Carris Health
dba Centracare - Rice Memorial Hospital ·
Willmar, Kandiyohi County, MN
· CCN 240088
Licensed to Carris Health Llc
Composite
31.2
rank score
Distress
25
FY2024
Fit
50
vs thesis
Estimated ticket
$8.1M–$16.2M
81 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- under 30 days cash on hand
- occupancy 30-45%
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $149M |
| Operating margin | 2.3% |
| Total margin | 3.7% |
| Days cash on hand | 16 |
| Current ratio | 1.67 |
| Occupancy | 30% |
Facility
| Beds | 81 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 81 | $139M | $5.3M | -1.0% | 3.7% | 60 | 2.30 | 38% | 2,776 | 31 |
| 2022 | 81 | $142M | $7.3M | -0.9% | 4.9% | 28 | 1.58 | 35% | 2,557 | 43 |
| 2023 | 81 | $140M | $2.5M | -1.2% | 1.7% | 12 | 1.47 | 27% | 2,446 | 53 |
| 2024 | 81 | $149M | $5.6M | 2.3% | 3.7% | 16 | 1.67 | 30% | 2,646 | 25 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Centracare Health System | 5% or greater direct ownership interest | 100 | 2017-12 | |
| Bobbie Bertram | corporate director | 2015-07 | ||
| Bryan Rolph | corporate director | 2019-07 | ||
| Carrie Henning-Smith | corporate officer | 2023-07 | ||
| Daniel Abdul | corporate director | 2022-07 | ||
| David Anfinson | corporate director | 2022-06 | ||
| Jacob Lyons | corporate director | 2024-07 | ||
| James Hebl | corporate director | 2017-07 | ||
| Jeffrey Gau | corporate director | 2017-07 | ||
| Kenneth Holmen | corporate officer | 2017-12 | ||
| Michael Blair | corporate officer | 2019-09 | ||
| Michael Blair | w-2 managing employee | 2019-09 | ||
| Michelle Johnson | corporate director | 2021-07 | ||
| Renee Frauendienst | corporate director | 2017-07 | ||
| Richard Wehseler | corporate director | 2022-06 | ||
| Sherri Liebl | corporate director | 2020-07 | ||
| Thomas Knoblach | corporate director | 2011-07 | ||
| Tina May | corporate director | 2025-06 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2018-01-01 | change of ownership | Carris Health Llc | Rice Memorial Hospital |
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 |