The Westerly Hospital
Westerly, RI
· CCN 410013
Licensed to Lmw Healthcare Inc
Composite
66.2
rank score
Distress
84
FY2023
Fit
71
vs thesis
Estimated ticket
$26.9M–$108M
77 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 below 0.8
- liabilities exceed assets
- occupancy 45-60%
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size somewhat below the envelope
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $124M |
| Operating margin | -17.5% |
| Total margin | -15.9% |
| Days cash on hand | 5 |
| Current ratio | 0.38 |
| Occupancy | 49% |
Facility
| Beds | 77 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 95 | $81.4M | $-22.1M | -29.0% | -26.6% | 23 | 0.46 | 50% | 3,143 | 90 |
| 2021 | 77 | $102M | $5.0M | -12.4% | 4.2% | 77 | 0.64 | 51% | 3,139 | 58 |
| 2022 | 77 | $113M | $-6.4M | -13.2% | -5.3% | 44 | 0.59 | 49% | 2,998 | 80 |
| 2023 | 77 | $124M | $-20.0M | -17.5% | -15.9% | 5 | 0.38 | 49% | 3,077 | 84 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Lawrence And Memorial Corporation | 5% or greater direct ownership interest | 100 | 2013-06 | |
| Yale-New Haven Health Services Corporation | 5% or greater indirect ownership interest | 100 | 2016-09 | |
| Yale-New Haven Health Services Corporation | operational/managerial control | 100 | 2016-09 | |
| Frank Ahearn | corporate officer | 2019-04 | ||
| Jacqueline Wrinn | corporate director | 2025-03 | ||
| Jacqueline Wrinn | w-2 managing employee | 2025-03 | ||
| Jonathan Davis | corporate director | 2022-09 | ||
| Jonathan Davis | w-2 managing employee | 2022-09 | ||
| Richard Lisitano | corporate officer | 2025-01 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.