Intl Falls Memorial Hospital
dba Rainy Lake Medical Center ·
International Falls, Koochiching County, MN
· CCN 241322
Licensed to International Falls Memorial Hospital Association
Composite
33.9
rank score
Distress
45
FY2023
Fit
34
vs thesis
Estimated ticket
$1.5M–$3.1M
18 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- under 30 days cash on hand
- current ratio under 1.5
- occupancy below 30%
- 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 | $32.1M |
| Operating margin | -4.7% |
| Total margin | 3.4% |
| Days cash on hand | 16 |
| Current ratio | 1.34 |
| Occupancy | 22% |
Facility
| Beds | 18 |
| 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 | 18 | $28.9M | $966K | 0.0% | 3.2% | 181 | 1.17 | 28% | 405 | 19 |
| 2021 | 18 | $31.9M | $7.2M | 2.7% | 18.9% | 180 | 1.92 | 35% | 311 | 6 |
| 2022 | 18 | $32.7M | $38.3K | -0.9% | 0.1% | 32 | 1.62 | 31% | 373 | 41 |
| 2023 | 18 | $32.1M | $1.2M | -4.7% | 3.4% | 16 | 1.34 | 22% | 271 | 45 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Brian Briggs | corporate director | 2013-08 | ||
| David Usher | corporate officer | 2025-04 | ||
| David Usher | w-2 managing employee | 2025-04 | ||
| Don Billig | corporate director | 2001-04 | ||
| John Winkel | corporate officer | 2023-08 | ||
| Richard Peterson | corporate director | 2017-01 | ||
| Robert Pastor | corporate officer | 2018-09 | ||
| Robert Pastor | w-2 managing employee | 2018-09 | ||
| Steven Lindberg | corporate director | 2018-03 | ||
| Susan Congrave | corporate director | 2004-04 |
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 |