Highlands Hospital
dba Penn Highlands Connellsville ·
Connellsville, Fayette County, PA
· CCN 390184
Licensed to Highlands Hospital And Health Center
Composite
63.3
rank score
Distress
78
FY2024
Fit
70
vs thesis
Estimated ticket
$21.4M–$85.4M
61 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio under 1.5
- liabilities exceed assets
- occupancy 30-45%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $32.3M |
| Operating margin | -30.8% |
| Total margin | -18.3% |
| Days cash on hand | 6 |
| Current ratio | 1.06 |
| Occupancy | 33% |
Facility
| Beds | 61 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 61 | $25.5M | $-7.0M | -47.6% | -22.8% | 12 | 0.43 | 34% | 1,094 | 97 |
| 2022 | 61 | $23.5M | $2.7M | -45.5% | 7.3% | 6 | 0.21 | 35% | 934 | 80 |
| 2023 | 61 | $22.0M | $-2.5M | -56.5% | -7.8% | 13 | 0.30 | 34% | 987 | 92 |
| 2024 | 61 | $32.3M | $-6.5M | -30.8% | -18.3% | 6 | 1.06 | 33% | 1,204 | 78 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Penn Highlands Healthcare, Inc. | 5% or greater direct ownership interest | 100 | 2022-04 | |
| Brian Kline | corporate director | 2024-07 | ||
| Carlyn Belczyk | corporate officer | 2021-10 | ||
| David Lezzer | corporate officer | 2021-07 | ||
| Donald Conrad | corporate officer | 2021-07 | ||
| Douglas Winner | corporate director | 2024-08 | ||
| Edward Yahner | corporate director | 2025-07 | ||
| James Devlin | corporate officer | 2022-07 | ||
| James Ryan | corporate officer | 2020-07 | ||
| Joanne Ryan | corporate officer | 2022-07 | ||
| John Sutika | corporate director | 2025-07 | ||
| Jourdan Strishock | w-2 managing employee | 2022-04 | ||
| Mark Mcginley | corporate officer | 2021-10 | ||
| Mark Norman | corporate officer | 2017-01 | ||
| Richard Pfingstler | corporate officer | 2021-07 | ||
| Robert O'leary | corporate officer | 2021-07 | ||
| Russell Cameron | corporate officer | 2016-07 | ||
| Samuel Lewis | corporate officer | 2021-02 | ||
| Scott Foradora | corporate officer | 2020-07 | ||
| Steven Fontaine | corporate director | 2016-07 | ||
| Trina Johnson | corporate officer | 2022-10 | ||
| William Young | corporate officer | 2021-07 |
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 PA
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 |
|---|---|---|---|---|
| 2025-01-21 | Tenor Health Foundation Sharon, Llc | Steward Sharon Regional Health System, Inc. | Sharon Regional Health System | 141 |
| 2023-09-02 | Chh Community Health | Chestnut Hill Hospital Llc | Chestnut Hill Hospital | 128 |
| 2023-07-01 | Valley Medical Facilities Inc | Valley Medical Facilities Inc | Heritage Valley Sewickley | 220 |
| 2022-05-09 | Lehigh Valley Hospital | Lehigh Valley Hospital -... | Lehigh Valley | 1,216 |
| 2021-07-01 | Dubois Regional Medical Center | Clearfield Hospital | Dubois Regional Medical Center | 261 |
| 2021-06-14 | Avenues Recovery Medical Center At... | Valley Forge Medical Center &... | Valley Forge Medical Center | 70 |
| 2021-01-01 | Robert Packer Hospital | Guthrie Towanda Memorial Hospital | Robert Packer Hospital | 252 |
| 2020-07-01 | St. Luke's Hospital- Easton Campus | Steward Easton Hospital, Inc | St Lukes Hospital - Easton Campus | 29 |
| 2018-05-26 | Lehigh Valley Hospital - Schuylkill | Schuylkill Medical Center - East... | Lehigh Valley Hospital - Schuylkill | 118 |
| 2017-07-01 | Upmc Carlisle | Carlisle Hma Llc | Upmc Carlisle | 66 |