Schoolcraft Memorial Hospital
Manistique, Schoolcraft County, MI
· CCN 231303
Licensed to Schoolcraft Memorial Hospital
Composite
32.5
rank score
Distress
41
FY2023
Fit
35
vs thesis
Estimated ticket
$1.0M–$2.0M
12 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin negative
- 30-60 days cash on hand
- debt above 85% of assets
- occupancy 30-45%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- thin occupancy
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $54.0M |
| Operating margin | -4.2% |
| Total margin | 3.2% |
| Days cash on hand | 31 |
| Current ratio | 2.50 |
| Occupancy | 32% |
Facility
| Beds | 12 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 12 | $35.4M | $-426K | -23.0% | -1.0% | 92 | 1.95 | 35% | 316 | 57 |
| 2021 | 12 | $43.3M | $4.1M | -9.5% | 7.9% | 54 | 2.44 | 35% | 329 | 52 |
| 2022 | 12 | $44.7M | $-826K | -11.1% | -1.7% | 24 | 2.82 | 32% | 277 | 71 |
| 2023 | 12 | $54.0M | $1.8M | -4.2% | 3.2% | 31 | 2.50 | 32% | 297 | 41 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrew Bertapelle | corporate officer | 2022-08 | ||
| Andrew Bertapelle | w-2 managing employee | 2022-08 | ||
| Andrew Bertapelle | operational/managerial control | 2022-08 | ||
| Cindy Olli | corporate director | 2020-06 | ||
| Eric Price | corporate officer | 2023-01 | ||
| Eric Price | w-2 managing employee | 2023-01 | ||
| Eric Price | operational/managerial control | 2023-01 | ||
| Howard Parmentier | corporate director | 2021-06 | ||
| James Blanchard | corporate director | 2019-01 | ||
| Kevin Knaffla | corporate director | 2020-08 | ||
| Lisa Desjarden | w-2 managing employee | 2014-02 | ||
| Peter Hood | corporate director | 2018-03 | ||
| Ryan Fausett | corporate director | 2021-10 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.