Meritus Medical Center
Hagerstown, Washington County, MD
· CCN 210001
Licensed to Meritus Medical Center Inc
Composite
34.7
rank score
Distress
14
FY2024
Fit
71
vs thesis
Estimated ticket
$121M–$484M
242 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- 90-150 days cash on hand
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $459M |
| Operating margin | 5.1% |
| Total margin | 19.0% |
| Days cash on hand | 142 |
| Current ratio | 2.66 |
| Occupancy | 84% |
Facility
| Beds | 242 |
| 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 | 274 | $382M | $114M | 10.9% | 25.1% | 215 | 2.30 | 68% | 14,366 | 0 |
| 2022 | 254 | $381M | $-23.4M | -1.0% | -5.4% | 124 | 2.20 | 79% | 14,260 | 32 |
| 2023 | 265 | $396M | $83.6M | 1.5% | 17.6% | 178 | 3.59 | 69% | 13,999 | 7 |
| 2024 | 242 | $459M | $103M | 5.1% | 19.0% | 142 | 2.66 | 84% | 15,392 | 14 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Erin Hershey | corporate director | 100 | 2017-01 | |
| James Stojak | corporate director | 100 | 2013-05 | |
| Kent Reynolds | corporate director | 100 | 2018-01 | |
| Shaheen Iqbal | corporate director | 100 | 2014-01 | |
| Adam Kane | corporate officer | 2026-01 | ||
| Atchuthanand Budi | w-2 managing employee | 2023-01 | ||
| Barbara Jacobs | corporate director | 2023-01 | ||
| Carrie Adams | w-2 managing employee | 2019-08 | ||
| Christopher Vaccari | corporate officer | 2026-01 | ||
| David Lehr | w-2 managing employee | 2023-01 | ||
| Heather Markell | w-2 managing employee | 2025-06 | ||
| James Kercheval | corporate director | 2020-01 | ||
| Joshua Repac | corporate director | 2022-07 | ||
| Kalim Ahmed | corporate director | 2025-01 | ||
| Lynn Haines | corporate officer | 2023-01 | ||
| Lynn Haines | w-2 managing employee | 2023-01 | ||
| Mark Harrell | corporate officer | 2026-01 | ||
| Maulik Joshi | corporate officer | 2023-01 | ||
| Maulik Joshi | corporate director | 2023-01 | ||
| Michael Fried | w-2 managing employee | 2025-06 | ||
| Miranda Ramsey | w-2 managing employee | 2023-01 | ||
| Robert Goetz | corporate director | 2020-01 | ||
| Scott Salzetti | w-2 managing employee | 2023-01 | ||
| Scott Worrell | corporate director | 2019-01 | ||
| Steve Hull | operational/managerial control | 2025-01 |
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 MD
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 |
|---|---|---|---|---|
| 2024-02-01 | University Of Maryland Medical Center, Llc | University Of Maryland Medical... | University Of Maryland Med Sys | 762 |
| 2022-07-01 | Grmc, Inc. | Garrett County Memorial Hospital | Garrett County Memorial Hospital | 20 |
| 2022-03-01 | Sinai Hospital Of Baltimore, Inc | Grace Medical Center Inc | Sinai Hospital Of Baltimore Inc. | 437 |
| 2020-03-01 | Tidalhealth Peninsula Regional Inc | Mccready Foundation Inc | Tidalhealth Peninsula Regional Inc | 284 |
| 2019-10-27 | Adventist Healthcare Fort... | Fort Washington Medical Center Inc | Fort Washington Medical Center | 34 |
| 2018-08-01 | Adventist Healthcare, Inc. | Adventist Healthcare, Inc. | Ahc Shady Grove Medical Center | 397 |