Palestine Regional Medical Center
Palestine, Anderson County, TX
· CCN 450747
Licensed to Palestine Principal Healthcare Limited Partnership
Composite
66.0
rank score
Distress
82
FY2023
Fit
68
vs thesis
Estimated ticket
$10.4M–$20.7M
148 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- 30-60 days cash on hand
- current ratio below 0.8
- occupancy 30-45%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- TX: favorable regulatory climate
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $90.6M |
| Operating margin | -15.4% |
| Total margin | -14.3% |
| Days cash on hand | 34 |
| Current ratio | 0.35 |
| Occupancy | 41% |
Facility
| Beds | 148 |
| Facility type | STH |
| Setting | rural |
| Ownership class | for-profit |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 148 | $74.4M | $7.8M | 1.6% | 9.6% | 0 | 0.82 | 34% | 3,239 | 43 |
| 2021 | 148 | — | $-82.4M | — | — | — | — | 43% | 3,153 | — |
| 2022 | 148 | $90.7M | $2.9M | 2.8% | 3.2% | 0 | 0.16 | 41% | 2,704 | 41 |
| 2023 | 148 | $90.6M | $-13.1M | -15.4% | -14.3% | 34 | 0.35 | 41% | 2,469 | 82 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Knight Health Holdings Llc | 5% or greater indirect ownership interest | 100 | 2021-12 | |
| Knight Health Ii, Llc | 5% or greater indirect ownership interest | 100 | 2021-12 | |
| Alan Wenk | corporate officer | 2025-03 | ||
| Bernard Pogue | contracted managing employee | 2023-11 | ||
| Dana Rock | corporate officer | 2024-12 | ||
| Jacquelyn Davis | contracted managing employee | 2023-12 | ||
| Johnetta Traylor | corporate officer | 2024-12 | ||
| Kindred Healthcare Operating Llc | operational/managerial control | 2021-12 | chain | |
| Knight Healthcare New-B, Llc | 5% or greater direct ownership interest | 2021-12 | ||
| Michael Bean | corporate officer | 2022-01 | ||
| Palestine-Principal G P Inc | general partnership interest | 2005-08 | ||
| Russell Pigg | corporate officer | 2025-03 | ||
| Scott Graeser | corporate officer | 2022-08 |
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 |