Stillwater Billings Clinic
Columbus, Stillwater County, MT
· CCN 271330
Licensed to Stillwater Hospital Association Inc
Composite
33.2
rank score
Distress
41
FY2023
Fit
37
vs thesis
Estimated ticket
$1.4M–$2.7M
16 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin -10% to -5%
- total margin under 2%
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $12.9M |
| Operating margin | -7.6% |
| Total margin | 0.7% |
| Days cash on hand | 302 |
| Current ratio | 2.70 |
| Occupancy | 21% |
Facility
| Beds | 16 |
| Facility type | CAH |
| Setting | urban |
| Ownership class | government |
| 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 | 10 | $12.2M | $2.3M | -8.1% | 14.8% | 335 | 2.57 | 44% | 97 | 28 |
| 2022 | 16 | $14.3M | $824K | -5.2% | 5.2% | 281 | 6.93 | 35% | 156 | 28 |
| 2023 | 16 | $12.9M | $95.3K | -7.6% | 0.7% | 302 | 2.70 | 21% | 76 | 41 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Billings Clinic | 5% or greater direct ownership interest | 100 | 2017-01 | |
| Mtwy Health | 5% or greater indirect ownership interest | 100 | 2023-09 | |
| Andrew Dreesen | corporate officer | 2025-09 | ||
| Andrew Dreesen | corporate director | 2025-09 | ||
| Andrew Dreesen | w-2 managing employee | 2025-09 | ||
| Ann Davey | corporate director | 2021-08 | ||
| Clinton Seger | corporate officer | 2024-03 | ||
| Clinton Seger | corporate director | 2024-03 | ||
| Clinton Seger | w-2 managing employee | 2024-03 | ||
| Cody White | corporate officer | 2024-09 | ||
| Cody White | corporate director | 2024-09 | ||
| David Kane | corporate director | 2017-01 | ||
| Jessica Cozzens | corporate director | 2021-08 | ||
| Justin Ott | corporate officer | 2021-08 | ||
| Justin Ott | corporate director | 2019-09 | ||
| Richard Mickelson | corporate officer | 2025-07 | ||
| Richard Mickelson | corporate director | 2025-07 | ||
| Stephanie Ray | corporate officer | 2024-09 | ||
| Stephanie Ray | corporate director | 2024-09 | ||
| Thomas Chamberlin | corporate director | 2017-01 | ||
| Timothy Russell | corporate officer | 2024-09 | ||
| Timothy Russell | corporate director | 2024-09 |
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 |
|---|---|---|---|---|
| 2023-07-01 | Benefis Community Hospitals Inc | Chouteau County District Hospital | Bmrmc | 25 |
| 2022-07-01 | Liberty County Hospital And... | Liberty County Hospital And... | Logan Health Chester | 25 |
| 2021-06-01 | Logan Health - Conrad | Logan Health - Conrad | Logan Health Conrad | 20 |
| 2021-06-01 | Northern Rockies Medical Center Inc | Northern Rockies Medical Center Inc | Logan Health Cutbank | 25 |
| 2021-05-09 | Logan Health - Shelby | Toole County | Logan Health Shelby | 21 |
| 2016-07-01 | Pioneer Medical Center | County Of Sweet Grass | Pioneer Medical Center | 25 |
| 2016-07-01 | Barrett Hospital Development Corporation | Public Hospital District For... | Barrett Hospital And Healthcare | 18 |