Lifecare Spec Hosp Of North Texas
dba Lifecare Hospitals Of North Texas ·
Dallas, Dallas County, TX
· CCN 452044
Licensed to Lifecare 2.1, Llc
Composite
77.4
rank score
Distress
100
FY2024
Fit
81
vs thesis
Estimated ticket
$43.3M–$173M
206 beds ·
within envelope
Ownership
for-profit
LTCH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy below 30%
- 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 uses the capital envelope well
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $40.4M |
| Operating margin | -23.3% |
| Total margin | -23.1% |
| Days cash on hand | 0 |
| Current ratio | 0.26 |
| Occupancy | 24% |
Facility
| Beds | 206 |
| 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 | 206 | $84.0M | $7.4M | 4.4% | 8.4% | 0 | 1.52 | 59% | 1,598 | 24 |
| 2022 | 206 | $79.5M | $3.3M | 3.8% | 4.2% | 0 | 1.28 | 54% | 1,350 | 28 |
| 2023 | 206 | $70.0M | $-7.6M | -11.2% | -10.9% | 0 | 3.08 | 47% | 1,263 | 77 |
| 2024 | 206 | $40.4M | $-9.3M | -23.3% | -23.1% | 0 | 0.26 | 24% | 681 | 100 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Lifecare 2.0 Llc | 5% or greater direct ownership interest | 100 | 2019-09 | |
| Matthew Fleeger | 5% or greater indirect ownership interest | 41 | 2021-01 | |
| Preston-Harris Investments, Inc. | 5% or greater indirect ownership interest | 41 | 2021-01 | |
| Advocacy Health Partners, Llc | 5% or greater indirect ownership interest | 24 | 2021-01 | |
| Christopher Leblanc | 5% or greater indirect ownership interest | 24 | 2021-01 | |
| The Crl Family Trust | 5% or greater indirect ownership interest | 24 | 2021-01 | |
| William Leblanc | 5% or greater indirect ownership interest | 24 | 2021-01 | |
| Mh Holdings Llc | 5% or greater indirect ownership interest | 12 | 2021-01 | |
| Gerard Moawad | 5% or greater indirect ownership interest | 6 | 2021-01 | |
| Nada Hamadeh | 5% or greater indirect ownership interest | 6 | 2021-01 | |
| David Leblanc | corporate officer | 2019-09 | ||
| David Leblanc | corporate director | 2019-09 | ||
| David Leblanc | operational/managerial control | 2019-09 | ||
| Kathleen Wallace | w-2 managing employee | 2019-09 | ||
| Kathleen Wallace | operational/managerial control | 2019-09 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-09-30 | change of ownership | Lifecare 2.1, Llc | New Lifecare Hospitals Of... |
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 |