Holy Cross Hospital - Salt Lake
Salt Lake City, Salt Lake County, UT
· CCN 460003
Licensed to Catholic Health Initiatives Colorado
Already transacted. CMS recorded an ownership change effective
2023-05-01. Confirm the current owner before spending a call on this.
Composite
25.8
rank score
Distress
97
FY2024
Fit
75
vs thesis
Estimated ticket
$32.2M–$129M
92 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- debt above 85% of assets
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
- changed ownership 2023-05-01 — likely already transacted
Latest financials · FY2024
| Net patient revenue | $91.8M |
| Operating margin | -128.4% |
| Total margin | -126.0% |
| Days cash on hand | 0 |
| Current ratio | 0.42 |
| Occupancy | 15% |
Facility
| Beds | 92 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 100 | $110M | $11.3M | 11.7% | 10.4% | 0 | 0.85 | 23% | 2,347 | 48 |
| 2022 | 100 | $104M | $5.9M | -2.3% | 5.3% | 0 | 1.16 | 22% | 2,174 | 58 |
| 2023 | 107 | $61.2M | $-5.0M | -12.9% | -7.9% | 0 | 1.58 | 16% | 1,211 | 79 |
| 2024 | 92 | $91.8M | $-117M | -128.4% | -126.0% | 0 | 0.42 | 15% | 1,468 | 97 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Commonspirit Health | 5% or greater direct ownership interest | 100 | 2023-05 | |
| Andrew Gaasch | corporate officer | 2024-05 | ||
| Andrew Gaasch | corporate director | 2025-07 | ||
| Barbara Riddle | corporate director | 2025-10 | ||
| Brad Mortensen | corporate director | 2025-10 | ||
| Bryan Mckinley | w-2 managing employee | 2026-01 | ||
| Christine Anderegg | corporate director | 2025-10 | ||
| Christopher Hutchison | corporate director | 2025-10 | ||
| Commonspirit Mountain Region | operational/managerial control | 2023-05 | ||
| J Adams | corporate director | 2025-10 | ||
| Jason Hoagland | corporate director | 2025-10 | ||
| Jeremy Bradshaw | corporate director | 2025-10 | ||
| Katherine Brooks | corporate officer | 2025-07 | ||
| Kay Christofferson | corporate director | 2025-10 | ||
| Kirk Cullimore | corporate director | 2025-10 | ||
| Matthew Hinderaker | corporate director | 2025-10 | ||
| Megan Engelen | corporate director | 2025-10 | ||
| Mitch Melfi | corporate director | 2025-07 | ||
| Sheri Shapiro | corporate director | 2025-07 | ||
| Steven Meek | corporate director | 2025-10 | ||
| Tadd Richert | corporate officer | 2025-07 | ||
| Tadd Richert | operational/managerial control | 2024-05 | ||
| Tom Tosti | corporate director | 2025-10 | ||
| Tricia Rakusir | corporate director | 2025-10 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2023-05-01 | change of ownership | Catholic Health Initiatives Colorado | Salt Lake Regional Medical Center Lp |
Who has been buying in UT
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 |
|---|---|---|---|---|
| 2023-05-01 | Catholic Health Initiatives Colorado | Salt Lake Regional Medical Center Lp | Holy Cross Hospital - Salt Lake | 92 |
| 2023-05-01 | Catholic Health Initiatives Colorado | Jordan Valley Medical Center Lp | Holy Cross Hospital - Jordan Valley | 159 |
| 2023-05-01 | Catholic Health Initiatives Colorado | Davis Hospital & Medical Center Lp | Holy Cross Hospital - Davis | 110 |