Rhea Medical Center
dba Rhea County Hospital ·
Dayton, Rhea County, TN
· CCN 441310
Licensed to Rhea Medical Center
Composite
52.8
rank score
Distress
72
FY2024
Fit
51
vs thesis
Estimated ticket
$1.5M–$3.0M
25 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- 60-90 days cash on hand
- current ratio below 0.8
- occupancy 30-45%
- margin deteriorating sharply
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- thin occupancy
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $27.7M |
| Operating margin | -14.3% |
| Total margin | -7.8% |
| Days cash on hand | 88 |
| Current ratio | -3.27 |
| Occupancy | 34% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $59.5K |
| Per-bed (high) | $119K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 25 | $23.3M | $887K | -17.7% | 3.1% | 136 | 0.67 | 30% | 636 | 54 |
| 2022 | 25 | $26.2M | $-958K | -12.4% | -3.4% | 363 | 3.78 | 38% | 643 | 46 |
| 2023 | 25 | $28.0M | $-663K | -9.8% | -2.2% | 129 | 4.18 | 28% | 592 | 43 |
| 2024 | 25 | $27.7M | $-2.3M | -14.3% | -7.8% | 88 | -3.27 | 34% | 772 | 72 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Horace Whitt | corporate officer | 100 | 2021-12 | |
| Lisa Levi | w-2 managing employee | 5 | 2025-10 | |
| Marilyn Engel | operational/managerial control | 5 | 2013-01 | |
| Robert Mcdaniel | corporate director | 5 | 2024-02 | |
| Shane Clark | operational/managerial control | 5 | 2025-10 | |
| Bill Hollin | corporate director | 2013-01 | ||
| Horace Whitt | w-2 managing employee | 2024-05 | ||
| James Reed | corporate director | 2021-12 | ||
| Kenneth Purser | corporate director | 2021-12 | ||
| Leo Stephens | corporate director | 2023-01 | ||
| Mollie Stinnett | w-2 managing employee | 2021-12 | ||
| Samantha Bryant | w-2 managing employee | 2024-05 | ||
| William Thedford | corporate director | 2021-12 |
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 |
|---|---|---|---|---|
| 2023-07-01 | Erlanger Health | Chattanooga Hamilton County... | Erlanger Bledsoe Hospital | 25 |
| 2022-08-01 | Shamrock Community Hospital Inc | Houston County Community Hospital | Houston County Community Hospital | 25 |
| 2021-01-01 | Lauderdale Community Hospital Llc | Cah Acquisition Company 11 Llc | Lauderdale Community Hospital | 25 |