Big Spring State Hospital
Big Springs, Howard County, TX
· CCN 454000
Licensed to Health And Human Services Commission
Composite
66.5
rank score
Distress
82
FY2024
Fit
74
vs thesis
Estimated ticket
$5.5M–$11.1M
144 beds ·
within envelope
Ownership
government
PH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- margin deteriorating sharply
- TX: favorable regulatory climate
- rural — cheaper but limited density
- specialty facility — narrower problem scope
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2024
| Net patient revenue | $25.6M |
| Operating margin | -92.7% |
| Total margin | -192.7% |
| Days cash on hand | 0 |
| Current ratio | -98.70 |
| Occupancy | 91% |
Facility
| Beds | 144 |
| Facility type | PH |
| Setting | rural |
| Ownership class | government |
| Per-bed (low) | $38.5K |
| Per-bed (high) | $77.0K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 144 | $30.0M | $-37.0M | -23.2% | -123.2% | 0 | -74.50 | 87% | 140 | 80 |
| 2022 | 144 | $-13.1M | $-52.6M | 401.1% | 401.1% | — | — | 90% | 84 | 0 |
| 2023 | 144 | $22.5M | $-48.1M | -95.1% | 1,145.2% | 0 | 78.42 | 93% | 85 | 50 |
| 2024 | 144 | $25.6M | $-49.4M | -92.7% | -192.7% | 0 | -98.70 | 91% | 117 | 82 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Deborah Young | operational/managerial control | 2023-04 | ||
| Health And Human Services Commission | operational/managerial control | 2004-06 | ||
| Kristy Carr | corporate director | 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 |
|---|---|---|---|---|
| 2020-07-01 | Lpnt Bh Acquisition 2, Llc | Srp Behavioral Hospital Of Fort Worth Llc | Wellbridge Healthcare Fort Worth | 48 |