Highsmith Rainey Memorial Hospital
dba Highsmith-Rainey Memorial Hospital ·
Fayetteville, Cumberland County, NC
· CCN 342014
Licensed to Cumberland County Hospital System Inc
Composite
62.9
rank score
Distress
82
FY2023
Fit
65
vs thesis
Estimated ticket
$13.9M–$55.4M
66 beds ·
within envelope
Ownership
government
LTCH
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
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- bed count in the target band
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $30.9M |
| Operating margin | -20.7% |
| Total margin | -19.7% |
| Days cash on hand | 0 |
| Current ratio | 0.06 |
| Occupancy | 62% |
Facility
| Beds | 66 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | government |
| Per-bed (low) | $210K |
| Per-bed (high) | $840K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 66 | $21.8M | $-16.6M | -77.3% | -75.3% | 0 | 3.68 | 94% | 307 | 78 |
| 2021 | 66 | $30.8M | $-9.5M | -31.5% | -30.5% | 0 | 2.42 | 84% | 269 | 78 |
| 2022 | 66 | $32.1M | $-10.7M | -33.9% | -33.0% | 0 | 4.20 | 80% | 216 | 78 |
| 2023 | 66 | $30.9M | $-6.2M | -20.7% | -19.7% | 0 | 0.06 | 62% | 246 | 82 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Cumberland County Hospital System Inc | 5% or greater direct ownership interest | 100 | 1966-07 | |
| Ayub Ibrahim | corporate director | 2009-07 | ||
| Ayub Ibrahim | w-2 managing employee | 2009-07 | ||
| Billy King | corporate director | 1990-12 | ||
| Bradley Broussard | contracted managing employee | 2012-10 | ||
| Bradley Broussard | corporate officer | 2012-10 | ||
| Bradley Broussard | corporate director | 2012-10 | ||
| Charles Evans | corporate director | 2010-12 | ||
| Christopher Aul | corporate officer | 2013-05 | ||
| Christopher Aul | w-2 managing employee | 2013-05 | ||
| Deborah Marshburn | w-2 managing employee | 1982-12 | ||
| James Keefe | corporate director | 2008-12 | ||
| Jeannette Council | corporate director | 2000-08 | ||
| Joseph Fiser | corporate officer | 2022-02 | ||
| Joseph Fiser | w-2 managing employee | 2022-02 | ||
| Kenneth Edge | corporate director | 2000-12 | ||
| Michael Nagowski | corporate officer | 2008-01 | ||
| Michael Nagowski | w-2 managing employee | 2008-01 | ||
| William Faircloth | corporate director | 2008-12 |
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 |
|---|---|---|---|---|
| 2019-09-30 | Pam Specialty Hospital Of Rocky Mount Llc | New Lifecare Hospitals Of North... | Pam Specialty Hosp. Of Rocky Mount | 50 |