Tops Surgical Specialty Hospital
Houston, Harris County, TX
· CCN 450774
Licensed to Tops Specialty Hospital, Ltd.
Composite
37.1
rank score
Distress
23
FY2023
Fit
67
vs thesis
Estimated ticket
$7.5M–$30.0M
15 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- 30-60 days cash on hand
- occupancy below 30%
- TX: favorable regulatory climate
- urban — higher occupancy and iteration surface
- very small facility
- small ticket — deploys little of the available capital
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $67.0M |
| Operating margin | 30.9% |
| Total margin | 30.2% |
| Days cash on hand | 34 |
| Current ratio | 1.58 |
| Occupancy | 16% |
Facility
| Beds | 15 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 15 | $40.3M | $10.7M | 24.1% | 26.0% | 96 | 2.32 | 18% | 515 | 13 |
| 2021 | 15 | $47.5M | $13.6M | 27.7% | 27.9% | 66 | 2.15 | 19% | 486 | 19 |
| 2022 | 15 | $60.6M | $17.2M | 30.4% | 28.3% | 76 | 1.15 | 21% | 549 | 22 |
| 2023 | 15 | $67.0M | $20.3M | 30.9% | 30.2% | 34 | 1.58 | 16% | 444 | 23 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Memorail Hermann Usp Surgery Centers Ii Lp | 5% or greater direct ownership interest | 38 | 2009-08 | |
| Memorail Hermann Usp Surgery Centers Ii Lp | limited partnership interest | 38 | 2009-08 | |
| Memorail Hermann Usp Surgery Centers Ii Lp | operational/managerial control | 38 | 2009-08 | |
| Hcn Surgery Center Holdings Inc | 5% or greater indirect ownership interest | 16 | 2015-06 | |
| United Surgical Partners International Inc | 5% or greater indirect ownership interest | 16 | 2001-01 | |
| Usp Domestic Holdings Inc | 5% or greater indirect ownership interest | 16 | 2001-01 | |
| Usp Houston Inc | 5% or greater indirect ownership interest | 16 | 2001-01 | |
| Uspi Group Holdings Inc | 5% or greater indirect ownership interest | 16 | 2007-04 | |
| Uspi Holding Company Inc | 5% or greater indirect ownership interest | 16 | 2015-06 | |
| Uspi Holdings Inc | 5% or greater indirect ownership interest | 16 | 2007-04 | |
| Tenet Healthcare Corporation | 5% or greater indirect ownership interest | 8 | 2015-06 | |
| Jason Cunningham | corporate officer | 2025-02 | ||
| Jason Cunningham | w-2 managing employee | 2025-02 | ||
| Jason Cunningham | operational/managerial control | 2025-02 | ||
| Scott Flowers | corporate director | 2026-01 | ||
| Scott Flowers | w-2 managing employee | 2026-01 |
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 |