Riverwood Healthcare Center
dba Riverwood Health Care Center ·
Aitkin, Aitkin County, MN
· CCN 241305
Licensed to Aitkin Community Hospital Inc
Composite
28.4
rank score
Distress
23
FY2023
Fit
45
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- 90-150 days cash on hand
- occupancy 30-45%
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $91.7M |
| Operating margin | -2.8% |
| Total margin | 6.5% |
| Days cash on hand | 137 |
| Current ratio | 2.52 |
| Occupancy | 36% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $69.5M | $4.7M | -0.3% | 6.4% | 382 | 2.52 | 28% | 1,050 | 24 |
| 2021 | 25 | $79.2M | $18.5M | -0.3% | 18.9% | 384 | 4.40 | 31% | 833 | 21 |
| 2022 | 25 | $85.5M | $-9.6M | -2.9% | -12.3% | 261 | 3.89 | 35% | 765 | 38 |
| 2023 | 25 | $91.7M | $6.5M | -2.8% | 6.5% | 137 | 2.52 | 36% | 767 | 23 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Casey Johnson | corporate officer | 2014-06 | ||
| Christine Bright Marwede | corporate director | 2015-04 | ||
| Cindi Baker | corporate officer | 2016-04 | ||
| David Taylor | corporate officer | 2018-12 | ||
| Heidi Price | operational/managerial control | 2013-02 | ||
| Jared Lundgren | corporate director | 2013-01 | ||
| Jeffrey Ehnstrom | corporate director | 2007-11 | ||
| Kathleen Ryan | corporate director | 2013-12 | ||
| Kenneth Westman | corporate officer | 2022-02 | ||
| Kenneth Westman | w-2 managing employee | 2022-02 | ||
| Michael Paulbeck | corporate director | 2012-01 | ||
| Steven Wilson | corporate director | 2007-11 | ||
| Thomas Lundberg | corporate director | 2013-01 | ||
| Timothy Dirks | corporate director | 2013-07 |
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 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 |
|---|---|---|---|---|
| 2023-01-01 | Centracare Health - Benson Llc | Swift County-Benson Hospital | Centracare - Benson | 11 |
| 2021-07-01 | Welia Health | County Of Kanabec | Welia Health | 25 |
| 2020-05-01 | Healthpartners Rc | Renville County | Olivia Hospital And Clinics | 16 |
| 2020-01-01 | Avera Granite Falls | Granite Falls Municipal Hospital And Manor | Avera Granite Falls | 25 |
| 2019-01-01 | Carris Health - Redwood Llc | Redwood Area Hospital | Carris Health-Redwood Llc | 14 |
| 2018-01-01 | Mayo Clinic Health... | Mayo Clinic Health System - Waseca | Mayo Clinic Health System - Waseca | 15 |
| 2018-01-01 | Mayo Clinic Health... | Mayo Clinic Health System - New Prague | Mayo Clinic Health Sys - New Prague | 20 |
| 2018-01-01 | Mayo Clinic Health... | Mayo Clinic Health System-Cannon Falls | Cannon Falls Medical Center - Mayo | 15 |
| 2016-08-01 | Cuyuna Regional Medical Center | Cuyuna Range Hospital District | Cuyuna Regional Medical Center | 25 |