White Rock Medical Center
Dallas, Dallas County, TX
· CCN 450678
Licensed to Pipeline East Dallas Llc
Composite
77.2
rank score
Distress
97
FY2024
Fit
84
vs thesis
Estimated ticket
$52.9M–$211M
151 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
- current ratio below 0.8
- debt above 85% of assets
- occupancy below 30%
- margin deteriorating sharply
- TX: favorable regulatory climate
- 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 · FY2024
| Net patient revenue | $71.2M |
| Operating margin | -15.9% |
| Total margin | -9.2% |
| Days cash on hand | 0 |
| Current ratio | 0.70 |
| Occupancy | 19% |
Facility
| Beds | 151 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 187 | $92.9M | $26.1M | -28.3% | 18.1% | 6 | 1.22 | 32% | 4,636 | 59 |
| 2022 | 151 | $98.0M | $-12.2M | -24.2% | -11.2% | 0 | 1.28 | 46% | 5,401 | 77 |
| 2023 | 151 | $78.0M | $-41.1M | -72.6% | -44.0% | 0 | 0.40 | 40% | 5,796 | 97 |
| 2024 | 151 | $71.2M | $-7.0M | -15.9% | -9.2% | 0 | 0.70 | 19% | 3,108 | 97 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Heights Healthcare Of Texas | 5% or greater direct ownership interest | 100 | 2023-10 | |
| Heights Healthcare Of Texas | operational/managerial control | 100 | 2023-10 | |
| Rashid Syed | w-2 managing employee | 100 | 2023-10 | |
| Rashid Syed | operational/managerial control | 100 | 2023-10 |
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 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 |