Corewell Health Grand Rapids Hospita
dba Corewell Health Grand Rapids Hospitals ·
Grand Rapids, Kent County, MI
· CCN 230038
Licensed to Spectrum Health Hospitals
Composite
15.3
rank score
Distress
32
FY2023
Fit
55
vs thesis
Estimated ticket
$557M–$2.2B
1,114 beds ·
over envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin under 2%
- under 30 days cash on hand
- current ratio under 1.5
- margin slipping
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- very large — likely out of range
- estimated price exceeds the capital envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $2.8B |
| Operating margin | 1.7% |
| Total margin | 4.2% |
| Days cash on hand | 0 |
| Current ratio | 1.24 |
| Occupancy | 77% |
Facility
| Beds | 1,114 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 1,099 | $2.3B | $133M | -0.3% | 5.4% | 69 | 2.40 | 73% | 59,773 | 26 |
| 2021 | 1,106 | $2.5B | $231M | 5.3% | 8.8% | 124 | 1.99 | 80% | 61,681 | 4 |
| 2022 | 1,144 | $2.6B | $83.5M | 0.0% | 3.1% | 112 | 1.87 | 77% | 60,219 | 11 |
| 2023 | 1,114 | $2.8B | $118M | 1.7% | 4.2% | 0 | 1.24 | 77% | 54,981 | 32 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Corewell Health | 5% or greater direct ownership interest | 100 | 2022-02 | chain |
| Corewell Health | operational/managerial control | 100 | 2022-02 | chain |
| Matthew Cox | corporate officer | 100 | 2022-02 | |
| Annica Waalkes | corporate director | 2020-08 | ||
| Bill Pink | corporate director | 2017-11 | ||
| Christina Freese Decker | other | 2018-09 | ||
| Christopher Port | corporate director | 2020-08 | ||
| David Buczkowski | w-2 managing employee | 2004-01 | ||
| Johannie Torres | corporate director | 2020-08 | ||
| John Buckley | corporate director | 2020-08 | ||
| Lynnette Ferrell-Robinson | corporate director | 2012-10 | ||
| Mark Wilson | corporate director | 2012-10 | ||
| Mary Doornbos | corporate director | 2020-08 | ||
| Maureen Milantoni | w-2 managing employee | 2022-02 | ||
| Ronald Hofman | corporate director | 2015-09 | ||
| Sam Watson | corporate director | 2018-10 | ||
| Simin Beg | corporate director | 2020-08 | ||
| Talawnda Bragg | corporate director | 2022-01 | ||
| Tamila Marlow | w-2 managing employee | 2020-09 | ||
| Whitney Eckhoff | w-2 managing employee | 2023-10 |
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 |