Novant Health Rehabilitation Hospita
dba Novant Health Rehabilitation Hospital, An Affiliate Of Encompass Healt ·
Winston Salem, Forsyth County, NC
· CCN 343027
Licensed to Novant Health Rehabilitation Hospital Of Winston-Salem, Llc
Composite
37.3
rank score
Distress
4
FY2023
Fit
84
vs thesis
Estimated ticket
$22.1M–$88.4M
68 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- 90-150 days cash on hand
- 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 | $30.8M |
| Operating margin | 17.7% |
| Total margin | 18.4% |
| Days cash on hand | 97 |
| Current ratio | 1.72 |
| Occupancy | 81% |
Facility
| Beds | 68 |
| 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 | 68 | $24.6M | $3.4M | 13.7% | 13.8% | 29 | 2.01 | 71% | 1,284 | 22 |
| 2021 | 68 | $28.4M | $4.8M | 17.0% | 17.0% | 116 | 2.28 | 82% | 1,429 | 4 |
| 2022 | 68 | $29.0M | $3.8M | 12.9% | 13.1% | 85 | 2.61 | 82% | 1,490 | 10 |
| 2023 | 68 | $30.8M | $5.7M | 17.7% | 18.4% | 97 | 1.72 | 81% | 1,503 | 4 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Encompass Health Corporation | 5% or greater indirect ownership interest | 50 | 2016-07 | chain |
| Encompass Health Joint Ventures Holdings, Llc | 5% or greater indirect ownership interest | 50 | 2016-07 | |
| Encompass Health Winston-Salem Holdings Llc | 5% or greater direct ownership interest | 50 | 2016-07 | |
| Forsyth Memorial Hospital Inc | 5% or greater direct ownership interest | 50 | 2016-07 | |
| Novant Health, Inc. | 5% or greater indirect ownership interest | 50 | 2016-07 | |
| Vanguard Group Inc | 5% or greater indirect ownership interest | 5 | 2024-12 | |
| Carey Mcrae | operational/managerial control | 2025-01 | ||
| Carey Mcrae | other | 2025-01 | ||
| Christopher Fuller | w-2 managing employee | 2023-02 | ||
| Douglas Coltharp | operational/managerial control | 2010-05 | ||
| Douglas Coltharp | other | 2010-05 | ||
| Encompass Health Corporation | operational/managerial control | 2016-07 | chain | |
| Mark Tarr | operational/managerial control | 2017-01 | ||
| Robert Mccallum | operational/managerial control | 2025-01 | ||
| Robert Mccallum | other | 2025-01 |
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 |
|---|---|---|---|---|
| 2019-02-01 | Carepartners Rehabilitation Hospital, Lllp | Community Carepartners Inc | Carepartners Rehab Hospital | 70 |