Carthage Area Hospital
Carthage, Jefferson County, NY
· CCN 331318
Licensed to Carthage Area Hospital Inc
Composite
32.8
rank score
Distress
27
FY2023
Fit
52
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- debt above 70% of assets
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $78.8M |
| Operating margin | 2.9% |
| Total margin | 5.8% |
| Days cash on hand | 4 |
| Current ratio | 1.23 |
| Occupancy | 70% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $43.9M | $-5.9M | -27.8% | -11.9% | 124 | 0.99 | 50% | 824 | 68 |
| 2021 | 25 | $59.0M | $6.2M | -7.6% | 8.9% | 83 | 0.97 | 58% | 860 | 48 |
| 2022 | 25 | $59.4M | $2.0M | -12.3% | 2.8% | 48 | 1.13 | 70% | 840 | 52 |
| 2023 | 25 | $78.8M | $4.7M | 2.9% | 5.8% | 4 | 1.23 | 70% | 870 | 27 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Andrew Manzer | corporate officer | 2026-03 | ||
| Andrew Manzer | w-2 managing employee | 2026-03 | ||
| Arnold Hager | corporate officer | 2025-10 | ||
| Dale Klock | corporate director | 2010-05 | ||
| Gary Rowe | corporate director | 2007-05 | ||
| Jerian O'dell | corporate officer | 2023-04 | ||
| Jerian O'dell | w-2 managing employee | 2026-01 | ||
| Larry Hasseler | corporate director | 2006-05 | ||
| Mirza Ashraf | corporate director | 1992-05 | ||
| Tim Sturick | corporate director | 2016-05 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.