dealflow
envelope $200M

← Targets

Crouse Hospital

Syracuse, Onondaga County, NY · CCN 330203
Licensed to Crouse Health Hospital Inc

Composite
14.1
rank score
Distress
31
FY2023
Fit
54
vs thesis
Estimated ticket
$251M–$1.0B
502 beds · over envelope
Ownership
nonprofit
STH

Why it ranks here

  • operating margin under 2%
  • 30-60 days cash on hand
  • current ratio under 1.5
  • debt above 85% of assets
  • urban — higher occupancy and iteration surface
  • very large — likely out of range
  • estimated price exceeds the capital envelope
  • strong occupancy — good iteration surface
  • nonprofit — expect AG conversion review

Latest financials · FY2023

Net patient revenue$534M
Operating margin 1.6%
Total margin 3.9%
Days cash on hand 35
Current ratio 1.28
Occupancy64%

Facility

Beds502
Facility typeSTH
Settingurban
Ownership classnonprofit
Per-bed (low) $500K
Per-bed (high) $2.0M

Financial history

FYBedsNet patient rev Net incomeOp margin Total marginDays cash Current ratioOccupancy DischargesDistress
2020 502 $393M $9.0M -5.5% 2.1% 29 1.16 59% 16,717 61
2021 502 $436M $105M -7.1% 22.3% 33 1.08 67% 17,613 47
2022 502 $506M $11.9M -0.7% 2.2% 28 1.01 67% 17,120 46
2023 502 $534M $22.0M 1.6% 3.9% 35 1.28 64% 15,635 31

Owners

OwnerRole%SinceType
Barbara Ashkin corporate officer 2012-07
Edward Barno corporate director 2024-10
Elizabeth Hartnett corporate officer 2006-07
J Haynie corporate director 2024-10
Kent Syverud corporate officer 2014-10
Laurence Bousquet corporate director 2024-10
Maria Ciciarelli corporate director 2024-10
Mary Cotter corporate officer 2003-07
Melvin Stith corporate director 2024-10
Molly Galvin corporate director 2018-09
Nomi Bergman corporate director 2024-09
Patricia Black corporate officer 2012-07
Patrick Mannion corporate officer 2006-07
Paul Kronenberg corporate officer 2013-07
Richard Russell corporate officer 2003-07
Robert Miron corporate officer 2011-07
Seth Kronenberg corporate officer 2023-03
Seth Kronenberg operational/managerial control 2023-03
Thomas Hartzheim corporate officer 2017-01
Timothy Kennedy corporate officer 2015-01

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 NY

Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.

DateBuyerSellerHospitalBeds
2025-03-01 Nyu Langone Hospitals Brookhaven Memorial Hospital... Long Island Community Hospital 157
2022-10-01 The New York And Presbyterian Hospital Newyork-Presbyterian... New York Presbyterian Hospital 2,850
2021-02-27 New York City Health And Hospitals... New York City Health And Hospitals... Jacobi Medical Center 440
2021-01-01 The Brookdale Hospital Medical Center Kingsbrook Jewish Medical Center Brookdale Hospital Medical Center 450
2020-10-01 Samaritan Hospital Of Troy, New York Burdett Care Center, Inc. Samaritan Hospital 252
2020-09-23 Healthalliance Hospital Marys Avenue Campus Healthalliance Hospital Broadway Campus Healthalliance Hospital Marys Ave Ca 111
2020-01-01 Samaritan Hospital Of Troy, New York Memorial Hospital, Albany N.y. Samaritan Hospital 252
2019-07-01 University Hospital At Stony Brook Eastern Long Island Hospital Assoc Inc Stony Brook University Hospital 725
2019-01-01 Samaritan Hospital Of Troy, New York Seton Health System, Inc Samaritan Hospital 252
2016-01-14 Long Island Jewish Medical Center Forest Hills Hospital Long Island Jewish Medical Center 1,153