Corewell Health Reed City
dba Corewell Health Reed City Hospital ·
Reed City, Osceola County, MI
· CCN 231323
Licensed to Reed City Hospital Corporation
Composite
32.1
rank score
Distress
37
FY2023
Fit
34
vs thesis
Estimated ticket
$1.9M–$3.7M
22 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- occupancy below 30%
- margin deteriorating
- part of a multi-hospital chain — divestiture candidate
- 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 · FY2023
| Net patient revenue | $79.1M |
| Operating margin | 14.4% |
| Total margin | 14.3% |
| Days cash on hand | 4 |
| Current ratio | 1.34 |
| Occupancy | 6% |
Facility
| Beds | 22 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $72.9M | $13.2M | 16.0% | 17.8% | 260 | 4.21 | 15% | 77 | 9 |
| 2021 | 25 | $78.9M | $19.3M | 23.4% | 24.2% | 156 | 4.28 | 4% | 24 | 9 |
| 2022 | 25 | $77.1M | $20.5M | 21.2% | 25.2% | 248 | 5.87 | 1% | 22 | 9 |
| 2023 | 22 | $79.1M | $11.3M | 14.4% | 14.3% | 4 | 1.34 | 6% | 176 | 37 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrea Leslie | operational/managerial control | 100 | 2020-08 | |
| Corewell Health | operational/managerial control | 100 | 2001-09 | chain |
| Annica Waalkes | corporate director | 2020-08 | ||
| Bill Pink | corporate director | 2020-08 | ||
| Christina Freese Decker | corporate officer | 2020-08 | ||
| Christopher Port | corporate director | 2020-08 | ||
| Johannie Torres | corporate director | 2020-08 | ||
| John Buckley | corporate director | 2020-08 | ||
| Lynnette Ferrell-Robinson | corporate director | 2020-08 | ||
| Mark Wilson | corporate director | 2020-08 | ||
| Mary Doornbos | corporate director | 2020-08 | ||
| Matthew Cox | corporate officer | 2022-11 | ||
| Ronald Hofman | corporate director | 2020-08 | ||
| Sam Watson | corporate director | 2020-08 | ||
| Simin Beg | corporate director | 2020-08 | ||
| Talawnda Bragg | corporate director | 2022-01 | ||
| Tamila Marlow | other | 2020-09 | ||
| Whitney Eckhoff | w-2 managing employee | 2023-10 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.