Carepartners Rehab Hospital
Asheville, NC
· CCN 343025
Licensed to Carepartners Rehabilitation Hospital, Lllp
Composite
57.5
rank score
Distress
49
FY2023
Fit
84
vs thesis
Estimated ticket
$22.8M–$91.0M
70 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- operating margin negative
- total margin negative
- under 30 days cash on hand
- current liabilities exceed current assets
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- bed count in the target band
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $98.8M |
| Operating margin | -2.0% |
| Total margin | -0.6% |
| Days cash on hand | 4 |
| Current ratio | 0.88 |
| Occupancy | 80% |
Facility
| Beds | 70 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 74 | $101M | $-4.1M | -5.1% | -4.0% | 7 | 1.46 | 81% | 1,563 | 71 |
| 2021 | 74 | $100M | $7.6M | 7.2% | 7.6% | 5 | 1.51 | 82% | 1,565 | 22 |
| 2022 | 74 | $96.8M | $4.3M | 3.8% | 4.4% | 4 | 0.72 | 79% | 1,495 | 36 |
| 2023 | 70 | $98.8M | $-616K | -2.0% | -0.6% | 4 | 0.88 | 80% | 1,539 | 49 |
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 | ||
| Jeffrey Brown | corporate officer | 2024-07 | ||
| Jeffrey Brown | w-2 managing employee | 2024-07 | ||
| Tyler Groesser | corporate officer | 2025-04 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-02-01 | change of ownership | Carepartners Rehabilitation... | Community Carepartners 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 |
|---|---|---|---|---|
| 2019-02-01 | Carepartners Rehabilitation Hospital, Lllp | Community Carepartners Inc | Carepartners Rehab Hospital | 70 |