Carolina Pines Regional Medical Cent
dba Carolina Pines Regional Medical Center ·
Hartsville, Darlington County, SC
· CCN 420010
Licensed to Hartsville Llc
Composite
62.7
rank score
Distress
78
FY2023
Fit
69
vs thesis
Estimated ticket
$39.2M–$157M
112 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
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $97.1M |
| Operating margin | -31.0% |
| Total margin | -28.8% |
| Days cash on hand | 0 |
| Current ratio | 4.32 |
| Occupancy | 28% |
Facility
| Beds | 112 |
| 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 | 116 | $92.8M | $4.5M | -4.2% | 4.4% | 0 | 0.94 | 37% | 4,647 | 57 |
| 2021 | 116 | $112M | $7.8M | 5.0% | 6.9% | 0 | 1.08 | 39% | 4,592 | 31 |
| 2022 | 112 | $98.0M | $-4.7M | -6.1% | -4.8% | 0 | 0.28 | 33% | 3,350 | 80 |
| 2023 | 112 | $97.1M | $-28.5M | -31.0% | -28.8% | 0 | 4.32 | 28% | 3,075 | 78 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Kindred Healthcare Operating Llc | operational/managerial control | 100 | 2021-12 | |
| Carolina Pines Holdings Llc | 5% or greater direct ownership interest | 99 | 2014-12 | |
| Knight Health Holdings Llc | 5% or greater indirect ownership interest | 99 | 2021-12 | |
| Knight Health Ii, Llc | 5% or greater indirect ownership interest | 99 | 2021-12 | |
| Knight Healthcare New-B, Llc | 5% or greater indirect ownership interest | 99 | 2021-12 | |
| Knight Intermediate Holdings Llc | 5% or greater indirect ownership interest | 99 | 2021-12 | |
| Brian Craven | corporate officer | 2022-04 | ||
| Dana Rock | corporate officer | 2024-12 | ||
| Johnetta Traylor | corporate officer | 2024-12 | ||
| Kathy Teague | corporate officer | 2022-01 | ||
| Michael Bean | corporate officer | 2022-01 | ||
| Richard Algood | corporate officer | 2022-01 | ||
| Scott Graeser | corporate officer | 2022-08 | ||
| William Little | contracted managing employee | 2018-11 |
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 SC
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 |
|---|---|---|---|---|
| 2025-10-01 | Prisma Health-Midlands | Prisma Health Tuomey | Prisma Health Tuomey Hospital | 161 |
| 2024-02-01 | East Cooper Medical Center Llc | East Cooper Community Hospital, Inc. | East Cooper Regional Medical Center | 120 |
| 2024-02-01 | Hilton Head Medical Center Llc | Hilton Head Health System, L.p. | Hilton Head Hospital | 93 |
| 2024-01-31 | South Carolina Coastal Medical Center Llc | Coastal Carolina Medical Center Inc | Coastal Carolina Medical Center | 41 |
| 2021-08-01 | Medical University Hospital Authority | Kershaw Hospital Llc | Musc Health Kershaw Medical Center | 99 |
| 2021-08-01 | Medical University Hospital Authority | Providence Hospital Llc | Musc Health Columbia Medical Center | 332 |
| 2021-02-01 | Lexington Health Inc | Lexington County Health Services... | Lexington Medical Center | 541 |
| 2020-12-31 | Mcleod Regional Medical Center Of... | Mcleod Regional Medical Center Of... | Mcleod Regional Medical Center | 524 |
| 2019-03-01 | Medical University Hospital Authority | Chester Hma Llc | Musc Health Chester Medical Center | 16 |
| 2019-03-01 | Medical University Hospital Authority | Qhg Of South Carolina Inc | Musc Health Florence Medical Center | 187 |
| 2019-03-01 | Medical University Hospital Authority | Qhg Of South Carolina Inc | Musc Health Marion Medical Center | 36 |
| 2019-01-01 | Spartanburg Medical Center | Mary Black Health System Llc | Spartanburg Regional Medical Center | 626 |
| 2019-01-01 | Cherokee Medical Center | Gaffney Hma Llc | Cherokee Medical Center | 24 |
| 2018-10-01 | Prisma Health-Upstate | Baptist Easley Hospital | Ph Baptist Easley Hospital | 74 |
| 2016-10-01 | Prisma Health-Upstate | Greenville Health System | Ph Hillcrest Hospital | 43 |