Baylor Institute For Rehabilitation
dba Baylor Scott & White Institute For Rehabilitation ·
Dallas, Dallas County, TX
· CCN 453036
Licensed to Bir Jv Llp
Composite
51.9
rank score
Distress
30
FY2024
Fit
96
vs thesis
Estimated ticket
$29.9M–$120M
92 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- operating margin -10% to -5%
- margin deteriorating sharply
- TX: favorable regulatory climate
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- bed count in the target band
- ticket size somewhat below the envelope
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $173M |
| Operating margin | -8.8% |
| Total margin | 13.4% |
| Days cash on hand | 150 |
| Current ratio | 5.82 |
| Occupancy | 89% |
Facility
| Beds | 92 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 92 | $445M | $325M | 66.4% | 68.5% | 167 | 4.65 | 80% | 1,417 | 0 |
| 2022 | 92 | $158M | $44.3M | 1.3% | 22.1% | 148 | 5.78 | 84% | 1,543 | 11 |
| 2023 | 92 | $164M | $37.2M | -3.8% | 17.9% | 143 | 6.52 | 85% | 1,599 | 20 |
| 2024 | 92 | $173M | $28.9M | -8.8% | 13.4% | 150 | 5.82 | 89% | 1,557 | 30 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Select Specialty Hospitals Inc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Victoria Healthcare Inc | 5% or greater indirect ownership interest | 100 | 2023-01 | |
| Baylor University Medical Center | general partnership interest | 51 | 2024-07 | |
| John Duggan | corporate officer | 2011-04 | ||
| John Duggan | corporate director | 2025-09 | ||
| John Saich | corporate officer | 2025-09 | ||
| Kessler Rehabilitation Services Inc | operational/managerial control | 2011-04 | ||
| Michael Malatesta | corporate officer | 2025-08 | ||
| Nigel Smith | corporate officer | 2017-11 | ||
| Nigel Smith | w-2 managing employee | 2017-11 | ||
| Nigel Smith | operational/managerial control | 2017-11 | ||
| Robert Breighner | w-2 managing employee | 2025-09 | ||
| Robert Kido | corporate officer | 2025-09 | ||
| Select Medical Corporation | 5% or greater direct ownership interest | 2011-04 | ||
| Select Physical Therapy Holdings Inc | 5% or greater direct ownership interest | 2011-04 | ||
| Select Physical Therapy Network Services Inc | 5% or greater direct ownership interest | 2011-04 | ||
| Select Physical Therapy Network Services Inc | general partnership interest | 2011-04 | ||
| Select Physical Therapy Texas Limited Partnership | 5% or greater direct ownership interest | 2011-04 | ||
| Select Physical Therapy Texas Limited Partnership | general partnership interest | 2011-04 | ||
| Thomas Mullin | corporate officer | 2025-08 |
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 |
|---|---|---|---|---|
| 2023-03-01 | Crh Of Temple Llc | Everest Rehabilitation Hospital Temple Llc | Temple Rehabilitation Hospital | 36 |
| 2023-03-01 | Crh Of Longview Llc | Everest Rehabilitation Hospital... | Longview Rehabilitation Hospital | 36 |
| 2021-12-30 | Pam Health Rehabilitation Hospital... | Apollo Rehab Hospital Llc | Pam Health Rehab Hosp Of Sugar Land | 41 |
| 2019-08-01 | Clear Lake Institute For Rehabilitation Llc | Clear Lake Rehabilitation Hospital, Llc | Bay Area Rehab Hospital | 151 |
| 2019-08-01 | Clear Lake Institute For Rehabilitation Llc | Triumph Rehabilitation Hospital Of... | Bay Area Rehab Hospital | 151 |
| 2016-06-01 | Pam Squared At Beaumont Llc | Healthsouth Rehabilitation... | Pam Squared At Beaumont | 61 |