Sparrow Ionia Hospital
dba University Of Michigan Health-Sparrow Ionia ·
Ionia, Ionia County, MI
· CCN 231331
Licensed to Sparrow Ionia Hospital
Composite
26.2
rank score
Distress
28
FY2024
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
- occupancy below 30%
- 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 | $71.4M |
| Operating margin | 17.0% |
| Total margin | 19.2% |
| Days cash on hand | 26 |
| Current ratio | 9.61 |
| Occupancy | 24% |
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 | 22 | $52.7M | $7.3M | -2.0% | 11.9% | 32 | 5.27 | 21% | 589 | 41 |
| 2021 | 22 | $64.7M | $8.6M | 11.6% | 13.1% | 26 | 4.75 | 33% | 889 | 28 |
| 2022 | 22 | $65.0M | $9.3M | 9.7% | 13.7% | 31 | 3.11 | 33% | 843 | 22 |
| 2023 | 22 | $33.9M | $6.1M | 16.0% | 17.5% | 43 | 5.59 | 29% | 348 | 26 |
| 2024 | 22 | $71.4M | $14.1M | 17.0% | 19.2% | 26 | 9.61 | 24% | 615 | 28 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Regents Of The University Of Michigan | 5% or greater indirect ownership interest | 100 | 2023-04 | |
| Sparrow Health System | 5% or greater direct ownership interest | 100 | 2010-01 | |
| Um Health | 5% or greater indirect ownership interest | 100 | 2023-04 | |
| Anthony Mazzali | corporate officer | 2025-07 | ||
| Bruce Courtade | corporate officer | 2025-07 | ||
| Candace Metcalf | corporate officer | 2025-07 | ||
| Carol Priebe Wiles | corporate officer | 2025-07 | ||
| Daniel Balice | corporate officer | 2025-07 | ||
| Eric Strucko | corporate officer | 2025-07 | ||
| Gregory Holzhei | corporate officer | 2025-07 | ||
| Harper Wildern | corporate officer | 2025-07 | ||
| John Hendrickson | corporate officer | 2025-07 | ||
| John Milewski | corporate officer | 2025-07 | ||
| Lakeeya Tucker | corporate officer | 2025-07 | ||
| Laura Gibson | corporate officer | 2025-07 | ||
| Margaret Dimond | corporate director | 2024-01 | ||
| Margaret Dimond | w-2 managing employee | 2024-01 | ||
| Matthew Wilcox | corporate officer | 2025-07 | ||
| Misty Russian | w-2 managing employee | 2024-01 | ||
| Timothy Williams | corporate officer | 2025-07 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.