Munising Memorial Hospital
Munising, Alger County, MI
· CCN 231308
Licensed to Munising Memorial Hospital Association
Composite
33.0
rank score
Distress
43
FY2024
Fit
34
vs thesis
Estimated ticket
$935K–$1.9M
11 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin below -10%
- occupancy below 30%
- margin deteriorating sharply
- 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
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $12.0M |
| Operating margin | -11.1% |
| Total margin | 3.8% |
| Days cash on hand | 155 |
| Current ratio | 2.37 |
| Occupancy | 24% |
Facility
| Beds | 11 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| 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 | 11 | $11.3M | $2.3M | -4.3% | 16.1% | 122 | 1.40 | 21% | 81 | 37 |
| 2022 | 11 | $12.1M | $1.1M | -5.5% | 7.8% | 120 | 3.11 | 33% | 118 | 37 |
| 2023 | 11 | $11.2M | $261K | -17.7% | 2.0% | 149 | 4.13 | 28% | 99 | 44 |
| 2024 | 11 | $12.0M | $521K | -11.1% | 3.8% | 155 | 2.37 | 24% | 97 | 43 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Christi Salo | corporate officer | 1999-10 | ||
| Christi Salo | w-2 managing employee | 1999-10 | ||
| Sara Wilson | w-2 managing employee | 2010-04 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.