Hillsdale Hospital
Hillsdale, Hillsdale County, MI
· CCN 230037
Licensed to Hillsdale Community Health Center
Composite
38.2
rank score
Distress
44
FY2024
Fit
46
vs thesis
Estimated ticket
$4.4M–$8.8M
44 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- 60-90 days cash on hand
- current ratio under 1.5
- occupancy below 30%
- margin deteriorating sharply
- 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 · FY2024
| Net patient revenue | $86.0M |
| Operating margin | -1.0% |
| Total margin | 4.4% |
| Days cash on hand | 64 |
| Current ratio | 1.32 |
| Occupancy | 24% |
Facility
| Beds | 44 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 44 | $-79.2M | $-131M | 185.1% | 206.7% | 150 | 1.23 | 20% | 1,416 | 12 |
| 2022 | 42 | $69.7M | $-2.4M | -6.9% | -3.3% | 90 | 1.21 | 29% | 1,499 | 51 |
| 2023 | 44 | $69.7M | $-8.4M | -15.5% | -11.6% | 52 | 1.01 | 23% | 1,084 | 73 |
| 2024 | 44 | $86.0M | $4.0M | -1.0% | 4.4% | 64 | 1.32 | 24% | 1,525 | 44 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Jeremiah Hodshire | corporate director | 100 | 2020-06 | |
| Jeremiah Hodshire | operational/managerial control | 100 | 2020-06 | |
| Craig Connor | corporate director | 2010-11 | ||
| Dale Mccririe | corporate director | 2010-11 | ||
| David Gossage | corporate director | 2010-11 | ||
| Diane Philipp | corporate director | 2009-01 | ||
| Gregory Bailey | corporate director | 2010-11 | ||
| Karlye Horton | corporate director | 2018-11 | ||
| Kimberly Blythe | corporate director | 2015-12 | ||
| Leanne Rumler | corporate director | 2019-11 | ||
| Richard Moore | corporate director | 2011-10 | ||
| Robert Henthorne | corporate director | 2010-11 | ||
| Susan Smith | corporate director | 2021-02 |
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 |