Lake Hospital System
dba Lake Health ·
Concord, Lake County, OH
· CCN 360098
Licensed to Lake Hospital System, Inc.
Composite
62.2
rank score
Distress
72
FY2023
Fit
74
vs thesis
Estimated ticket
$90.0M–$360M
257 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size at the top of the envelope — would need leverage
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $309M |
| Operating margin | -38.4% |
| Total margin | -18.8% |
| Days cash on hand | 2 |
| Current ratio | 2.28 |
| Occupancy | 53% |
Facility
| Beds | 257 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 325 | $314M | $-3.7M | -16.9% | -1.0% | 13 | 1.04 | 42% | 11,102 | 67 |
| 2021 | 297 | $351M | $20.6M | -13.3% | 4.9% | 28 | 1.34 | 50% | 11,426 | 56 |
| 2022 | 297 | $342M | $-54.4M | -19.1% | -14.3% | 0 | 2.28 | 50% | 11,544 | 69 |
| 2023 | 257 | $309M | $-67.7M | -38.4% | -18.8% | 2 | 2.28 | 53% | 10,253 | 72 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| University Hospitals Health System Inc | 5% or greater direct ownership interest | 100 | 2021-04 | |
| University Hospitals Health System Inc | operational/managerial control | 100 | 2021-04 | |
| John Baniewicz | corporate officer | 2014-12 | ||
| John Baniewicz | w-2 managing employee | 2014-12 | ||
| Michelle Gallucci | corporate officer | 2025-10 | ||
| Robyn Strosaker | corporate officer | 2022-06 | ||
| Robyn Strosaker | w-2 managing employee | 2022-06 | ||
| Sarah Cannon | corporate officer | 2023-06 | ||
| Sarah Cannon | w-2 managing employee | 2023-06 |
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 OH
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 |
|---|---|---|---|---|
| 2022-03-01 | Mercy Health - St Vincent Medical... | Mercy Health-St Charles Hospital Llc | St Vincent Medical Center | 516 |
| 2022-03-01 | Mercy Health - St Vincent Medical... | Mercy Health-St Charles Hospital Llc | St Vincent Medical Center | 516 |
| 2022-03-01 | Mercy Health - St Vincent Medical... | Mercy Health-St Charles Hospital Llc | St Vincent Medical Center | 516 |
| 2022-03-01 | Mercy Health - St Vincent Medical... | Mercy Health - St Anne Hospital Llc | St Vincent Medical Center | 516 |
| 2020-10-01 | The Good Samaritan Hospital Of... | Trihealth Hospital, Inc | Good Samaritan Hospital | 362 |
| 2019-04-01 | Ohiohealth Berger Hospital Llc | Berger Hospital | Berger Hospital | 83 |
| 2018-12-02 | The Toledo Hospital | Flower Hospital | The Toledo Hospital | 730 |
| 2016-10-31 | Prime Healthcare Foundation -... | Coshocton County Memorial Hospital... | Coshocton Regional Medical Center | 56 |