Trinitas Hospital
dba Corro Health ·
Elizabeth, Union County, NJ
· CCN 310027
Licensed to Trinitas Regional Medical Center
Composite
62.7
rank score
Distress
70
FY2023
Fit
78
vs thesis
Estimated ticket
$63.7M–$255M
182 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $274M |
| Operating margin | -31.1% |
| Total margin | -13.5% |
| Days cash on hand | 4 |
| Current ratio | 2.68 |
| Occupancy | 65% |
Facility
| Beds | 182 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| 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 | 220 | $208M | $9.1M | -49.2% | 2.9% | 201 | 2.60 | 54% | 7,745 | 30 |
| 2021 | 220 | $231M | $15.7M | -36.9% | 4.7% | 173 | 2.11 | 52% | 7,756 | 30 |
| 2022 | 192 | $256M | $-30.7M | -27.3% | -10.4% | 38 | 2.00 | 58% | 8,152 | 63 |
| 2023 | 182 | $274M | $-42.8M | -31.1% | -13.5% | 4 | 2.68 | 65% | 8,119 | 70 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Rwj Barnabas Health Inc | operational/managerial control | 100 | 2022-01 | |
| Nancy Diliegro | w-2 managing employee | 50 | 2023-04 | |
| Alfonso Lopez | corporate director | 2013-06 | ||
| Anthony Pelosi | corporate director | 2013-06 | ||
| David Gallinetti | corporate officer | 2024-02 | ||
| David Gallinetti | w-2 managing employee | 2024-02 | ||
| Eileen Clifford | corporate director | 2013-06 | ||
| Gary Horan | corporate director | 2023-04 | ||
| Jacquelyn Balasia | corporate director | 2023-01 | ||
| Jan Margolis | corporate director | 2013-06 | ||
| Karim Khimani | corporate officer | 2013-06 | ||
| Margaret Mcmenamin | corporate director | 2013-06 | ||
| Maureen Shaughnessy | corporate director | 2024-01 | ||
| Nancy Diliegro | corporate officer | 2023-04 | ||
| Richard Henwood | w-2 managing employee | 2022-01 | ||
| Richard Mackessy | corporate director | 2013-06 | ||
| Roderick Spearman | corporate director | 2013-06 | ||
| Ronald Pallant | corporate director | 2013-06 | ||
| Thomas Kachelriess | corporate officer | 2013-06 | ||
| Thomas Kachelriess | corporate director | 2013-06 | ||
| Victor Richel | corporate officer | 2013-06 | ||
| Victor Richel | corporate director | 2013-06 |
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 NJ
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 |
|---|---|---|---|---|
| 2022-12-21 | Capital Health System, Inc. | St. Francis Medical Center | Capital Health Regional Medical Ctr | 179 |
| 2022-01-01 | Eoh Acquisition Group, Llc | Prospect Eogh Inc | East Orange General Hospital | 159 |
| 2021-07-01 | Hmh Hospitals Corporation | Community Hospital Group Inc | Jfk University Medical Center | 353 |
| 2018-07-01 | Ahs Hospital Corp | General Conference Of Seventh Day... | Hackettstown Medical Center | 95 |
| 2018-01-01 | Njmhmc, Llc | Mha Llc | Hudson Regional Hospital | 102 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Riverview Medical Center | 267 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Bayshore Medical Center | 175 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Hmh -Ocean University Medical Center | 313 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Jersey Shore University Med Ctr | 580 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Southern Ocean Medical Center | 156 |
| 2018-01-01 | Hmh Hospitals Corporation | Palisades Medical Center | Palisades Medical Center | 186 |
| 2018-01-01 | Hmh Hospitals Corporation | Raritan Bay Medical Center | Raritan Bay Medical Center | 270 |