Atlantic General Hospital
Berlin, Worcester County, MD
· CCN 210061
Licensed to Tidalhealth Atlantic Inc
Composite
52.2
rank score
Distress
53
FY2024
Fit
71
vs thesis
Estimated ticket
$26.4M–$105M
62 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin negative
- 60-90 days cash on hand
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $150M |
| Operating margin | -12.9% |
| Total margin | -1.1% |
| Days cash on hand | 69 |
| Current ratio | 2.17 |
| Occupancy | 49% |
Facility
| Beds | 62 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 62 | $138M | $6.8M | -6.3% | 4.4% | 130 | 1.80 | 50% | 2,582 | 29 |
| 2022 | 62 | $144M | $1.5M | -6.8% | 0.9% | 95 | 2.37 | 53% | 2,584 | 32 |
| 2023 | 62 | $149M | $-4.0M | -12.0% | -2.5% | 72 | 2.29 | 51% | 2,745 | 48 |
| 2024 | 62 | $150M | $-1.9M | -12.9% | -1.1% | 69 | 2.17 | 49% | 2,851 | 53 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Tidalhealth, Inc | other | 100 | 2025-05 | |
| Aaron Finney | corporate director | 2020-06 | ||
| Benny Stover | corporate officer | 2026-03 | ||
| Charlotte Cathell | corporate director | 2016-11 | ||
| Christine Neto | corporate director | 2024-06 | ||
| Christopher Woodley | corporate director | 2018-11 | ||
| Donald Owrey | corporate officer | 2022-06 | ||
| Douglass Cook | corporate director | 2017-11 | ||
| Greg Shockley | corporate director | 2016-11 | ||
| Jay Knerr | corporate director | 2018-11 | ||
| Jeffrey Greenwood | corporate director | 2024-06 | ||
| Monica Warsaw | w-2 managing employee | 2026-03 | ||
| Sloan Trammell | w-2 managing employee | 2026-03 | ||
| Steven Sweigert | corporate director | 2025-05 | ||
| Todd Ferrante | corporate director | 2015-10 | ||
| Voncelia Brown | corporate director | 2020-11 | ||
| William Mears | corporate director | 2018-11 |
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 |