Hospital Dr. Alejandro Otero
dba Dorado Health Management Corp. ·
Manati, Manati County, PR
· CCN 400114
Licensed to Dorado Health Inc
Composite
55.8
rank score
Distress
59
FY2023
Fit
73
vs thesis
Estimated ticket
$111M–$445M
262 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin negative
- total margin negative
- under 30 days cash on hand
- current liabilities exceed current assets
- debt above 85% of assets
- margin slipping
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $135M |
| Operating margin | -1.6% |
| Total margin | -0.4% |
| Days cash on hand | 0 |
| Current ratio | 0.98 |
| Occupancy | 81% |
Facility
| Beds | 262 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 269 | $95.7M | $1.0M | -16.1% | 0.9% | 9 | 0.95 | 61% | 11,153 | 70 |
| 2021 | 266 | $115M | $-1.0M | -5.7% | -0.9% | 7 | 1.03 | 70% | 13,339 | 63 |
| 2022 | 263 | $129M | $-46.1K | -1.0% | -0.0% | 0 | 0.99 | 75% | 14,520 | 62 |
| 2023 | 262 | $135M | $-525K | -1.6% | -0.4% | 0 | 0.98 | 81% | 14,671 | 59 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Firstbank Puerto Rico | 5% or greater mortgage interest | 100 | 2008-07 | |
| Firstbank Puerto Rico | 5% or greater security interest | 100 | 2008-07 | |
| Jose Quiros | 5% or greater indirect ownership interest | 76 | 2014-07 | |
| Quiros Investment Holdings, Llc | 5% or greater direct ownership interest | 76 | 2014-07 | |
| Carlos Disdier | corporate officer | 33 | 2003-04 | |
| Carlos Disdier | corporate director | 33 | 2003-04 | |
| Jorge Pizarro | corporate director | 33 | 2003-04 | |
| Jose Quiros | corporate officer | 33 | 2003-10 | |
| Jose Quiros | corporate director | 33 | 2003-04 | |
| Md Shakil Shafique | 5% or greater direct ownership interest | 33 | 2003-10 | |
| Samuel Padilla Rosa | 5% or greater direct ownership interest | 33 | 2003-10 | |
| Carlos Disdier | 5% or greater indirect ownership interest | 24 | 2003-10 | |
| Maycar Pr Investments, Llc | 5% or greater direct ownership interest | 24 | 2017-04 | |
| Jose Quiros | 5% or greater direct ownership interest | 17 | 2003-10 | |
| Luis Rosa Toledo | 5% or greater direct ownership interest | 17 | 2005-01 | |
| Ildefonso Vargas | w-2 managing employee | 2018-03 | ||
| Jenny Negron | corporate director | 2024-05 | ||
| Jose Rosado | corporate officer | 2015-02 | ||
| Luis Rosa Toledo | contracted managing employee | 2005-05 | ||
| Noriselle Rivera | w-2 managing employee | 2003-10 |
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 PR
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 |
|---|---|---|---|---|
| 2024-06-07 | The San Jorge Hospital Inc | San Jorge Children's Hospital, Inc. | San Jorge Childrens & Women Hospital | — |
| 2023-12-20 | Metro Caguas Incorporated | Centro Medico Del Turabo Inc | Hospital Hima San Pablo Caguas | 421 |
| 2023-12-15 | Am Acquisition I, Llc | Centro Medico Del Turabo Inc | Hospital Hima San Pablo Bayamon | 424 |
| 2020-02-29 | Hospital Menonita Humacao, Inc. | Hospital Oriente Inc | Hospital Menonita Humacao | 73 |
| 2017-09-13 | Hospital Menonita Guayama Inc | Hospital Episcopal San Lucas Guayama, Inc. | Hospital Menonita Guayama | 140 |