Garnet Health Medical Center - Catsk
Harris, Sullivan County, NY
· CCN 330386
Licensed to Garnet Health Medical Center Catskills
Composite
54.5
rank score
Distress
78
FY2023
Fit
48
vs thesis
Estimated ticket
$5.3M–$10.6M
76 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- occupancy 30-45%
- margin deteriorating sharply
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $77.7M |
| Operating margin | -29.7% |
| Total margin | -15.5% |
| Days cash on hand | 7 |
| Current ratio | 1.20 |
| Occupancy | 44% |
Facility
| Beds | 76 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 84 | $85.1M | $5.4M | -29.3% | 4.6% | 132 | 1.33 | 56% | 3,342 | 38 |
| 2021 | 84 | $90.9M | $-1.0M | -12.3% | -1.0% | 102 | 1.25 | 59% | 3,429 | 46 |
| 2022 | 76 | $81.7M | $-18.2M | -26.1% | -21.3% | 19 | 1.45 | 53% | 3,065 | 72 |
| 2023 | 76 | $77.7M | $-13.6M | -29.7% | -15.5% | 7 | 1.20 | 44% | 2,815 | 78 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Alfred Pilong | corporate officer | 2022-01 | ||
| Andrew Pavloff | corporate officer | 2018-01 | ||
| Dory Alport | corporate director | 2018-01 | ||
| James Grigg | corporate officer | 2018-01 | ||
| Jill Embler | w-2 managing employee | 2020-01 | ||
| Richard Lander | corporate director | 2018-01 | ||
| Robert Davison | w-2 managing employee | 2018-01 |
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.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 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 |