Old Vineyard
dba Old Vineyard Behavioral Health Services ·
Winston Salem, Forsyth County, NC
· CCN 344007
Licensed to Keystone Wsnc Llc
Composite
51.5
rank score
Distress
32
FY2023
Fit
88
vs thesis
Estimated ticket
$45.1M–$180M
164 beds ·
within envelope
Ownership
for-profit
PH
Why it ranks here
- under 30 days cash on hand
- current ratio below 0.8
- 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 uses the capital envelope well
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $37.5M |
| Operating margin | 20.5% |
| Total margin | 20.7% |
| Days cash on hand | 0 |
| Current ratio | -0.08 |
| Occupancy | 86% |
Facility
| Beds | 164 |
| Facility type | PH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $275K |
| Per-bed (high) | $1.1M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 164 | $31.9M | $6.2M | 15.7% | 18.6% | 0 | -0.08 | 82% | 5,672 | 36 |
| 2021 | 164 | $35.4M | $8.3M | 22.9% | 23.2% | 0 | -0.11 | 84% | 5,752 | 36 |
| 2022 | 164 | $36.2M | $8.3M | 22.9% | 23.0% | 0 | -0.11 | 85% | 5,656 | 36 |
| 2023 | 164 | $37.5M | $7.8M | 20.5% | 20.7% | 0 | -0.08 | 86% | 6,309 | 32 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Cheryl Ramagano | corporate officer | 100 | 2006-08 | |
| Cheryl Ramagano | operational/managerial control | 100 | 2006-08 | |
| George Brunner | corporate officer | 100 | 2006-08 | |
| Katharine Lyver | corporate officer | 100 | 2024-01 | |
| Keys Group Holdings, Llc | 5% or greater indirect ownership interest | 100 | 2006-08 | |
| Keystone Education And Youth Services Llc | 5% or greater direct ownership interest | 100 | 2006-08 | |
| Matthew Klein | corporate officer | 100 | 2010-10 | |
| Steve Filton | corporate officer | 100 | 2006-08 | |
| Steve Filton | operational/managerial control | 100 | 2006-08 | |
| Thomas Day | corporate officer | 100 | 2021-07 | |
| Uhs Children Services Inc | 5% or greater indirect ownership interest | 100 | 2006-08 | |
| Uhs Of Delaware Inc | operational/managerial control | 100 | 2006-08 | chain |
| Universal Health Services Inc | 5% or greater indirect ownership interest | 100 | 2006-08 | |
| Alan Miller | 5% or greater indirect ownership interest | 85 | 2021-01 | |
| James Coleman | contracted managing employee | 50 | 2006-08 | |
| Steve Filton | corporate director | 33 | 2006-08 | |
| Thomas Day | corporate director | 33 | 2021-07 | |
| George Keaton | contracted managing employee | 2025-05 | ||
| George Keaton | corporate officer | 2025-05 | ||
| Kelly Thacker | contracted managing employee | 2022-01 | ||
| Kelly Thacker | corporate officer | 2022-01 |
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 |
|---|---|---|---|---|
| 2024-10-01 | Iredell Memorial Hospital Incorporated | Statesville Hma Llc | Davis Regional Medical Center | 17 |