Three Rivers Health
Three Rivers, St. Joseph County, MI
· CCN 230015
Licensed to Three Rivers Health System Inc
Composite
36.0
rank score
Distress
39
FY2023
Fit
46
vs thesis
Estimated ticket
$4.8M–$9.6M
48 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- total margin negative
- 90-150 days cash on hand
- occupancy below 30%
- margin deteriorating
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $65.8M |
| Operating margin | -4.0% |
| Total margin | -0.2% |
| Days cash on hand | 105 |
| Current ratio | 4.08 |
| Occupancy | 22% |
Facility
| Beds | 48 |
| 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 | 48 | $61.5M | $2.1M | -8.5% | 3.0% | 59 | 1.03 | 18% | 1,056 | 56 |
| 2021 | 48 | $64.4M | $14.1M | -7.1% | 17.0% | 116 | 1.90 | 21% | 1,136 | 36 |
| 2022 | 48 | $63.9M | $-3.6M | -15.8% | -5.1% | 51 | 2.54 | 20% | 1,055 | 66 |
| 2023 | 48 | $65.8M | $-113K | -4.0% | -0.2% | 105 | 4.08 | 22% | 1,032 | 39 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Three Rivers Health System Inc | 5% or greater direct ownership interest | 100 | 2013-04 | |
| Beacon Health System Inc | operational/managerial control | 2021-10 | ||
| Hope Bailey | w-2 managing employee | 2013-04 | ||
| Irene Maffetone | w-2 managing employee | 2021-10 | ||
| Jeffrey Costello | w-2 managing employee | 2021-10 | ||
| Jeffrey Costello | operational/managerial control | 2021-10 | ||
| Jessica Puckett | corporate director | 2020-01 | ||
| Laurie Hines | corporate director | 2013-04 | ||
| Linda Evans | corporate director | 2020-01 | ||
| Raymond Bendure | corporate director | 2013-04 | ||
| Richard Cordes | corporate director | 2020-01 |
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 MI
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 |
|---|---|---|---|---|
| 2018-07-01 | St Joseph Mercy Chelsea Inc | Trinity Health-Michigan | Chelsea Hospital | 79 |