Evergreen Healthcare
dba Evergreenhealth Medical Center ·
Kirkland, King County, WA
· CCN 500124
Licensed to King County Public Hospital District No 2
Composite
58.4
rank score
Distress
68
FY2023
Fit
70
vs thesis
Estimated ticket
$144M–$576M
339 beds ·
within envelope
Ownership
government
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- 30-60 days cash on hand
- current ratio under 1.5
- debt above 70% of assets
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size well above the envelope
- strong occupancy — good iteration surface
- government-owned — public process likely
Latest financials · FY2023
| Net patient revenue | $859M |
| Operating margin | -20.6% |
| Total margin | -5.2% |
| Days cash on hand | 33 |
| Current ratio | 1.31 |
| Occupancy | 71% |
Facility
| Beds | 339 |
| Facility type | STH |
| Setting | urban |
| Ownership class | government |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 304 | $664M | $23.0M | -13.5% | 3.2% | 42 | 1.38 | 60% | 17,846 | 48 |
| 2021 | 304 | $769M | $10.7M | -8.7% | 1.3% | 55 | 1.89 | 68% | 19,085 | 42 |
| 2022 | 304 | $789M | $-91.6M | -18.9% | -11.0% | 24 | 1.38 | 74% | 19,303 | 70 |
| 2023 | 339 | $859M | $-50.6M | -20.6% | -5.2% | 33 | 1.31 | 71% | 16,044 | 68 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| King County Public Hospital District No 2 | 5% or greater direct ownership interest | 100 | 1972-03 | |
| Ettore Palazzo | corporate officer | 2023-12 | ||
| Ettore Palazzo | operational/managerial control | 2023-12 | ||
| William Howe | corporate officer | 2024-07 | ||
| William Howe | operational/managerial control | 2024-07 |
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 WA
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 |
|---|---|---|---|---|
| 2023-07-01 | Central Washington Health Services... | Wenatchee Valley Hospital | Confluence Health | 187 |
| 2021-12-05 | Multicare Health System | Columbia Capital Medical Center Lp | Capital Medical Center | 107 |
| 2020-01-01 | University Of Washington | Uw Medicine Northwest | University Of Washington Med Ctr | 617 |
| 2018-08-04 | Rcch Trios Health Llc | Kennewick Public Hospital District | Trios Health | 111 |
| 2016-06-01 | Public Hospital Dist No 1 Skagit | Public Hospital District 3 Snohomish County | Cascade Valley Hospital | 48 |