Three Crosses Regional Hospital
Las Cruces, NM
· CCN 320091
Licensed to Three Crosses Regional Hospital Llc
Composite
67.4
rank score
Distress
84
FY2023
Fit
74
vs thesis
Estimated ticket
$16.1M–$64.4M
46 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
- current ratio below 0.8
- liabilities exceed assets
- occupancy 45-60%
- urban — higher occupancy and iteration surface
- small but workable bed count
- ticket size somewhat below the envelope
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $55.7M |
| Operating margin | -81.0% |
| Total margin | -40.4% |
| Days cash on hand | 0 |
| Current ratio | 0.43 |
| Occupancy | 45% |
Facility
| Beds | 46 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 46 | $28.5M | $-21.3M | -75.9% | -74.1% | 5 | 0.75 | 6% | 294 | 100 |
| 2022 | 46 | $39.1M | $-43.5M | -115.7% | -106.6% | 2 | 0.38 | 23% | 1,293 | 100 |
| 2023 | 46 | $55.7M | $-29.0M | -81.0% | -40.4% | 0 | 0.43 | 45% | 3,042 | 84 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Lc Medical Assets Lllp | 5% or greater direct ownership interest | 100 | 2014-03 | |
| Lc Medical Assets Lllp | operational/managerial control | 100 | 2014-03 | |
| Bashar Naser | w-2 managing employee | 2026-02 | ||
| Maria Ortiz | w-2 managing employee | 2024-10 |
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 NM
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 |
|---|---|---|---|---|
| 2024-01-01 | Unm Hospital | Unm Sandoval Regional Medical Center, Inc | University Of New Mexico Hospital | 508 |
| 2021-01-01 | Covenant Hospital Hobbs | Lea Regional Hospital Llc | Covenant Health Hobbs Hospital | 25 |
| 2020-07-01 | San Juan Regional Medical Center, Inc. | San Juan Regional Rehabilitation... | San Juan Regional Medical Center | 182 |