The Rehab Hospital At Raritan Bay
Elizabeth, Union County, NJ
· CCN 312018
Licensed to The Rehabilitation Hospital At Raritan Bay Medical Center, Llc
Composite
59.8
rank score
Distress
75
FY2023
Fit
65
vs thesis
Estimated ticket
$16.0M–$63.8M
76 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin -10% to -5%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio below 0.8
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- bed count in the target band
- small ticket — deploys little of the available capital
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $26.1M |
| Operating margin | -5.4% |
| Total margin | -4.8% |
| Days cash on hand | 2 |
| Current ratio | 0.60 |
| Occupancy | 47% |
Facility
| Beds | 76 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $210K |
| Per-bed (high) | $840K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 76 | $23.0M | $2.1M | 8.3% | 9.2% | 1 | 1.22 | 49% | 317 | 28 |
| 2021 | 76 | $37.4M | $11.4M | 28.5% | 29.9% | 1 | 1.56 | 64% | 457 | 22 |
| 2022 | 76 | $28.5M | $404K | 1.3% | 1.4% | 0 | 0.46 | 55% | 355 | 48 |
| 2023 | 76 | $26.1M | $-1.3M | -5.4% | -4.8% | 2 | 0.60 | 47% | 350 | 75 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Care One Llc | 5% or greater direct ownership interest | 100 | 2004-11 | |
| Daniel Straus | 5% or greater indirect ownership interest | 38 | 2004-11 | |
| Des Holding Co., Inc. | 5% or greater indirect ownership interest | 24 | 2021-12 | |
| Des-C 2009 Grat | 5% or greater indirect ownership interest | 21 | 2009-10 | |
| Care One Management, Llc | operational/managerial control | 2006-06 | ||
| David Baruch | corporate officer | 2021-12 | ||
| Des 2009 Gst Trust | 5% or greater indirect ownership interest | 2021-12 | ||
| Sharon Bready | corporate director | 2021-12 | ||
| Sharon Bready | w-2 managing employee | 2021-12 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.