Highlands Cashiers Hospital
Highlands, Macon County, NC
· CCN 341316
Licensed to Mh Highlands-Cashiers Medical Center, Lllp
Composite
55.2
rank score
Distress
75
FY2023
Fit
49
vs thesis
Estimated ticket
$1.4M–$2.9M
24 beds ·
within envelope
Ownership
for-profit
CAH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- liabilities exceed assets
- occupancy 45-60%
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $22.5M |
| Operating margin | -32.9% |
| Total margin | -30.7% |
| Days cash on hand | 0 |
| Current ratio | 1.46 |
| Occupancy | 52% |
Facility
| Beds | 24 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | for-profit |
| 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 | 24 | $14.8M | $-9.0M | -62.5% | -59.8% | 0 | 0.66 | 31% | 139 | 90 |
| 2021 | 24 | $19.3M | $1.6M | 7.0% | 8.2% | 0 | 1.35 | 38% | 485 | 36 |
| 2022 | 24 | $19.0M | $-7.3M | -39.8% | -38.1% | 0 | 0.88 | 42% | 481 | 92 |
| 2023 | 24 | $22.5M | $-7.0M | -32.9% | -30.7% | 0 | 1.46 | 52% | 608 | 75 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Hca Healthcare Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Hca Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | chain |
| Healthtrust Inc - The Hospital Company | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Hti Hospital Holdings Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Mh Hospital Holding Inc | 5% or greater indirect ownership interest | 100 | 2019-02 | |
| Mh Master Holding Lllp | 5% or greater direct ownership interest | 99 | 2019-02 | |
| Mh Master Holding Lllp | limited partnership interest | 99 | 2019-02 | |
| Frisco Holding Ii | 5% or greater indirect ownership interest | 16 | 2026-02 | |
| Hercules Holding Ii | 5% or greater indirect ownership interest | 14 | 2026-02 | |
| Mh Master Llc | general partnership interest | 1 | 2019-02 | |
| Eric Smith | contracted managing employee | 2021-03 | ||
| Thomas Neal | w-2 managing employee | 2020-03 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-02-01 | change of ownership | Mh Highlands-Cashiers Medical... | Highlands-Cashiers Hospital Inc |
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 |