Chelsea Hospital
Chelsea, Washtenaw County, MI
· CCN 230259
Licensed to St Joseph Mercy Chelsea Inc
Composite
47.6
rank score
Distress
35
FY2024
Fit
75
vs thesis
Estimated ticket
$39.5M–$158M
79 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- 60-90 days cash on hand
- occupancy 45-60%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $193M |
| Operating margin | -4.7% |
| Total margin | 3.8% |
| Days cash on hand | 89 |
| Current ratio | 2.22 |
| Occupancy | 47% |
Facility
| Beds | 79 |
| 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 | 83 | $168M | $18.4M | -4.8% | 9.4% | 109 | 1.46 | 33% | 2,879 | 29 |
| 2022 | 79 | $178M | $1.1M | -1.8% | 0.6% | 85 | 1.55 | 44% | 3,347 | 34 |
| 2023 | 79 | $188M | $8.6M | -1.1% | 4.3% | 80 | 2.02 | 47% | 3,909 | 28 |
| 2024 | 79 | $193M | $7.8M | -4.7% | 3.8% | 89 | 2.22 | 47% | 4,423 | 35 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Trinity Health Corporation | 5% or greater indirect ownership interest | 51 | 2018-07 | chain |
| Trinity Health-Michigan | 5% or greater direct ownership interest | 51 | 2018-07 | |
| Regents Of The University Of Michigan | 5% or greater direct ownership interest | 49 | 2018-07 | |
| Eric Strucko | corporate director | 2023-04 | ||
| Hitinder Gurm | corporate director | 2024-08 | ||
| Kelly Smith | corporate director | 2020-08 | ||
| Mandi Murray | corporate officer | 2022-08 | ||
| Michael Gusho | corporate officer | 2018-07 | ||
| Michael Gusho | corporate director | 2018-07 | ||
| Migdalia Musler | corporate director | 2018-07 | ||
| Rafina Khateeb | corporate officer | 2022-11 | ||
| Rafina Khateeb | corporate director | 2020-08 | ||
| Richard Helppie | corporate director | 2018-07 | ||
| Robert Casalou | corporate officer | 2018-07 | ||
| Shannon Striebich | corporate officer | 2025-08 | ||
| Shannon Striebich | corporate director | 2025-08 | ||
| Sharon O'leary | corporate director | 2018-07 | ||
| Tomasine Marx | operational/managerial control | 2022-01 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2018-07-01 | change of ownership | St Joseph Mercy Chelsea Inc | Trinity Health-Michigan |
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 |