Lake Huron Medical Center
Port Huron, St. Clair County, MI
· CCN 230031
Licensed to Prime Healthcare Services-Port Huron Llc
Composite
64.1
rank score
Distress
81
FY2023
Fit
69
vs thesis
Estimated ticket
$45.1M–$181M
129 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin negative
- total margin negative
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $67.3M |
| Operating margin | -2.7% |
| Total margin | -1.0% |
| Days cash on hand | 15 |
| Current ratio | 0.75 |
| Occupancy | 27% |
Facility
| Beds | 129 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 154 | $61.8M | $5.1M | -7.6% | 7.1% | 36 | 0.72 | 20% | 2,963 | 72 |
| 2021 | 154 | $62.3M | $3.2M | -7.1% | 4.5% | 26 | 0.82 | 24% | 2,967 | 73 |
| 2022 | 134 | $58.6M | $-2.1M | -16.8% | -3.2% | 24 | 0.74 | 23% | 2,889 | 96 |
| 2023 | 129 | $67.3M | $-675K | -2.7% | -1.0% | 15 | 0.75 | 27% | 3,136 | 81 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Prime Healthcare Holdings Inc | 5% or greater indirect ownership interest | 100 | 2015-09 | |
| Prime Healthcare Services, Inc | 5% or greater direct ownership interest | 100 | 2015-09 | |
| Christopher Doan | corporate officer | 2017-04 | ||
| Christopher Fulks | corporate officer | 2015-09 | ||
| Christopher Fulks | w-2 managing employee | 2015-09 | ||
| Kenneth Wheeler | corporate officer | 2015-09 | ||
| Kenneth Wheeler | w-2 managing employee | 2015-09 | ||
| Steven Aleman | other | 2020-06 |
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 |