Munson Healthcare Cadillac Hospital
Cadillac, Wexford County, MI
· CCN 230081
Licensed to Munson Healthcare Cadillac
Composite
34.6
rank score
Distress
28
FY2024
Fit
55
vs thesis
Estimated ticket
$4.9M–$9.8M
49 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- under 30 days cash on hand
- occupancy 45-60%
- margin deteriorating
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $132M |
| Operating margin | 5.1% |
| Total margin | 7.7% |
| Days cash on hand | 25 |
| Current ratio | 1.81 |
| Occupancy | 48% |
Facility
| Beds | 49 |
| 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 | 49 | $114M | $11.6M | 7.0% | 9.8% | 179 | 2.65 | 55% | 2,792 | 2 |
| 2022 | 49 | $120M | $11.9M | 3.0% | 9.3% | 56 | 1.69 | 59% | 2,500 | 19 |
| 2023 | 49 | $123M | $4.2M | 1.0% | 3.4% | 10 | 1.59 | 47% | 2,238 | 31 |
| 2024 | 49 | $132M | $10.4M | 5.1% | 7.7% | 25 | 1.81 | 48% | 2,393 | 28 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Munson Healthcare | operational/managerial control | 100 | 2015-02 | |
| Peter Marinoff | corporate director | 100 | 2023-12 | |
| Andrew Page | corporate officer | 2024-01 | ||
| Brian Postma | corporate director | 2022-01 | ||
| Bruce Zenner | corporate director | 2022-01 | ||
| David Menegebier | corporate officer | 2024-01 | ||
| Dino Recchia | corporate officer | 2024-01 | ||
| Edward Lanphier | corporate director | 2026-01 | ||
| Edwin Ness | corporate officer | 2004-07 | ||
| Elaine Wood | corporate director | 2022-01 | ||
| Jennifer King | corporate officer | 2024-01 | ||
| Kathy Dixon | corporate director | 2022-01 | ||
| Kenneth Bloem | corporate director | 2022-01 | ||
| Kristine Thomas | corporate director | 2022-01 | ||
| Mary Sanders | corporate director | 2022-01 | ||
| Owen Roberts | corporate officer | 2015-02 | ||
| Owen Roberts | corporate director | 2022-01 | ||
| Paul Konopacki | corporate officer | 2024-01 | ||
| Paul Konopacki | w-2 managing employee | 2024-01 | ||
| Paul Konopacki | operational/managerial control | 2024-01 | ||
| Peter Marinoff | w-2 managing employee | 2022-01 | ||
| Ruth Hoppe | corporate director | 2022-01 | ||
| Sakura Takano | corporate director | 2022-01 | ||
| Thomas Veryser | corporate director | 2022-01 | ||
| Timothy Nelson | corporate director | 2022-01 |
Showing 25 of 26. Full list via /api/targets/230081.
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 |