Borgess-Pipp Health Center
dba Beacon Plainwell ·
Plainwell, Allegan County, MI
· CCN 232034
Licensed to Ascension Borgess Hospital
Composite
33.0
rank score
Distress
31
FY2024
Fit
43
vs thesis
Estimated ticket
$2.6M–$5.2M
43 beds ·
within envelope
Ownership
nonprofit
LTCH
Why it ranks here
- current ratio under 1.5
- liabilities exceed assets
- occupancy below 30%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- LTCH — distress here is a payment-model artifact
- small but workable bed count
- 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 | $18.2M |
| Operating margin | 21.5% |
| Total margin | 22.2% |
| Days cash on hand | 729 |
| Current ratio | 1.18 |
| Occupancy | 18% |
Facility
| Beds | 43 |
| Facility type | LTCH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $60.0K |
| Per-bed (high) | $120K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 43 | $18.5M | $5.4M | 28.8% | 28.9% | 745 | 0.93 | 24% | 121 | 26 |
| 2022 | 43 | $19.5M | $5.6M | 28.7% | 28.8% | 56 | 0.80 | 22% | 101 | 47 |
| 2023 | 43 | $19.7M | $6.3M | 31.1% | 31.8% | 15 | 0.81 | 19% | 97 | 48 |
| 2024 | 43 | $18.2M | $4.1M | 21.5% | 22.2% | 729 | 1.18 | 18% | 101 | 31 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Beacon Health System Inc | operational/managerial control | 2025-07 | chain | |
| Irene Maffetone | w-2 managing employee | 2025-07 | ||
| Jeffrey Costello | corporate director | 2025-07 | ||
| Jeffrey Costello | w-2 managing employee | 2025-07 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.
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 |