Henry County Hospital (Cah)
Napoleon, Henry County, OH
· CCN 361309
Licensed to Henry County Hospital Inc
Composite
33.4
rank score
Distress
31
FY2023
Fit
48
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- 60-90 days cash on hand
- occupancy below 30%
- rural — cheaper but limited density
- small but workable bed count
- 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 | $34.3M |
| Operating margin | -2.6% |
| Total margin | 4.8% |
| Days cash on hand | 84 |
| Current ratio | 4.86 |
| Occupancy | 24% |
Facility
| Beds | 25 |
| Facility type | CAH |
| 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 | 25 | $27.0M | $-280K | -20.6% | -0.9% | 162 | 3.04 | 26% | 493 | 44 |
| 2021 | 25 | $32.9M | $3.9M | -3.0% | 10.4% | 120 | 2.76 | 28% | 586 | 29 |
| 2022 | 25 | $33.3M | $-951K | -10.6% | -2.7% | 63 | 4.20 | 26% | 526 | 54 |
| 2023 | 25 | $34.3M | $1.8M | -2.6% | 4.8% | 84 | 4.86 | 24% | 402 | 31 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Brent Gerken | corporate director | 11 | 2017-01 | |
| James Burkhart | corporate director | 11 | 2014-03 | |
| Marvin Barlow | corporate director | 11 | 2008-09 | |
| Rick Fruth | corporate director | 11 | 2008-09 | |
| Joy-Ann Ermie | corporate director | 2021-03 | ||
| Kelley Wachtman | corporate officer | 2023-10 | ||
| Kristi Barnd | corporate officer | 2021-04 | ||
| Kristi Barnd | w-2 managing employee | 2021-04 | ||
| Lyndsey Lucas | corporate director | 2025-03 | ||
| Melissa Peper Firestone | corporate director | 2025-03 | ||
| Michael Carpenter | corporate director | 2018-11 | ||
| Robert Goshia | corporate officer | 2025-07 | ||
| Ryan Lauf | corporate director | 2026-01 |
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 |
|---|---|---|---|---|
| 2025-01-01 | Ohiohealth Morrow County Hospital Inc | Morrow County Hospital | Morrow County Hospital | 23 |
| 2021-05-02 | Adena Fayette Medical Center | Fayette County Memorial Hospital | Fayette County Memorial Hosp | 25 |
| 2019-10-01 | Adams County Regional Medical Center | Adams County Hospital | Adams County Regional Medical Center | 25 |