Roger Williams Medical Center
Providence, Providence County, RI
· CCN 410004
Licensed to Prospect Chartercare Rwmc, Llc
Composite
73.5
rank score
Distress
94
FY2023
Fit
78
vs thesis
Estimated ticket
$51.8M–$207M
148 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $163M |
| Operating margin | -19.9% |
| Total margin | -16.2% |
| Days cash on hand | 2 |
| Current ratio | 0.67 |
| Occupancy | 48% |
Facility
| Beds | 148 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 148 | $165M | $5.7M | -11.7% | 3.0% | 0 | 1.41 | 55% | 6,424 | 56 |
| 2021 | 148 | $171M | $-7.1M | -5.9% | -4.1% | 1 | 1.17 | 52% | 5,986 | 62 |
| 2022 | 148 | $168M | $-24.9M | -17.1% | -14.5% | 1 | 1.07 | 45% | 5,437 | 80 |
| 2023 | 148 | $163M | $-27.2M | -19.9% | -16.2% | 2 | 0.67 | 48% | 6,260 | 94 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chamber Inc | 5% or greater indirect ownership interest | 100 | 2021-06 | |
| Jp Morgan Chase, N.a. | 5% or greater security interest | 100 | 2016-06 | |
| Prospect Chartercare, Llc | 5% or greater direct ownership interest | 100 | 2014-06 | |
| Ivy Holdings Inc | 5% or greater indirect ownership interest | 85 | 2014-06 | |
| Ivy Intermediate Holding, Inc. | 5% or greater indirect ownership interest | 85 | 2014-06 | |
| Prospect East Holdings, Inc. | 5% or greater indirect ownership interest | 85 | 2014-06 | |
| Prospect Medical Holdings Inc | 5% or greater indirect ownership interest | 85 | 2014-06 | |
| Sang Bum Lee | 5% or greater indirect ownership interest | 67 | 2014-06 | |
| David & Alexa Topper Family Trust | 5% or greater indirect ownership interest | 33 | 2014-06 | |
| Chartercare Community Board | 5% or greater indirect ownership interest | 15 | 2014-06 | |
| Alfredo Sabillo | corporate officer | 2020-07 | ||
| David Topper | corporate officer | 2014-11 | ||
| David Topper | corporate director | 2014-06 | ||
| David Topper | other | 2014-06 | ||
| Eric Samuels | corporate officer | 2019-06 | ||
| Jeffrey Liebman | corporate officer | 2018-10 | ||
| Jeffrey Liebman | w-2 managing employee | 2018-10 | ||
| Lynn Leahey | corporate officer | 2019-02 | ||
| Robert Elders | corporate officer | 2020-06 | ||
| Sang Bum Lee | corporate officer | 2014-11 | ||
| Sang Bum Lee | corporate director | 2014-06 | ||
| William Gorenstein | corporate officer | 2016-08 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.