Shreveport | 24 |
| 2019-08-30 | Intensive Specialty Hospital, Llc | Promise Hospital Of Louisiana, Inc | Intensive Specialty Hospital | 205 |
| 2017-08-31 | Sage Ltac Llc | Ltac Hospital Of Louisiana -... | Sage Specialty Care Hospital | 59 |