Ssh - Kalamazoo
dba Select Specialty Hospital - Battle Creek ·
Battle Creek, Calhoun County, MI
· CCN 232035
Licensed to Select Specialty Hospital - Kalamazoo Inc
Composite
36.2
rank score
Distress
20
FY2024
Fit
68
vs thesis
Estimated ticket
$7.5M–$30.0M
25 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- total margin under 2%
- current ratio under 1.5
- margin deteriorating sharply
- 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 | $12.7M |
| Operating margin | 5.0% |
| Total margin | 1.7% |
| Days cash on hand | — |
| Current ratio | 1.39 |
| Occupancy | 69% |
Facility
| Beds | 25 |
| 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 | 25 | $11.6M | $2.5M | 14.7% | 20.6% | — | 0.43 | 70% | 217 | 17 |
| 2022 | 25 | $12.5M | $-163K | 3.6% | -1.3% | — | 1.01 | 70% | 227 | 14 |
| 2023 | 25 | $13.2M | $730K | 5.2% | 5.4% | — | 1.36 | 71% | 229 | 4 |
| 2024 | 25 | $12.7M | $219K | 5.0% | 1.7% | — | 1.39 | 69% | 237 | 20 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Select Medical Corporation | 5% or greater indirect ownership interest | 100 | 2002-02 | |
| Select Medical Corporation | operational/managerial control | 100 | 2002-02 | |
| Sempercare, Inc. | 5% or greater direct ownership interest | 100 | 2002-02 | |
| John Duggan | corporate officer | 2002-02 | ||
| John Duggan | corporate director | 2025-09 | ||
| John Saich | corporate officer | 2025-09 | ||
| Kenneth Lepage | corporate officer | 2020-12 | ||
| Kenneth Lepage | w-2 managing employee | 2020-12 | ||
| Kenneth Lepage | operational/managerial control | 2020-12 | ||
| 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
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 |