Riverview Healthcare Association
dba Riverview Health ·
Crookston, Polk County, MN
· CCN 241320
Licensed to Riverview Healthcare Association
Composite
51.9
rank score
Distress
85
FY2023
Fit
34
vs thesis
Estimated ticket
$1.2M–$2.5M
21 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- debt above 70% of assets
- occupancy below 30%
- margin deteriorating sharply
- rural — cheaper but limited density
- very small facility
- 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 | $59.9M |
| Operating margin | -14.3% |
| Total margin | -8.3% |
| Days cash on hand | 20 |
| Current ratio | 1.26 |
| Occupancy | 21% |
Facility
| Beds | 21 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $59.5K |
| Per-bed (high) | $119K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $56.6M | $2.5M | -5.2% | 4.1% | 26 | 0.81 | 25% | 817 | 67 |
| 2021 | 25 | $59.7M | $4.6M | -10.2% | 6.6% | 28 | 1.05 | 25% | 725 | 62 |
| 2022 | 21 | $61.8M | $-7.2M | -16.9% | -11.1% | 22 | 1.48 | 26% | 642 | 83 |
| 2023 | 21 | $59.9M | $-5.3M | -14.3% | -8.3% | 20 | 1.26 | 21% | 577 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrew Oman | corporate director | 2026-01 | ||
| Brett Vibeto | corporate director | 2019-10 | ||
| Brett Vibeto | w-2 managing employee | 2019-10 | ||
| Carrie Michalski | corporate officer | 2012-01 | ||
| Carrie Michalski | w-2 managing employee | 2012-01 | ||
| Christopher Bruggeman | corporate officer | 2007-09 | ||
| Christopher Bruggeman | w-2 managing employee | 2007-09 | ||
| Erik Kanten | corporate director | 2019-01 | ||
| Erik Kanten | w-2 managing employee | 2019-01 | ||
| Judy Hulst | corporate director | 2025-01 | ||
| Kari Koenig | corporate director | 2019-01 | ||
| Lori Keller | corporate director | 2020-07 | ||
| Michelle Fairman Cote | corporate director | 2025-01 | ||
| Nicole Heldstab | corporate director | 2025-01 | ||
| Tanner Holten | corporate director | 2025-01 | ||
| Tim Brinkman | corporate director | 2018-01 |
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 |