Reagan Memorial Hospital
Big Lake, Reagan County, TX
· CCN 451301
Licensed to Reagan Hospital District
Composite
34.6
rank score
Distress
36
FY2023
Fit
46
vs thesis
Estimated ticket
$595K–$1.2M
7 beds ·
within envelope
Ownership
government
CAH
Why it ranks here
- operating margin below -10%
- current ratio under 1.5
- occupancy below 30%
- TX: favorable regulatory climate
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $7.9M |
| Operating margin | -124.7% |
| Total margin | 5.4% |
| Days cash on hand | 174 |
| Current ratio | 1.21 |
| Occupancy | 7% |
Facility
| Beds | 7 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 7 | $5.6M | $-2.4M | -206.1% | -16.3% | 132 | 0.46 | 7% | 6 | 82 |
| 2021 | 7 | $5.3M | $2.3M | -172.7% | 13.5% | 217 | 0.53 | 4% | 10 | 58 |
| 2022 | 7 | $7.1M | $2.8M | -118.3% | 15.3% | 196 | 1.03 | 5% | 11 | 44 |
| 2023 | 7 | $7.9M | $1.0M | -124.7% | 5.4% | 174 | 1.21 | 7% | 16 | 36 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Reagan Hospital District | operational/managerial control | 100 | 1966-01 | |
| Elizabeth Thomas | contracted managing employee | 2022-12 | ||
| Elizabeth Thomas | corporate officer | 2022-12 | ||
| Heath Holt | corporate director | 2022-12 | ||
| Jonathon Voelkel | corporate officer | 2018-10 | ||
| Jonathon Voelkel | corporate director | 2018-10 | ||
| Jonathon Voelkel | w-2 managing employee | 2018-10 |
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 |
|---|---|---|---|---|
| 2024-03-01 | Muleshoe Area Hospital District | Preferred Hospital Leasing Muleshoe Inc | Muleshoe Area Medical Center | 25 |
| 2023-07-01 | Pecos County Memorial Hospital District | Pecos County Memorial Hospital | Pecos County Memorial Hospital | 25 |
| 2021-10-01 | Preferred Hospital Leasing Shamrock Inc | South Wheeler County Hospital District | Shamrock General Hospital | 25 |
| 2019-07-01 | Bosque County Hospital District | Goodall-Witcher Hospital Authority | Goodall-Witcher Hospital Authority | 25 |
| 2017-10-01 | Winkler County Hospital District | County Of Winkler | Memorial Hospital | 16 |