North Carolina Baptist Hospital
Winston-Salem, Forsyth County, NC
· CCN 340047
Licensed to North Carolina Baptist Hospital
Already transacted. CMS recorded an ownership change effective
2024-03-02. Confirm the current owner before spending a call on this.
Composite
16.3
rank score
Distress
40
FY2023
Fit
67
vs thesis
Estimated ticket
$81.3M–$163M
813 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin negative
- total margin under 2%
- under 30 days cash on hand
- current ratio under 1.5
- part of a multi-hospital chain — divestiture candidate
- 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
- changed ownership 2024-03-02 — likely already transacted
Latest financials · FY2023
| Net patient revenue | $2.7B |
| Operating margin | -0.2% |
| Total margin | 1.6% |
| Days cash on hand | 1 |
| Current ratio | 1.36 |
| Occupancy | 79% |
Facility
| Beds | 813 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 808 | $2.0B | $3.9M | -2.3% | 0.2% | 7 | 1.43 | 76% | 39,025 | 44 |
| 2022 | 800 | $2.2B | $-41.5M | -4.7% | -1.8% | 0 | 1.67 | 78% | 35,795 | 46 |
| 2023 | 813 | $2.7B | $43.2M | -0.2% | 1.6% | 1 | 1.36 | 79% | 43,667 | 40 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| North Carolina Baptist Hospital | 5% or greater direct ownership interest | 100 | 2020-10 | chain |
| Atrium Health Inc | operational/managerial control | 50 | 2020-10 | |
| Wake Forest University Baptist Medical Center | operational/managerial control | 50 | 2020-10 | |
| Advocate Health Inc | operational/managerial control | 2022-12 | ||
| Albert Herring | corporate director | 2013-01 | ||
| Arthur Gibel | corporate director | 2014-07 | ||
| Ashley Johnson | corporate director | 2024-12 | ||
| Cathleen Wheatley | corporate officer | 2021-01 | ||
| Cathleen Wheatley | w-2 managing employee | 2021-01 | ||
| Frank Thomas | corporate officer | 2024-01 | ||
| Leigh Boulware | corporate officer | 2026-01 | ||
| Sheree Watson | corporate director | 2014-01 | ||
| Stephen Robertson | corporate director | 2021-01 | ||
| William Warden | corporate officer | 2014-01 | ||
| William Warden | corporate director | 2015-07 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2024-03-02 | acquisition/merger | North Carolina Baptist Hospital | Davie Medical Center |
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 |