St Joseph Mercy Hospital Ann Arbor
dba Trinity Health Ann Arbor Hospital ·
Ann Arbor, MI
· CCN 230156
Licensed to St Joseph Mercy Hospital
Composite
13.9
rank score
Distress
24
FY2024
Fit
55
vs thesis
Estimated ticket
$232M–$930M
465 beds ·
over envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- very large — likely out of range
- estimated price exceeds the capital envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $1.1B |
| Operating margin | -1.8% |
| Total margin | 11.3% |
| Days cash on hand | 444 |
| Current ratio | 1.67 |
| Occupancy | 89% |
Facility
| Beds | 465 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 449 | $893M | $296M | -1.8% | 24.5% | 503 | 2.91 | 79% | 31,213 | 16 |
| 2022 | 462 | $970M | $-52.8M | -2.2% | -5.6% | 416 | 2.06 | 87% | 29,094 | 28 |
| 2023 | 475 | $1.0B | $131M | -1.0% | 11.5% | 437 | 1.82 | 85% | 35,368 | 16 |
| 2024 | 465 | $1.1B | $140M | -1.8% | 11.3% | 444 | 1.67 | 89% | 48,237 | 24 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Trinity Health Corporation | 5% or greater indirect ownership interest | 100 | 2013-05 | chain |
| Trinity Health-Michigan | 5% or greater direct ownership interest | 100 | 2000-05 | |
| Alonzo Lewis | corporate officer | 2020-06 | ||
| Alonzo Lewis | w-2 managing employee | 2020-06 | ||
| Christian Schafer | corporate officer | 2026-01 | ||
| Edmund Hodge | corporate director | 2019-01 | ||
| Eric Ferguson | corporate director | 2021-08 | ||
| Jean Nagelkerk | corporate officer | 2025-01 | ||
| Jean Nagelkerk | corporate director | 2019-01 | ||
| Joseph Fleck | corporate director | 2026-01 | ||
| Linda Werthman | corporate director | 2020-08 | ||
| Michael Gusho | corporate officer | 2014-07 | ||
| Michael Williams | corporate director | 2025-01 | ||
| Paula Chermside | corporate director | 2026-01 | ||
| Robert Casalou | contracted managing employee | 2008-10 | ||
| Robert Casalou | corporate officer | 2016-01 | ||
| Sara Dolan | corporate director | 2025-01 | ||
| Shannon Striebich | corporate officer | 2024-07 | ||
| Shannon Striebich | corporate director | 2024-07 | ||
| Spencer Maidlow | corporate director | 2019-01 | ||
| Stuart Kilpinen | operational/managerial control | 2023-06 | ||
| Suzanne Mellon | corporate director | 2021-08 | ||
| Wayman Britt | corporate officer | 2025-01 | ||
| Wayman Britt | corporate director | 2019-03 | ||
| William Morris | corporate director | 2022-03 |
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 |