Cornerstone Specialty Austin
dba Cornerstone Specialty Hospitals Round Rock ·
Austin, Travis County, TX
· CCN 452034
Licensed to Chg Hospital Austin, Llc
Composite
71.1
rank score
Distress
86
FY2024
Fit
81
vs thesis
Estimated ticket
$30.4M–$122M
145 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- current liabilities exceed current assets
- debt above 85% of assets
- occupancy 30-45%
- margin deteriorating sharply
- TX: favorable regulatory climate
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- bed count in the target band
- ticket size somewhat below the envelope
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $43.0M |
| Operating margin | -14.9% |
| Total margin | -6.2% |
| Days cash on hand | 0 |
| Current ratio | 0.96 |
| Occupancy | 40% |
Facility
| Beds | 145 |
| Facility type | LTCH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $210K |
| Per-bed (high) | $840K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 133 | $44.7M | $7.8M | 17.5% | 17.6% | 0 | -0.33 | 50% | 856 | 38 |
| 2022 | 145 | $55.8M | $7.3M | 11.7% | 12.9% | 0 | -0.27 | 49% | 898 | 38 |
| 2023 | 145 | $54.5M | $6.9M | 11.7% | 12.5% | 0 | 1.66 | 48% | 870 | 24 |
| 2024 | 145 | $43.0M | $-2.9M | -14.9% | -6.2% | 0 | 0.96 | 40% | 661 | 86 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chg Hospital Operations Company Llc | 5% or greater direct ownership interest | 100 | 2015-02 | |
| Cornerstone Healthcare Group Holding Inc | 5% or greater indirect ownership interest | 100 | 2015-02 | |
| Kentucky Hospital Holdings Jv Lp | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Kentucky Hospital Holdings Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Kentucky Hospital Intermediate Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Kindred Healthcare Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Kindred Healthcare Operating Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Knight Health Holdings Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Knight Health Llc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Dana Rock | corporate officer | 2024-12 | ||
| David Pohl | corporate director | 2015-02 | ||
| Deanna Schiavone | corporate officer | 2023-01 | ||
| Johnetta Traylor | corporate officer | 2024-12 | ||
| Johnetta Traylor | w-2 managing employee | 2025-03 | ||
| Michael Bean | corporate officer | 2023-01 | ||
| Scott Graeser | corporate officer | 2023-01 |
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 |
|---|---|---|---|---|
| 2026-01-01 | Houston-Amg Specialty Hospital, Inc. | Plaza Specialty Hospital, Llc | Houston Healthcare Specialty Hosp. | 44 |
| 2026-01-01 | Clear Lake-Amg Specialty Hospital, Inc. | Chg Hospital Houston Llc | Vibra Hospital Of Clear Lake | 88 |
| 2024-08-01 | Hhn Tx1 Llc | Kpc Promise Hospital Of Wichita Falls Llc | Kpc Promise Hospital Of Wichita Fall | 31 |
| 2024-05-19 | Amarillo Specialty Hospital | Kpc Promise Hospital Of Amarillo Llc | Kpc Promise Hospital Of Amarillo Llc | 54 |
| 2019-09-30 | Pam Specialty Hospital Of San Antonio Llc | New San Antonio Specialty Hospital, Llc | Pam Spc Hosp Of San Antonio Med Ctr | 62 |
| 2019-09-30 | Lifecare 2.1, Llc | New Lifecare Hospitals Of North Texas, Llc | Lifecare Spec Hosp Of North Texas | 206 |
| 2016-06-28 | Knd Development 68 Llc | Select Specialty Hospital - San Antonio Inc | Kindred Hospital San Antonio Central | 44 |