Frio Regional Hospital
Pearsall, Frio County, TX
· CCN 451391
Licensed to Frio Hospital Association
Composite
32.5
rank score
Distress
25
FY2023
Fit
53
vs thesis
Estimated ticket
$1.9M–$3.7M
22 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin negative
- occupancy 30-45%
- margin deteriorating
- TX: favorable regulatory climate
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $25.2M |
| Operating margin | -3.2% |
| Total margin | 12.7% |
| Days cash on hand | 233 |
| Current ratio | 4.74 |
| Occupancy | 41% |
Facility
| Beds | 22 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| 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 | 24 | $16.1M | $4.0M | -36.8% | 15.3% | 277 | 8.93 | 42% | 471 | 33 |
| 2021 | 22 | $17.1M | $-306K | -29.6% | -1.4% | 217 | 4.20 | 42% | 514 | 41 |
| 2022 | 22 | $20.0M | $-75.9K | -24.4% | -0.3% | 185 | 4.62 | 46% | 452 | 38 |
| 2023 | 22 | $25.2M | $3.8M | -3.2% | 12.7% | 233 | 4.74 | 41% | 402 | 25 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| John Hughson | corporate officer | 2020-12 | ||
| John Hughson | corporate director | 2020-12 | ||
| John Hughson | w-2 managing employee | 2020-12 | ||
| Michael Ruff | corporate director | 2021-09 | ||
| Michael Ruff | w-2 managing employee | 2021-09 |
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 |