Portage Health System
dba Up Health System Portage ·
Hancock, Houghton County, MI
· CCN 230108
Licensed to Portage Hospital Llc
Composite
51.4
rank score
Distress
67
FY2023
Fit
53
vs thesis
Estimated ticket
$3.1M–$6.1M
36 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin negative
- under 30 days cash on hand
- occupancy 30-45%
- margin deteriorating sharply
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $71.3M |
| Operating margin | -17.4% |
| Total margin | -0.4% |
| Days cash on hand | 0 |
| Current ratio | 2.49 |
| Occupancy | 39% |
Facility
| Beds | 36 |
| Facility type | STH |
| Setting | rural |
| Ownership class | for-profit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 36 | $63.1M | $3.8M | -15.8% | 4.9% | 10 | 1.08 | 37% | 922 | 59 |
| 2021 | 36 | $69.8M | $4.1M | -11.3% | 5.0% | 4 | 3.36 | 34% | 969 | 56 |
| 2022 | 36 | $69.3M | $572K | -16.3% | 0.7% | 4 | 3.88 | 38% | 1,037 | 59 |
| 2023 | 36 | $71.3M | $-352K | -17.4% | -0.4% | 0 | 2.49 | 39% | 999 | 67 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Portage Holding Company Llc | 5% or greater direct ownership interest | 100 | 2013-04 | |
| Dsb Acquisition Llc | 5% or greater indirect ownership interest | 80 | 2018-11 | |
| Historic Lifepoint Hospitals, Llc | 5% or greater indirect ownership interest | 80 | 2013-04 | |
| Legacy Lifepoint Health Llc | 5% or greater indirect ownership interest | 80 | 2013-04 | |
| Lifepoint Health Inc | 5% or greater indirect ownership interest | 80 | 2018-11 | |
| Lifepoint Holdings 2 Llc | 5% or greater indirect ownership interest | 80 | 2013-04 | |
| Lifepoint Hospitals Holdings Llc | 5% or greater indirect ownership interest | 80 | 2013-04 | |
| Portage Health Foundation | 5% or greater indirect ownership interest | 20 | 2013-12 | |
| Bruce Rukkila | other | 2019-08 | ||
| Charlotte Lawrence | corporate officer | 2022-02 | ||
| Christopher Monte | corporate officer | 2013-04 | ||
| Elliott Brown | corporate officer | 2026-04 | ||
| Elmer Polite | corporate officer | 2020-12 | ||
| Elmer Polite | other | 2020-12 | ||
| Hsc Manager Llc | operational/managerial control | 2013-12 | ||
| Jonathan Wall | corporate director | 2025-09 | ||
| Kevin Store | other | 2016-11 | ||
| Kristine Weidner | other | 2017-06 | ||
| Marcus Poppell | corporate officer | 2018-11 | ||
| Marcus Poppell | other | 2013-12 | ||
| Phillip Sensing | corporate officer | 2026-05 | ||
| Ryan Heinonen | w-2 managing employee | 2022-01 | ||
| Teresa Williams | other | 2024-05 | ||
| Timothy Labonte | other | 2020-05 | ||
| William Liston | other | 2013-11 |
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 |