Bay Regional Medical Center
Bay City, Bay County, MI
· CCN 230041
Licensed to Mclaren Bay Region
Composite
61.7
rank score
Distress
82
FY2023
Fit
62
vs thesis
Estimated ticket
$16.4M–$32.8M
234 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- margin deteriorating sharply
- rural — cheaper but limited density
- bed count in the target band
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $296M |
| Operating margin | -10.4% |
| Total margin | -20.7% |
| Days cash on hand | 0 |
| Current ratio | -0.07 |
| Occupancy | 62% |
Facility
| Beds | 234 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 304 | $293M | $15.5M | -5.5% | 4.8% | 82 | 1.06 | 59% | 12,905 | 38 |
| 2021 | 304 | $318M | $64.6M | -1.9% | 16.6% | 26 | 0.79 | 56% | 11,872 | 53 |
| 2022 | 273 | $315M | $-44.2M | -3.9% | -15.6% | 0 | 0.71 | 60% | 10,716 | 68 |
| 2023 | 234 | $296M | $-56.0M | -10.4% | -20.7% | 0 | -0.07 | 62% | 9,631 | 82 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Mclaren Health Care Corporation | 5% or greater direct ownership interest | 100 | 2001-12 | |
| Amy Rodriguez | corporate director | 2003-01 | ||
| Chad Grant | corporate director | 2021-08 | ||
| Dominic Monastiere | corporate director | 1999-08 | ||
| Gary Bosco | corporate director | 1994-12 | ||
| Heather Gallegos | corporate director | 2018-02 | ||
| Lee Newton | corporate director | 2018-02 | ||
| Matthew Felan | corporate director | 2022-02 | ||
| Michael Johnson | corporate director | 2026-01 | ||
| Michael Johnson | w-2 managing employee | 2026-01 | ||
| Michael Johnson | operational/managerial control | 2026-01 | ||
| Mitzi Dimitroff | corporate director | 2003-05 | ||
| Praveen Kamaraju | corporate director | 2025-03 | ||
| Rajesh Dandamudi | corporate director | 2016-02 | ||
| Terrence Cherwin | corporate director | 2002-08 | ||
| Thomas Keller | corporate officer | 2025-09 | ||
| Thomas Keller | corporate director | 2025-09 | ||
| Thomas Keller | w-2 managing employee | 2025-09 | ||
| Thomas Keller | operational/managerial control | 2025-09 |
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 |