Corewell Health Pennock Hospital
Hastings, Barry County, MI
· CCN 231339
Licensed to Pennock Hospital
Composite
33.1
rank score
Distress
25
FY2023
Fit
50
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- occupancy 45-60%
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $108M |
| Operating margin | 9.2% |
| Total margin | 12.0% |
| Days cash on hand | 1 |
| Current ratio | 1.42 |
| Occupancy | 52% |
Facility
| Beds | 25 |
| 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 | $84.4M | $9.8M | 7.4% | 11.1% | 60 | 1.27 | 53% | 1,688 | 16 |
| 2021 | 25 | $97.8M | $13.9M | 11.6% | 13.8% | 82 | 2.25 | 60% | 1,581 | 12 |
| 2022 | 25 | $96.5M | $14.1M | 11.1% | 14.1% | 154 | 3.74 | 54% | 1,441 | 2 |
| 2023 | 25 | $108M | $13.4M | 9.2% | 12.0% | 1 | 1.42 | 52% | 1,493 | 25 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chad Tuttle | corporate officer | 100 | 2025-05 | |
| Corewell Health | 5% or greater direct ownership interest | 100 | 2022-02 | chain |
| Joshua Kooistra | operational/managerial control | 100 | 2025-05 | |
| Bill Pink | corporate director | 2020-08 | ||
| Chad Tuttle | corporate director | 2026-01 | ||
| Christopher Port | corporate director | 2020-08 | ||
| Corewell Health | operational/managerial control | 2015-05 | chain | |
| Eugene Ford | corporate director | 2026-01 | ||
| Johannie Torres | corporate director | 2020-08 | ||
| John Buckley | corporate director | 2020-08 | ||
| Joseph Jones | corporate director | 2026-01 | ||
| Joshua Kooistra | corporate director | 2026-01 | ||
| Lynnette Ferrell-Robinson | corporate director | 2020-08 | ||
| Mark Wilson | corporate director | 2020-08 | ||
| Mary Doornbos | corporate director | 2020-08 | ||
| Matthew Cox | corporate officer | 2020-12 | ||
| Nicholas Gates | corporate director | 2026-01 | ||
| Ronald Hofman | corporate director | 2020-08 | ||
| Sam Watson | corporate director | 2012-10 | ||
| Simin Beg | corporate director | 2020-08 | ||
| Talawnda Bragg | corporate director | 2022-01 | ||
| Tamila Marlow | w-2 managing employee | 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.