Frisbie Memorial Hospital
Rochester, NH
· CCN 300014
Licensed to Fmh Health Services, Llc
Composite
63.5
rank score
Distress
85
FY2024
Fit
63
vs thesis
Estimated ticket
$13.7M–$54.6M
39 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- liabilities exceed assets
- occupancy 30-45%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- small but workable bed count
- small ticket — deploys little of the available capital
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $63.4M |
| Operating margin | -32.0% |
| Total margin | -27.6% |
| Days cash on hand | 0 |
| Current ratio | 3.67 |
| Occupancy | 33% |
Facility
| Beds | 39 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 64 | $49.7M | $-9.3M | -27.0% | -17.2% | 12 | 0.88 | 55% | 1,085 | 82 |
| 2021 | 58 | $92.7M | $-9.0M | -18.1% | -9.6% | 0 | 2.34 | 55% | 2,431 | 80 |
| 2022 | 58 | $96.0M | $-6.9M | -8.3% | -7.1% | 1 | 2.48 | 56% | 2,415 | 70 |
| 2023 | 58 | $71.7M | $-11.8M | -27.5% | -14.9% | 0 | 2.58 | 34% | 1,802 | 83 |
| 2024 | 39 | $63.4M | $-18.1M | -32.0% | -27.6% | 0 | 3.67 | 33% | 966 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Hca Healthcare Inc | 5% or greater indirect ownership interest | 100 | 2020-03 | |
| Hca Inc | 5% or greater indirect ownership interest | 100 | 2020-03 | |
| Hca Squared Llc | 5% or greater indirect ownership interest | 100 | 2020-03 | |
| Healthtrust Inc - The Hospital Company | 5% or greater indirect ownership interest | 100 | 2020-03 | |
| Hospital Corp Llc | 5% or greater direct ownership interest | 100 | 2020-03 | |
| Hercules Holding Ii | 5% or greater indirect ownership interest | 20 | 2020-03 | |
| Frisco Holding Ii | 5% or greater indirect ownership interest | 16 | 2026-02 | |
| Eric Smith | contracted managing employee | 2021-03 | ||
| Haley Biggers | corporate officer | 2025-05 | ||
| Thomas Bowden | corporate officer | 2025-02 | ||
| Thomas Bowden | w-2 managing employee | 2025-02 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2020-03-01 | change of ownership | Fmh Health Services, Llc | Frisbie Memorial Hospital |
Who has been buying in NH
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 |
|---|---|---|---|---|
| 2021-05-01 | Concord Hospital-Laconia | Lrghealthcare | Concord Hospital - Laconia | 86 |
| 2020-03-01 | Fmh Health Services, Llc | Frisbie Memorial Hospital | Frisbie Memorial Hospital | 39 |