Corewell Health Ludington Hospital
Ludington, Mason County, MI
· CCN 230110
Licensed to Memorial Medical Center Of West Michigan
Composite
37.8
rank score
Distress
31
FY2024
Fit
55
vs thesis
Estimated ticket
$3.9M–$7.8M
39 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin under 2%
- under 30 days cash on hand
- occupancy 45-60%
- 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
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $118M |
| Operating margin | 1.9% |
| Total margin | 3.6% |
| Days cash on hand | 2 |
| Current ratio | 2.18 |
| Occupancy | 48% |
Facility
| Beds | 39 |
| 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 | 45 | $97.8M | $6.6M | 3.5% | 6.5% | 59 | 0.76 | 44% | 2,074 | 36 |
| 2021 | 45 | $110M | $5.9M | 3.6% | 5.2% | 33 | 0.76 | 49% | 1,935 | 32 |
| 2022 | 45 | $110M | $9.1M | 5.3% | 8.0% | 39 | 0.95 | 45% | 1,841 | 28 |
| 2023 | 39 | $53.4M | $129K | -1.9% | 0.2% | 73 | 0.84 | 52% | 928 | 40 |
| 2024 | 39 | $118M | $4.3M | 1.9% | 3.6% | 2 | 2.18 | 48% | 1,882 | 31 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Corewell Health | operational/managerial control | 100 | 2013-10 | chain |
| Drew Dostal | corporate officer | 100 | 2020-08 | |
| Annica Waalkes | corporate director | 2020-08 | ||
| Bill Pink | corporate director | 2020-08 | ||
| Christina Freese Decker | corporate officer | 2020-08 | ||
| 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 | 2022-11 | ||
| 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 | ||
| Tamila Marlow | other | 2020-09 | ||
| Whitney Eckhoff | w-2 managing employee | 2023-10 | ||
| Whitney Eckhoff | other | 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 |