Billings Clinic
Billings, Yellowstone County, MT
· CCN 270004
Licensed to Billings Clinic
Composite
54.2
rank score
Distress
61
FY2023
Fit
67
vs thesis
Estimated ticket
$28.4M–$56.8M
334 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- 30-60 days cash on hand
- margin deteriorating sharply
- rural — cheaper but limited density
- large — ticket likely stretches the envelope
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $872M |
| Operating margin | -17.3% |
| Total margin | -3.2% |
| Days cash on hand | 43 |
| Current ratio | 3.02 |
| Occupancy | 65% |
Facility
| Beds | 334 |
| Facility type | STH |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 333 | $797M | $187M | -3.6% | 18.4% | 27 | 2.02 | 78% | 14,500 | 38 |
| 2022 | 299 | $854M | $-46.5M | -8.0% | -5.3% | 46 | 1.71 | 80% | 14,908 | 51 |
| 2023 | 334 | $872M | $-31.8M | -17.3% | -3.2% | 43 | 3.02 | 65% | 14,760 | 61 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Mtwy Health | 5% or greater direct ownership interest | 100 | 2023-09 | |
| Wells Fargo Bank | other | 12 | 2011-08 | |
| Mufg Union Bank Na | other | 10 | 2011-08 | |
| Alice Gordon | corporate director | 2022-08 | ||
| Amy Cebull | corporate director | 2023-07 | ||
| Blake Underriner | corporate officer | 2024-07 | ||
| Clinton Seger | w-2 managing employee | 2022-08 | ||
| Craig Bartholomew | corporate director | 2015-07 | ||
| Eileen Mcdonald | corporate director | 2021-08 | ||
| Erika Wright | corporate director | 2025-10 | ||
| Erika Wright | w-2 managing employee | 2025-10 | ||
| Gordon Riha | corporate officer | 2024-07 | ||
| Heidi Duncan | corporate director | 2021-08 | ||
| John Edwards | corporate director | 2023-08 | ||
| Karen Mccomish | corporate officer | 2025-01 | ||
| Kendrick Trostel | corporate director | 2022-09 | ||
| Kevin Abel | w-2 managing employee | 2024-08 | ||
| Marlin Richardson | corporate officer | 2025-01 | ||
| Patti Pilgrim | corporate director | 2025-05 | ||
| Patti Pilgrim | w-2 managing employee | 2025-05 | ||
| Todd Blake | corporate director | 2025-06 | ||
| William Davies | corporate officer | 2025-01 |
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 MT
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 |
|---|---|---|---|---|
| 2021-01-01 | Kalispell Regional Medical Center Inc | Healthcenter Northwest Llc | Logan Health Medical Center | 210 |
| 2016-01-01 | Bozeman Health Deaconess Hospital | Bozeman Deaconess Health Services | Bozeman Deaconess Health Services | 139 |