Ascension Borgess Hospital
dba Beacon Kalamazoo ·
Kalamazoo, MI
· CCN 230117
Licensed to Ascension Borgess Hospital
Composite
63.7
rank score
Distress
85
FY2024
Fit
59
vs thesis
Estimated ticket
$16.5M–$33.0M
236 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- liabilities exceed assets
- occupancy 45-60%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- bed count in the target band
- small ticket — deploys little of the available capital
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $360M |
| Operating margin | -34.4% |
| Total margin | -28.6% |
| Days cash on hand | 21 |
| Current ratio | 1.18 |
| Occupancy | 54% |
Facility
| Beds | 236 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 291 | $443M | $77.6M | -6.0% | 14.2% | 21 | 0.93 | 56% | 13,436 | 63 |
| 2022 | 288 | $422M | $-54.0M | -24.2% | -11.4% | 1 | 0.80 | 53% | 11,799 | 90 |
| 2023 | 228 | $374M | $-98.4M | -36.4% | -23.9% | 0 | 0.81 | 60% | 11,001 | 86 |
| 2024 | 236 | $360M | $-108M | -34.4% | -28.6% | 21 | 1.18 | 54% | 11,369 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Beacon Health System Inc | operational/managerial control | 2025-07 | chain | |
| Irene Maffetone | w-2 managing employee | 2025-07 | ||
| Jeffrey Costello | corporate officer | 2025-07 | ||
| Jeffrey Costello | w-2 managing employee | 2025-07 | ||
| Kreg Gruber | corporate officer | 2025-07 |
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 |