Corewell Health Big Rapids
dba Corewell Health Big Rapids Hospital ·
Big Rapids, Mecosta County, MI
· CCN 230093
Licensed to Mecosta County Medical Center
Composite
37.2
rank score
Distress
34
FY2024
Fit
50
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
- current ratio under 1.5
- occupancy 30-45%
- margin deteriorating
- 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
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $103M |
| Operating margin | 8.2% |
| Total margin | 9.0% |
| Days cash on hand | 2 |
| Current ratio | 1.21 |
| Occupancy | 38% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 49 | $76.2M | $3.8M | 1.8% | 4.9% | 193 | 2.37 | 36% | 2,068 | 12 |
| 2021 | 49 | $94.0M | $12.8M | 12.4% | 13.5% | 114 | 3.50 | 43% | 2,174 | 10 |
| 2022 | 49 | $87.5M | $11.3M | 7.2% | 12.2% | 148 | 2.66 | 40% | 2,022 | 10 |
| 2023 | 49 | $43.8M | $3.3M | 6.0% | 7.5% | 304 | 2.29 | 38% | 1,060 | 6 |
| 2024 | 49 | $103M | $9.3M | 8.2% | 9.0% | 2 | 1.21 | 38% | 2,214 | 34 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Corewell Health | operational/managerial control | 100 | 2013-07 | chain |
| Andrea Leslie | corporate officer | 2019-01 | ||
| Annica Waalkes | corporate director | 2020-08 | ||
| Bill Pink | corporate director | 2020-08 | ||
| Christina Freese Decker | corporate officer | 2022-02 | ||
| Christopher Port | corporate director | 2020-08 | ||
| Johannie Torres | corporate director | 2020-08 | ||
| John Buckley | corporate director | 2020-08 | ||
| Lynnette Ferrell-Robinson | corporate director | 2020-08 | ||
| Mark Wilson | corporate director | 2020-08 | ||
| Mary Doornbos | corporate director | 2020-08 | ||
| Matthew Cox | corporate officer | 2022-02 | ||
| Ronald Hofman | corporate director | 2020-08 | ||
| Sam Watson | corporate director | 2020-08 | ||
| 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 |