Fort Sanders Regional Medical Center
Knoxville, Knox County, TN
· CCN 440125
Licensed to Fort Sanders Regional Medical Center
Composite
55.5
rank score
Distress
57
FY2023
Fit
70
vs thesis
Estimated ticket
$25.7M–$51.3M
302 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin -10% to -5%
- total margin -8% to -3%
- under 30 days cash on hand
- margin deteriorating
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- large — ticket likely stretches the envelope
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $376M |
| Operating margin | -5.8% |
| Total margin | -3.2% |
| Days cash on hand | 0 |
| Current ratio | 1.69 |
| Occupancy | 82% |
Facility
| Beds | 302 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 285 | $299M | $4.9M | -5.9% | 1.5% | 0 | 0.82 | 80% | 16,850 | 57 |
| 2021 | 295 | $331M | $4.6M | -3.5% | 1.3% | 0 | 1.01 | 85% | 17,422 | 44 |
| 2022 | 304 | $346M | $-18.0M | -9.4% | -5.0% | 0 | 1.37 | 84% | 17,282 | 60 |
| 2023 | 302 | $376M | $-12.3M | -5.8% | -3.2% | 0 | 1.69 | 82% | 18,507 | 57 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Covenant Health | 5% or greater direct ownership interest | 100 | 1996-07 | chain |
| Amy Delong | corporate officer | 2024-03 | ||
| James Vandersteeg | corporate officer | 2016-04 | ||
| Joseph Dolan | corporate officer | 2023-07 | ||
| Rick Carringer | corporate officer | 2026-01 | ||
| Rick Carringer | w-2 managing employee | 2026-01 | ||
| Tabitha Culbertson | corporate officer | 2025-04 | ||
| Tabitha Culbertson | w-2 managing employee | 2025-04 |
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 TN
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 |
|---|---|---|---|---|
| 2024-10-01 | West Tennessee Healthcare Henry County | Henry County Medical Center | Henry County Medical Center | 33 |
| 2024-08-01 | Bradley Medical Center Llc | Cleveland Tennessee Hospital Company Llc | Skyridge Medical Center | 176 |
| 2023-07-01 | Erlanger Health | Chattanooga Hamilton County... | Erlanger Medical Center | 662 |
| 2022-07-01 | Hh Health System - Lincoln Inc | Lincoln Medical Center | Lincoln Medical Center | 47 |
| 2021-09-01 | Springfield Health Services, Llc | Northcrest Medical Center | Northcrest Medical Center | 109 |
| 2021-01-01 | Vanderbilt Coffee Hospital Llc | Tullahoma Hma Llc | Vanderbilt Tullahoma-Harton Hospital | 76 |
| 2021-01-01 | Vanderbilt Bedford Hospital Llc | Shelbyville Hospital Company Llc | Vanderbilt Bedford County Hospital | 24 |
| 2019-08-01 | Vanderbilt University Medical Center | Lebanon Hma Llc | Vanderbilt Wilson County Hospital | 117 |
| 2016-04-30 | Vanderbilt University Medical Center | Vanderbilt University | Vanderbilt University Medical Center | 1,084 |