Cah #1 - Washington
dba Washington Regional Medical Center ·
Plymouth, Washington County, NC
· CCN 341314
Licensed to Centennial Housing & Community Services Corporation
Composite
62.6
rank score
Distress
100
FY2023
Fit
44
vs thesis
Estimated ticket
$1.5M–$3.0M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy below 30%
- margin deteriorating sharply
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $14.6M |
| Operating margin | -12.7% |
| Total margin | -12.7% |
| Days cash on hand | 0 |
| Current ratio | 0.26 |
| Occupancy | 27% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $59.5K |
| Per-bed (high) | $119K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $11.3M | $841K | -1.5% | 6.8% | 34 | 0.80 | 23% | 440 | 54 |
| 2021 | 25 | $16.1M | $-3.4M | -29.8% | -19.3% | 11 | 0.85 | 45% | 368 | 92 |
| 2022 | 25 | $13.8M | $-3.2M | -25.3% | -22.7% | 20 | 0.58 | 32% | 424 | 97 |
| 2023 | 25 | $14.6M | $-1.9M | -12.7% | -12.7% | 0 | 0.26 | 27% | 340 | 100 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Frank Avignone | 5% or greater direct ownership interest | 2020-05 | ||
| Frank Avignone | corporate officer | 2020-05 | ||
| Frank Avignone | corporate director | 2020-05 | ||
| Frank Avignone | w-2 managing employee | 2020-05 | ||
| Todd Mobley | corporate director | 2020-05 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2020-10-01 | change of ownership | Centennial Housing & Community... | Cah Acquisition Company 1 Llc |
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 |
|---|---|---|---|---|
| 2024-10-01 | Fletcher Hospital Inc | St. Luke's Hospital Inc | St Lukes Hospital | 25 |
| 2020-10-01 | Centennial Housing & Community... | Cah Acquisition Company 1 Llc | Cah #1 - Washington | 25 |
| 2019-02-01 | Mh Angel Medical Center, Lllp | Angel Medical Center Inc | Mh Angel Medical Center Lllp | 30 |
| 2019-02-01 | Mh Transylvania Regional Hospital, Lllp | Transylvania Community Hospital Inc | Transylvania Community Hospital | 25 |
| 2019-02-01 | Mh Blue Ridge Medical Center, Lllp | Blue Ridge Regional Hospital, Inc. | Blue Ridge Regional Hospital | 25 |
| 2019-02-01 | Mh Highlands-Cashiers Medical Center, Lllp | Highlands-Cashiers Hospital Inc | Highlands Cashiers Hospital | 24 |
| 2017-01-31 | Lifebrite Hospital Group Of Stokes Llc | Pioneer Health Services Of Stokes... | Lifebrite Comm Hosp Of Stokes | 25 |