Edward W. Sparrow Hospital
dba University Of Michigan Health-Sparrow Lansing ·
Lansing, Ingham County, MI
· CCN 230230
Licensed to Edward W Sparrow Hospital Association
Composite
18.4
rank score
Distress
49
FY2024
Fit
55
vs thesis
Estimated ticket
$226M–$904M
452 beds ·
over envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin -10% to -5%
- total margin under 2%
- under 30 days cash on hand
- current ratio under 1.5
- margin slipping
- 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 | -5.8% |
| Total margin | 0.1% |
| Days cash on hand | 18 |
| Current ratio | 1.11 |
| Occupancy | 78% |
Facility
| Beds | 452 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 533 | $879M | $27.8M | -16.4% | 2.6% | 59 | 4.04 | 68% | 21,757 | 44 |
| 2021 | 533 | $1.0B | $11.8M | -12.7% | 1.0% | 26 | 3.59 | 79% | 22,258 | 53 |
| 2022 | 425 | $936M | $-231M | -24.5% | -24.7% | 6 | 2.56 | 79% | 23,542 | 67 |
| 2023 | 441 | $503M | $-6.9M | -11.5% | -1.2% | 29 | 2.30 | 78% | 11,408 | 58 |
| 2024 | 452 | $1.1B | $1.0M | -5.8% | 0.1% | 18 | 1.11 | 78% | 23,697 | 49 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Regents Of The University Of Michigan | 5% or greater indirect ownership interest | 100 | 2023-04 | |
| Sparrow Health System | 5% or greater direct ownership interest | 100 | 2010-01 | chain |
| Um Health | 5% or greater indirect ownership interest | 100 | 2023-04 | |
| Anthony Mazzali | corporate officer | 2025-07 | ||
| Bruce Courtade | corporate officer | 2025-07 | ||
| Candace Metcalf | corporate officer | 2025-07 | ||
| Carol Priebe Wiles | corporate officer | 2025-07 | ||
| Daniel Balice | corporate officer | 2025-07 | ||
| Eric Strucko | corporate officer | 2025-07 | ||
| Gregory Holzhei | corporate officer | 2025-07 | ||
| Harper Wildern | corporate director | 2026-07 | ||
| John Hendrickson | corporate officer | 2025-07 | ||
| John Milewski | corporate officer | 2025-07 | ||
| Laura Gibson | corporate officer | 2025-07 | ||
| Margaret Dimond | corporate director | 2024-01 | ||
| Margaret Dimond | w-2 managing employee | 2024-01 | ||
| Matthew Wilcox | corporate officer | 2025-07 | ||
| Misty Russian | w-2 managing employee | 2024-01 | ||
| Timothy Williams | 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 |