Forsyth Memorial Hospital Inc
dba Novant Health Forsyth Medical Center ·
Winston Salem, Forsyth County, NC
· CCN 340014
Licensed to Forsyth Memorial Hospital Inc
Composite
55.2
rank score
Distress
63
FY2023
Fit
67
vs thesis
Estimated ticket
$77.0M–$154M
906 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- total margin negative
- under 30 days cash on hand
- current ratio below 0.8
- margin deteriorating sharply
- rural — cheaper but limited density
- very large — likely out of range
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $1.5B |
| Operating margin | -3.3% |
| Total margin | -2.0% |
| Days cash on hand | 0 |
| Current ratio | -0.13 |
| Occupancy | 72% |
Facility
| Beds | 906 |
| Facility type | STH |
| 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 | 908 | $1.4B | $94.3M | 2.1% | 6.4% | 0 | -0.21 | 70% | 37,844 | 36 |
| 2021 | 912 | $1.6B | $124M | 3.8% | 7.6% | 0 | -0.30 | 72% | 35,071 | 36 |
| 2022 | 906 | $1.4B | $-54.7M | -7.1% | -3.9% | 0 | -0.11 | 66% | 32,415 | 70 |
| 2023 | 906 | $1.5B | $-31.0M | -3.3% | -2.0% | 0 | -0.13 | 72% | 38,433 | 63 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Novant Health Triad Region, Llc | 5% or greater direct ownership interest | 100 | 1997-11 | |
| Novant Health, Inc. | 5% or greater direct ownership interest | 100 | 1997-11 | |
| Alisha Hutchens | corporate officer | 2024-10 | ||
| Alisha Hutchens | w-2 managing employee | 2024-10 | ||
| Annette Knight | corporate director | 2024-01 | ||
| Ashley Perrott | corporate director | 2021-01 | ||
| Avery Hall | corporate director | 2020-01 | ||
| Brian Smith | corporate officer | 2024-05 | ||
| Carl Armato | corporate director | 2016-01 | ||
| Franklin Chen | corporate director | 2021-01 | ||
| Kristine Sims | corporate director | 2022-01 | ||
| Lari Harding | corporate director | 2015-01 | ||
| Linda Latham | corporate director | 2018-01 | ||
| Mark Owens | corporate director | 2020-01 | ||
| Michael Horn | corporate director | 2020-01 | ||
| Phyllis Caldwell-George | corporate director | 2023-01 | ||
| Randell Cain | corporate director | 2024-01 | ||
| Robert Landry | corporate director | 2019-01 | ||
| Samuel Barefoot | corporate director | 2016-01 | ||
| Stephen Williams | corporate director | 2024-01 | ||
| Summer Mcgee | corporate officer | 2024-01 | ||
| Todd Hall | corporate director | 2022-01 | ||
| Tracey Martin | corporate director | 2020-01 |
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 NC
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 |
|---|---|---|---|---|
| 2026-02-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Lincoln | 101 |
| 2026-02-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Cleveland | 308 |
| 2025-07-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Stanly | 97 |
| 2025-07-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Anson | 15 |
| 2025-04-01 | Duke Health Lake Norman Regional... | Mooresville Hospital Management... | Lake Norman Regional Medical Center | 123 |
| 2024-03-02 | North Carolina Baptist Hospital | Davie Medical Center | North Carolina Baptist Hospital | 813 |
| 2021-10-01 | Pitt County Memorial Hospital Inc | East Carolina Health-Beaufort Inc | Pitt County Memorial Hospital Inc | 1,013 |
| 2021-10-01 | American Healthcare Systems Llc | Randolph Hospital, Inc. | American Healthcare Systems | 145 |
| 2021-02-01 | Novant Health New Hanover Regional... | New Hanover Regional Medical Center | New Hanover Regional Medical Center | 771 |
| 2019-02-01 | Mh Mission Hospital, Lllp | Mission Hospitals Inc. | Mission Hospital Inc | 717 |
| 2019-02-01 | Mh Mission Hospital Mcdowell, Lllp | The Mcdowell Hospital Inc | The Mcdowell Hospital | 33 |
| 2019-01-01 | The Charlotte-Mecklenburg Hospital... | Mercy Hospital Inc | Atrium Health Pineville | 352 |
| 2018-01-01 | Unc Rockingham Health Care Inc | Morehead Memorial Hospital | Unc Rockingham Hospital | 108 |