Kalkaska Memorial Health Center
Kalkaska, Kalkaska County, MI
· CCN 231301
Licensed to Kalkaska Memorial Health Center
Composite
28.1
rank score
Distress
35
FY2024
Fit
31
vs thesis
Estimated ticket
$680K–$1.4M
8 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin -10% to -5%
- 90-150 days cash on hand
- occupancy below 30%
- margin slipping
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $75.2M |
| Operating margin | -5.9% |
| Total margin | 3.9% |
| Days cash on hand | 130 |
| Current ratio | 2.31 |
| Occupancy | 23% |
Facility
| Beds | 8 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 8 | $53.5M | $3.3M | -7.6% | 5.4% | 122 | 1.37 | 15% | 145 | 39 |
| 2022 | 8 | $64.8M | $12.9M | -0.3% | 16.6% | 209 | 3.16 | 22% | 167 | 24 |
| 2023 | 8 | $67.3M | $1.3M | -9.1% | 1.7% | 149 | 2.04 | 22% | 176 | 39 |
| 2024 | 8 | $75.2M | $3.2M | -5.9% | 3.9% | 130 | 2.31 | 23% | 184 | 35 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrew Raymond | corporate officer | 100 | 2025-03 | |
| Kalkaska Memorial Health Center | 5% or greater direct ownership interest | 100 | 2010-08 | |
| Alan Hart | corporate director | 2024-03 | ||
| Andrew Raymond | w-2 managing employee | 2016-12 | ||
| Bruce Zenner | corporate director | 2013-01 | ||
| Charles Stiehl | corporate director | 2024-02 | ||
| Dale De Korne | corporate director | 2020-06 | ||
| Diana Needham | corporate director | 2019-03 | ||
| Eric Hendricks | corporate director | 2014-01 | ||
| Gayenell Gentelia | corporate director | 2024-02 | ||
| George Banker | corporate director | 2016-11 | ||
| Gregory Bradley | corporate director | 2020-10 | ||
| Janet Cox | corporate director | 2024-01 | ||
| Karl Klimek | corporate director | 2021-07 | ||
| Kimberly Stephens | corporate director | 2020-06 | ||
| Lynnette Cervone | corporate director | 2024-02 | ||
| Matthew Brenner | corporate director | 2025-01 | ||
| Melanie Pauch | corporate director | 2020-06 | ||
| Nelson Cannon | corporate director | 2010-08 | ||
| Noreen Broering | corporate director | 2024-01 | ||
| Robert Barr | corporate director | 2020-06 | ||
| Roger Stobert | corporate director | 2023-02 | ||
| Teresa Nichol | corporate director | 2020-02 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.