Ssh - Spectrum Health
dba Select Specialty Hospital - Corewell Health Grand Rapids ·
Grand Rapids, Kent County, MI
· CCN 232029
Licensed to Special Care Hospital, Llc
Composite
34.0
rank score
Distress
15
FY2024
Fit
68
vs thesis
Estimated ticket
$10.8M–$43.2M
36 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin under 2%
- current ratio under 1.5
- margin slipping
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- small but workable bed count
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $23.9M |
| Operating margin | 1.6% |
| Total margin | 2.3% |
| Days cash on hand | — |
| Current ratio | 1.48 |
| Occupancy | 87% |
Facility
| Beds | 36 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $300K |
| Per-bed (high) | $1.2M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 36 | $18.5M | $453K | 1.0% | 2.4% | — | 0.96 | 76% | 305 | 20 |
| 2022 | 36 | $20.0M | $1.1M | 0.1% | 5.2% | — | 1.33 | 76% | 299 | 19 |
| 2023 | 36 | $21.6M | $433K | 0.6% | 2.0% | — | 1.58 | 81% | 317 | 13 |
| 2024 | 36 | $23.9M | $552K | 1.6% | 2.3% | — | 1.48 | 87% | 346 | 15 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Select Medical Corporation | 5% or greater indirect ownership interest | 100 | 2017-08 | |
| Select Medical Corporation | operational/managerial control | 100 | 2017-08 | |
| Great Lakes Specialty Hospital - Oak Llc | 5% or greater direct ownership interest | 51 | 2017-08 | |
| Intensiva Healthcare Corporation | 5% or greater indirect ownership interest | 51 | 2017-08 | |
| Select Lifecare Western Michigan Llc | 5% or greater indirect ownership interest | 51 | 2017-08 | |
| Select Specialty Hospital - Western Michigan, Inc. | 5% or greater indirect ownership interest | 51 | 2017-08 | |
| Corewell Health | 5% or greater direct ownership interest | 49 | 2018-04 | |
| John Duggan | corporate officer | 2025-09 | ||
| John Duggan | corporate director | 2025-09 | ||
| John Saich | corporate officer | 2025-09 | ||
| Matthew Campbell | corporate officer | 2020-06 | ||
| Matthew Campbell | w-2 managing employee | 2020-06 | ||
| Matthew Campbell | operational/managerial control | 2020-06 | ||
| Michael Malatesta | corporate officer | 2025-09 | ||
| Robert Breighner | w-2 managing employee | 2025-09 | ||
| Robert Kido | corporate officer | 2025-09 | ||
| Thomas Mullin | corporate officer | 2025-09 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2017-08-01 | change of ownership | Special Care Hospital, Llc | Spectrum Health Kent Community Campus |
Who has been buying in MI
Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 2018-05-01 | Select Specialty - Downriver Llc | Select Specialty Hospital -... | Ssh - Wyandotte | 71 |
| 2017-08-01 | Special Care Hospital, Llc | Spectrum Health Kent Community Campus | Ssh - Spectrum Health | 36 |