Sanford Regional Hospital Worthingto
dba Sanford Worthington Medical Center ·
Worthington, Nobles County, MN
· CCN 240022
Licensed to Sanford Health Network
Composite
32.4
rank score
Distress
31
FY2023
Fit
46
vs thesis
Estimated ticket
$4.8M–$9.6M
48 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- total margin under 2%
- occupancy below 30%
- rural — cheaper but limited density
- 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 · FY2023
| Net patient revenue | $62.5M |
| Operating margin | -3.1% |
| Total margin | 1.9% |
| Days cash on hand | — |
| Current ratio | 10.20 |
| Occupancy | 21% |
Facility
| Beds | 48 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 48 | $46.0M | $217K | -8.1% | 0.4% | — | 8.08 | 21% | 1,071 | 44 |
| 2021 | 48 | $53.3M | $2.3M | -0.9% | 4.0% | — | 7.76 | 20% | 1,049 | 31 |
| 2022 | 48 | $55.5M | $-1.4M | -6.3% | -2.5% | — | 8.45 | 21% | 1,382 | 50 |
| 2023 | 48 | $62.5M | $1.3M | -3.1% | 1.9% | — | 10.20 | 21% | 1,409 | 31 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Sanford | 5% or greater indirect ownership interest | 100 | 2009-11 | |
| Sanford Health | 5% or greater direct ownership interest | 100 | 2007-08 | |
| Andrew North | corporate director | 2017-01 | ||
| Brent Teiken | corporate director | 2012-11 | ||
| Donald Jacobs | corporate director | 2014-12 | ||
| James Cain | corporate director | 2015-11 | ||
| Jolyn Munson | w-2 managing employee | 2013-01 | ||
| Karin Dulski | w-2 managing employee | 2012-11 | ||
| Lauris Molbert | corporate director | 2021-01 | ||
| Mark Lundeen | corporate director | 2014-12 | ||
| Marnie Ventling-Herrmann | corporate director | 2022-01 | ||
| Neil Gulsvig | corporate director | 2019-03 | ||
| Stephanie Swenson | w-2 managing employee | 2019-11 | ||
| Tony Morrison | corporate director | 1991-02 | ||
| Tony Morrison | w-2 managing employee | 1991-02 | ||
| Wesley Engbrecht | corporate director | 2021-01 | ||
| William Gassen | corporate officer | 2020-11 | ||
| William Gassen | corporate director | 2020-11 | ||
| William Gassen | w-2 managing employee | 2020-11 | ||
| William Marlette | corporate officer | 2023-06 | ||
| William Marlette | w-2 managing employee | 2023-06 |
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 MN
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 |
|---|---|---|---|---|
| 2018-01-01 | Carris Health Llc | Rice Memorial Hospital | Carris Health | 81 |
| 2017-01-01 | Allina Health System | Allina Health System | Mercy Hospital | 464 |