Covenant Medical Center
Lubbock, Lubbock County, TX
· CCN 450040
Licensed to Covenant Medical Center
Composite
63.8
rank score
Distress
71
FY2024
Fit
75
vs thesis
Estimated ticket
$31.6M–$63.3M
452 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio below 0.8
- margin slipping
- part of a multi-hospital chain — divestiture candidate
- TX: favorable regulatory climate
- rural — cheaper but limited density
- very large — likely out of range
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $505M |
| Operating margin | -16.0% |
| Total margin | -7.2% |
| Days cash on hand | 0 |
| Current ratio | 0.70 |
| Occupancy | 61% |
Facility
| Beds | 452 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 380 | $415M | $-33.6M | -24.3% | -6.9% | 14 | -0.57 | 70% | 14,879 | 76 |
| 2022 | 379 | $380M | $-100M | -39.2% | -23.4% | 0 | -0.10 | 57% | 11,474 | 82 |
| 2023 | 360 | $438M | $-51.6M | -23.9% | -10.5% | 203 | 9.43 | 65% | 13,972 | 44 |
| 2024 | 452 | $505M | $-39.2M | -16.0% | -7.2% | 0 | 0.70 | 61% | 15,895 | 71 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Covenant Health System | 5% or greater direct ownership interest | 100 | 2019-01 | chain |
| Lubbock Methodist Hospital System | other | 43 | 2019-01 | |
| Adam Purtell | corporate director | 2026-01 | ||
| Amy Thompson | corporate officer | 2023-10 | ||
| Amy Thompson | corporate director | 2023-10 | ||
| Anthony Fogerson | corporate director | 2024-01 | ||
| Chad Wheeler | corporate director | 2023-01 | ||
| David Shephard | corporate director | 2025-01 | ||
| Donald Anderson | corporate officer | 2020-09 | ||
| Dyana Kerr | w-2 managing employee | 2023-03 | ||
| Ely Perea | w-2 managing employee | 2025-01 | ||
| Gregory Hoffman | corporate officer | 2023-01 | ||
| Jennifer Bryan | corporate officer | 2023-10 | ||
| Jesus Mendoza | corporate director | 2023-01 | ||
| John Osborne | corporate director | 2026-01 | ||
| Kathleen Burrell | corporate officer | 2023-03 | ||
| Katie Hendley | corporate director | 2025-09 | ||
| Keino Mcwhinney | corporate director | 2023-01 | ||
| Nicki Colbert | corporate director | 2025-01 | ||
| Providence Health & Services - Washington | operational/managerial control | 2020-08 | ||
| Providence St. Joseph Health | other | 2019-01 | ||
| St. Joseph Health System | other | 2019-01 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-01-01 | change of ownership | Covenant Medical Center | Covenant Health System |
Who has been buying in TX
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 |
|---|---|---|---|---|
| 2025-02-01 | Texas Heart Hospital Of The Southwest Llc | Baylor Heart & Vascular Center Llp | Baylor Heart And Vascular Hospital | 56 |
| 2024-10-30 | Hsa Port Arthur, Llc | The Medical Center Of Southeast Texas Lp | The Medical Ctr Of Southeast Texas | 196 |
| 2024-10-30 | Hsa St. Joseph, Llc | Sj Medical Center Llc | St Joseph Medical Center | 156 |
| 2024-10-17 | Big Spring Texas Hospital Company Llc | Steward Texas Hospital Holdings Llc | Scenic Mountain Medical Center | 75 |
| 2024-10-17 | Odessa Texas Hospital Company Llc | Odessa Regional Hospital Lp | Odessa Regional Hospital | 208 |
| 2024-06-01 | Columbia Medical Center Of Denton... | Decatur Health Services Llc | Medical City Denton | 184 |
| 2024-03-11 | Nacogdoches County Hospital District | Lion Star Nacogdoches Hospital, Llc | Nacogdoches Memorial Hosp | 160 |
| 2024-01-01 | Ahs Sherman Llc | Sherman Grayson Hospital Llc | Wilson N Jones Regional Medical Ctr | 214 |
| 2023-04-01 | Methodist Healthcare System Of San... | Hill Country Memorial Hospital | Hill Country Memorial Hospital | 57 |
| 2021-06-01 | Methodist Hospitals Of Dallas | Metsl, Llc | Methodist Southlake Medical Center | 22 |
| 2020-10-27 | Hendrick Medical Center | Armc Lp | Hendrick Medical Center | 533 |
| 2020-10-27 | Hendrick Medical Center Brownwood | Brownwood Hospital Lp | Hendrick Medical Center Brownwood | 63 |
| 2020-07-01 | St Joseph Regional Health Center | St Joseph Regional Health Center | St. Joseph Regional Health Center | 284 |
| 2020-04-01 | Christus Santa Rosa Health Care Corporation | Adventist Health System/sunbelt, Inc. | Christus Santa Rosa - San Marcos | 105 |
| 2020-03-01 | Sana Healthcare Carrollton | Baylor Medical Center At Carrollton | Carrollton Regional Medical Center | 89 |