Forest Health Medical Center Llc
dba Forest Health Medical Center ·
Ypsilanti, Washtenaw County, MI
· CCN 230144
Licensed to Forest Health Medical Center Llc
Composite
33.9
rank score
Distress
29
FY2023
Fit
52
vs thesis
Estimated ticket
$12.0M–$48.0M
24 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- 30-60 days cash on hand
- occupancy below 30%
- margin deteriorating
- urban — higher occupancy and iteration surface
- very small facility
- small ticket — deploys little of the available capital
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $44.5M |
| Operating margin | 2.9% |
| Total margin | 10.0% |
| Days cash on hand | 43 |
| Current ratio | 4.06 |
| Occupancy | 8% |
Facility
| Beds | 24 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 24 | $37.3M | $5.1M | 6.1% | 12.7% | 47 | 2.42 | 10% | 501 | 26 |
| 2021 | 24 | $45.5M | $9.3M | 14.6% | 19.4% | 52 | 1.57 | 12% | 682 | 26 |
| 2022 | 24 | $46.9M | $7.9M | 12.6% | 16.1% | 57 | 1.44 | 11% | 564 | 29 |
| 2023 | 24 | $44.5M | $4.8M | 2.9% | 10.0% | 43 | 4.06 | 8% | 353 | 29 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chatham Capital Corp | 5% or greater direct ownership interest | 53 | 2000-04 | |
| Elihu Ledesma | corporate director | 50 | 2005-11 | |
| Fmhc Investors, Llc | 5% or greater direct ownership interest | 47 | 2010-02 | |
| Laurence Lenz | corporate director | 25 | 2001-05 | |
| Joann Scripko | w-2 managing employee | 5 | 2013-12 | |
| Laurence Lenz | w-2 managing employee | 2013-04 | ||
| Randall Pittman | corporate director | 2005-11 | ||
| Robert Brown | corporate director | 2005-12 | ||
| Trevor Dyksterhouse | corporate director | 2005-11 |
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 |