The Bellevue Hospital
dba Bellevue Hospital Health Clinic ·
Bellevue, Sandusky County, OH
· CCN 360107
Licensed to The Bellevue Hospital
Composite
52.0
rank score
Distress
68
FY2023
Fit
54
vs thesis
Estimated ticket
$4.2M–$8.5M
50 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin -10% to -5%
- total margin negative
- under 30 days cash on hand
- current ratio under 1.5
- occupancy below 30%
- margin deteriorating sharply
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $53.8M |
| Operating margin | -9.2% |
| Total margin | -2.9% |
| Days cash on hand | 10 |
| Current ratio | 1.32 |
| Occupancy | 21% |
Facility
| Beds | 50 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 50 | $50.7M | $4.1M | -6.4% | 6.9% | 124 | 1.39 | 26% | 1,425 | 39 |
| 2021 | 50 | $58.9M | $12.2M | 4.9% | 17.7% | 104 | 1.99 | 29% | 1,430 | 13 |
| 2022 | 50 | $54.0M | $-2.5M | -6.1% | -4.3% | 47 | 1.54 | 22% | 1,213 | 60 |
| 2023 | 50 | $53.8M | $-1.7M | -9.2% | -2.9% | 10 | 1.32 | 21% | 1,170 | 68 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Firelands Regional Health System | 5% or greater direct ownership interest | 100 | 2025-05 | |
| Sara Brokaw | corporate officer | 100 | 2024-01 | |
| Bryan Kasper | corporate director | 7 | 2025-05 | |
| Gregory Graves | corporate director | 7 | 2025-05 | |
| James Hart | corporate director | 7 | 2025-05 | |
| James Miller | corporate director | 7 | 2025-05 | |
| John Bacon | corporate director | 7 | 2025-05 | |
| Lee Alexakos | corporate director | 7 | 2025-05 | |
| Matthew Kosior | corporate director | 7 | 2025-05 | |
| Paula Rengel | corporate director | 7 | 2025-05 | |
| Richard Keller | corporate director | 7 | 2025-05 | |
| Roger Gundlach | corporate director | 7 | 2025-05 | |
| Theodore Kastor | corporate director | 7 | 2025-05 | |
| Firelands Regional Health System | operational/managerial control | 2025-05 | ||
| Jeremy Normington-Slay | corporate director | 2025-05 | ||
| Kevin Riley | corporate officer | 2025-05 | ||
| Luvada Wilson | corporate director | 2025-05 | ||
| Peter Kowalski | corporate director | 2018-04 | ||
| Sara Brokaw | w-2 managing employee | 2024-01 |
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 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 |