Cherokee Medical Center
Gaffney, Cherokee County, SC
· CCN 420043
Licensed to Cherokee Medical Center
Composite
23.2
rank score
Distress
6
FY2023
Fit
51
vs thesis
Estimated ticket
$2.4M–$4.8M
24 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- current ratio under 1.5
- occupancy 45-60%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $60.1M |
| Operating margin | 2.5% |
| Total margin | 4.6% |
| Days cash on hand | — |
| Current ratio | 1.36 |
| Occupancy | 55% |
Facility
| Beds | 24 |
| Facility type | STH |
| Setting | rural |
| Ownership class | for-profit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 31 | $61.9M | $-4.4M | -9.8% | -6.9% | 1 | 0.63 | 36% | 1,195 | 76 |
| 2021 | 31 | $72.6M | $3.6M | 3.1% | 4.8% | 8 | 3.53 | 44% | 1,211 | 28 |
| 2022 | 25 | $61.2M | $6.7M | 8.3% | 10.6% | 3 | 1.49 | 49% | 1,056 | 28 |
| 2023 | 24 | $60.1M | $2.9M | 2.5% | 4.6% | — | 1.36 | 55% | 1,210 | 6 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Spartanburg Regional Health Services District Inc | 5% or greater direct ownership interest | 100 | 2019-01 | |
| Apella Health Management Inc | operational/managerial control | 2019-01 | ||
| Bruce Davis | corporate officer | 2020-01 | ||
| Bruce Davis | w-2 managing employee | 2020-01 | ||
| Bruce Davis | operational/managerial control | 2020-01 | ||
| Charles Morrow | w-2 managing employee | 2023-12 | ||
| Charles Morrow | operational/managerial control | 2023-12 | ||
| Cody Butts | contracted managing employee | 2019-01 | ||
| Elmer Holstien | corporate officer | 2011-08 | ||
| Elmer Holstien | operational/managerial control | 2011-08 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-01-01 | change of ownership | Cherokee Medical Center | Gaffney Hma Llc |
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 |