Kelsey Memorial Hospital
Lakeview, Montcalm County, MI · CCN 231317
Composite
57.8
rank score
Distress
100
FY2023
Fit
32
vs thesis
Estimated ticket
$714K–$1.4M
12 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- margin deteriorating sharply
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $11.3M |
| Operating margin | -19.5% |
| Total margin | -21.0% |
| Days cash on hand | 1 |
| Current ratio | 0.36 |
| Occupancy | — |
Facility
| Beds | 12 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $59.5K |
| Per-bed (high) | $119K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 12 | $15.3M | $-523K | -8.8% | -3.3% | 2 | 0.68 | 23% | 1 | 79 |
| 2021 | 12 | $15.7M | $721K | 0.2% | 4.4% | 478 | 6.79 | 4% | 9 | 16 |
| 2022 | 12 | $16.4M | $2.5M | 5.6% | 14.0% | 490 | 6.03 | — | — | 0 |
| 2023 | 12 | $11.3M | $-2.3M | -19.5% | -21.0% | 1 | 0.36 | — | — | 100 |
Owners
No ownership records — CMS has no owner filings mapped to this CCN.
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.