Insight Surgical Hospital
Warren, Macomb County, MI
· CCN 230264
Licensed to Southeast Michigan Surgical Hospital Llc
Composite
55.7
rank score
Distress
81
FY2023
Fit
48
vs thesis
Estimated ticket
$4.5M–$18.2M
13 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio under 1.5
- debt above 70% of assets
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $25.1M |
| Operating margin | -39.6% |
| Total margin | -3.7% |
| Days cash on hand | 3 |
| Current ratio | 1.01 |
| Occupancy | 11% |
Facility
| Beds | 13 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 13 | $18.6M | $1.4M | -1.5% | 6.9% | 37 | 1.21 | 16% | 255 | 49 |
| 2021 | 13 | $24.0M | $261K | -9.6% | 1.0% | 26 | 1.35 | 11% | 176 | 64 |
| 2022 | 13 | $28.3M | $1.9M | -8.5% | 5.9% | 11 | 1.34 | 10% | 182 | 57 |
| 2023 | 13 | $25.1M | $-1.2M | -39.6% | -3.7% | 3 | 1.01 | 11% | 261 | 81 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Iinn Holdings Inc | 5% or greater direct ownership interest | 70 | 2018-12 | |
| Riazul Huda | 5% or greater indirect ownership interest | 70 | 2018-12 | |
| Jawad Shah | 5% or greater indirect ownership interest | 30 | 2018-12 | |
| Jsce Holdings Llc | 5% or greater direct ownership interest | 30 | 2018-12 | |
| Jawad Shah | corporate officer | 2018-12 | ||
| Nadir Ijaz | corporate officer | 2019-01 | ||
| Nadir Ijaz | operational/managerial control | 2019-01 |
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 |