Kalamazoo Psychiatric Hospital
Kalamazoo, Kalamazoo County, MI
· CCN 234026
Licensed to State Of Michigan Office Of Financial Management
Composite
61.8
rank score
Distress
85
FY2023
Fit
59
vs thesis
Estimated ticket
$4.6M–$9.2M
119 beds ·
within envelope
Ownership
government
PH
Why it ranks here
- operating margin below -10%
- under 30 days cash on hand
- rural — cheaper but limited density
- specialty facility — narrower problem scope
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $42.9M |
| Operating margin | -37.9% |
| Total margin | — |
| Days cash on hand | 0 |
| Current ratio | — |
| Occupancy | 84% |
Facility
| Beds | 119 |
| Facility type | PH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $38.5K |
| Per-bed (high) | $77.0K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 201 | $4.9M | — | -1,219.7% | — | 0 | — | 79% | 110 | 85 |
| 2021 | 201 | $11.3M | $11.3M | -490.2% | 14.5% | 0 | — | 78% | 142 | 66 |
| 2022 | 201 | $10.9M | — | -477.0% | — | 0 | — | 68% | 205 | 85 |
| 2023 | 119 | $42.9M | — | -37.9% | — | 0 | — | 84% | 113 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| State Of Michigan Office Of Financial Management | 5% or greater direct ownership interest | 100 | 1966-01 | |
| State Of Michigan Office Of Financial Management | 5% or greater security interest | 100 | 1966-01 | |
| State Of Michigan Office Of Financial Management | operational/managerial control | 100 | 2015-05 | |
| Gordon Norris | operational/managerial control | 2016-07 |
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 |
|---|---|---|---|---|
| 2025-02-23 | Hfhs-Acadia Joint Venture Llc | Henry Ford Health System | Kingswood Hospital | 221 |