dealflow
envelope $200M

← Targets

Hebrew Rehabilitation Center

Roslindale, Suffolk County, MA · CCN 222007
Licensed to Hebrew Rehabilitation Center

Composite
51.9
rank score
Distress
69
FY2023
Fit
52
vs thesis
Estimated ticket
$170M–$680M
667 beds · within envelope
Ownership
nonprofit
LTCH

Why it ranks here

  • operating margin below -10%
  • total margin -8% to -3%
  • under 30 days cash on hand
  • current ratio under 1.5
  • liabilities exceed assets
  • urban — higher occupancy and iteration surface
  • LTCH — distress here is a payment-model artifact
  • very large — likely out of range
  • ticket size well above the envelope
  • strong occupancy — good iteration surface
  • nonprofit — expect AG conversion review

Latest financials · FY2023

Net patient revenue$132M
Operating margin -16.3%
Total margin -3.5%
Days cash on hand 7
Current ratio 1.10
Occupancy92%

Facility

Beds667
Facility typeLTCH
Settingurban
Ownership classnonprofit
Per-bed (low) $255K
Per-bed (high) $1.0M

Financial history

FYBedsNet patient rev Net incomeOp margin Total marginDays cash Current ratioOccupancy DischargesDistress
2020 667 $118M $-30.1M -40.9% -22.1% 10 0.59 88% 409 91
2021 667 $118M $-8.3M -22.1% -6.1% 13 0.72 88% 346 87
2022 667 $128M $-4.8M -18.9% -3.3% 18 1.03 91% 298 77
2023 667 $132M $-5.2M -16.3% -3.5% 7 1.10 92% 314 69

Owners

OwnerRole%SinceType
Hebrew Seniorlife, Inc.
Roslindale, MA
 5% or greater direct ownership interest 100 2005-11
Hebrew Seniorlife, Inc.
Roslindale, MA
 operational/managerial control 100 2008-11
Ernest Mandel corporate officer 18 2023-01
Louis Woolf corporate officer 18 2009-10
James Hart w-2 managing employee 16 2023-10
Jeffery Drucker corporate director 16 2017-11
Marsha Cohen corporate director 16 2013-11
Richard Henken corporate director 16 2023-10

Ownership changes

No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.