Lakeland Community Hosp Watervliet
dba Corewell Health Watervliet Hospital ·
Watervliet, Berrien County, MI
· CCN 230078
Licensed to Lakeland Community Hospital Watervliet
Composite
35.6
rank score
Distress
34
FY2024
Fit
46
vs thesis
Estimated ticket
$2.6M–$5.2M
26 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- occupancy below 30%
- margin slipping
- part of a multi-hospital chain — divestiture candidate
- 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 | $53.9M |
| Operating margin | 12.1% |
| Total margin | 13.1% |
| Days cash on hand | 2 |
| Current ratio | 1.21 |
| Occupancy | 0% |
Facility
| Beds | 26 |
| 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 | 26 | $38.6M | $266K | -0.7% | 0.7% | 135 | 2.65 | 1% | 103 | 32 |
| 2021 | 26 | $46.8M | $7.2M | 9.2% | 14.4% | 215 | 12.31 | 1% | 35 | 9 |
| 2022 | 26 | $49.7M | $6.4M | 9.2% | 12.5% | 216 | 6.92 | 0% | 16 | 9 |
| 2023 | 26 | $23.7M | $1.1M | 4.0% | 4.7% | 407 | 3.51 | 0% | 7 | 9 |
| 2024 | 26 | $53.9M | $7.1M | 12.1% | 13.1% | 2 | 1.21 | 0% | 6 | 34 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Corewell Health | operational/managerial control | 100 | 2022-02 | chain |
| Matthew Cox | operational/managerial control | 100 | 2022-01 | |
| Bertha King | corporate director | 2023-08 | ||
| Christine Vanlandingham | corporate director | 2010-01 | ||
| Deborah Bennett Berecz | corporate director | 2023-01 | ||
| George Heenan | corporate director | 2022-01 | ||
| Jerry French | corporate director | 2024-01 | ||
| Matthew Cox | corporate director | 2022-11 | ||
| Pamela Garmon Johnson | corporate director | 2022-01 | ||
| Scott Smith | corporate director | 2008-01 | ||
| Tamila Marlow | w-2 managing employee | 2021-10 | ||
| Whitney Eckhoff | w-2 managing employee | 2024-07 |
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 |