Tuality Healthcare
dba Hillsboro Medical Center ·
Hillsboro, Washington County, OR
· CCN 380021
Licensed to Tuality Healthcare
Composite
58.7
rank score
Distress
61
FY2024
Fit
78
vs thesis
Estimated ticket
$48.0M–$192M
113 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin under 2%
- under 30 days cash on hand
- current ratio under 1.5
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $293M |
| Operating margin | -10.1% |
| Total margin | 1.6% |
| Days cash on hand | 12 |
| Current ratio | 1.22 |
| Occupancy | 69% |
Facility
| Beds | 113 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 106 | $225M | $33.0M | -10.7% | 12.6% | 18 | 1.22 | 52% | 4,637 | 60 |
| 2022 | 113 | $260M | $-7.4M | -10.8% | -2.6% | 26 | 1.15 | 66% | 4,949 | 66 |
| 2023 | 113 | $269M | $7.9M | -13.1% | 2.6% | 9 | 1.27 | 60% | 5,685 | 53 |
| 2024 | 113 | $293M | $5.1M | -10.1% | 1.6% | 12 | 1.22 | 69% | 6,298 | 61 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Darell Lumaco | corporate director | 2007-01 | ||
| Devin Wiley | corporate director | 2026-01 | ||
| Diana Gernhart | corporate director | 2026-01 | ||
| Eugene Zurbrugg | corporate director | 1999-02 | ||
| Fred Nachtigal | corporate director | 1990-02 | ||
| Gilles Munoz | corporate director | 2020-07 | ||
| Katrina Mcpherson | corporate officer | 2026-01 | ||
| Katrina Mcpherson | w-2 managing employee | 2026-01 | ||
| Leda Garside | corporate director | 2026-01 | ||
| Lesley Hallick | corporate director | 2016-02 | ||
| Lori James-Nielsen | corporate officer | 2018-01 | ||
| Lori James-Nielsen | w-2 managing employee | 2018-01 | ||
| Oregon Health & Science University | operational/managerial control | 2016-02 | ||
| Ryan Leverenz | corporate director | 2026-01 | ||
| Scott Schwab | corporate officer | 2024-09 | ||
| Scott Schwab | w-2 managing employee | 2024-09 | ||
| Tuality Healthcare | 5% or greater direct ownership interest | 1997-10 | ||
| Tuality Healthcare | operational/managerial control | 1997-10 |
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 OR
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 |
|---|---|---|---|---|
| 2023-12-15 | Peacehealth | Peacehealth | Shmc-Riverbend | 354 |
| 2018-05-01 | Asante Ashland Community Hospital Llc | Ashland Community Healthcare Services | Ashland Community Hospital | 41 |