Covenant Specialty Hospital
Lubbock, Lubbock County, TX
· CCN 452102
Licensed to Covenant Long-Term Care Llc
Composite
65.4
rank score
Distress
78
FY2024
Fit
71
vs thesis
Estimated ticket
$11.8M–$47.0M
56 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
- occupancy below 30%
- margin deteriorating sharply
- part of a multi-hospital chain — divestiture candidate
- TX: favorable regulatory climate
- urban — higher occupancy and iteration surface
- LTCH — distress here is a payment-model artifact
- bed count in the target band
- small ticket — deploys little of the available capital
- very low occupancy — limited volume to learn from
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $8.8M |
| Operating margin | -56.7% |
| Total margin | -56.6% |
| Days cash on hand | 11 |
| Current ratio | 6.45 |
| Occupancy | 21% |
Facility
| Beds | 56 |
| 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 | 56 | $19.1M | $1.6M | 12.5% | 8.5% | 185 | 2.47 | 49% | 382 | 2 |
| 2022 | 56 | $13.4M | $-4.2K | -8.5% | -0.0% | 95 | 1.88 | 33% | 253 | 40 |
| 2023 | 56 | $14.9M | $1.7M | 10.0% | 11.2% | 129 | 9.52 | 29% | 230 | 13 |
| 2024 | 56 | $8.8M | $-5.0M | -56.7% | -56.6% | 11 | 6.45 | 21% | 173 | 78 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Covenant Health System | 5% or greater direct ownership interest | 100 | 2022-09 | |
| St. Joseph Health System | other | 57 | 1999-04 | chain |
| Lubbock Methodist Hospital System | other | 43 | 1999-04 | |
| Adam Purtell | corporate director | 2026-01 | ||
| Amy Thompson | corporate officer | 2025-01 | ||
| Amy Thompson | corporate director | 2023-10 | ||
| Anthony Fogerson | corporate director | 2024-01 | ||
| Chad Wheeler | corporate director | 2023-01 | ||
| David Shephard | corporate director | 2025-01 | ||
| Donald Anderson | corporate officer | 2023-09 | ||
| Gregory Hoffman | corporate officer | 2023-09 | ||
| Jamie White | w-2 managing employee | 2025-02 | ||
| Jennifer Bryan | corporate officer | 2023-10 | ||
| Jesus Mendoza | corporate director | 2023-01 | ||
| John Osborne | corporate director | 2026-01 | ||
| Julie Bell | w-2 managing employee | 2009-11 | ||
| Kathleen Burrell | corporate officer | 2023-03 | ||
| Katie Hendley | corporate director | 2025-09 | ||
| Keino Mcwhinney | corporate director | 2023-01 | ||
| Nicki Colbert | corporate director | 2025-01 | ||
| Providence Health & Services - Washington | operational/managerial control | 2020-08 | ||
| Providence St. Joseph Health | other | 2016-07 |
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 |