Capital Medical Center
dba Multicare Capital Medical Center ·
Olympia, Thurston County, WA
· CCN 500139
Licensed to Multicare Health System
Composite
73.2
rank score
Distress
87
FY2023
Fit
80
vs thesis
Estimated ticket
$37.5M–$150M
107 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- current ratio below 0.8
- liabilities exceed assets
- occupancy 30-45%
- part of a multi-hospital chain — divestiture candidate
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- thin occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $135M |
| Operating margin | -18.3% |
| Total margin | -12.7% |
| Days cash on hand | 0 |
| Current ratio | -0.12 |
| Occupancy | 39% |
Facility
| Beds | 107 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| 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 | 107 | $93.4M | $-14.0M | -25.1% | -13.6% | 7 | 0.19 | 30% | 3,243 | 97 |
| 2022 | 107 | $123M | $-18.8M | -22.2% | -14.2% | 1 | 0.11 | 42% | 4,521 | 97 |
| 2023 | 107 | $135M | $-18.0M | -18.3% | -12.7% | 0 | -0.12 | 39% | 4,444 | 87 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Multicare Health System | 5% or greater direct ownership interest | 100 | 2021-12 | chain |
| Deedee Walkey | corporate director | 2021-12 | ||
| Florence Chang | corporate officer | 2021-12 | ||
| Florence Chang | w-2 managing employee | 2021-12 | ||
| Frank Tombari | corporate director | 2022-01 | ||
| James Lee | corporate officer | 2022-06 | ||
| James Lee | w-2 managing employee | 2022-06 | ||
| Janine Terrano | corporate director | 2021-12 | ||
| John Wiborg | corporate director | 2021-12 | ||
| Leslie Sowell | corporate director | 2021-12 | ||
| Robert Yost | corporate director | 2021-12 | ||
| Robin Thomashauer | corporate director | 2021-12 | ||
| Sally Leighton | corporate director | 2021-12 | ||
| Tara Perry | corporate director | 2021-12 | ||
| Tariq Salam | w-2 managing employee | 2021-12 | ||
| William Robertson | corporate officer | 2021-12 | ||
| William Robertson | w-2 managing employee | 2021-12 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2021-12-05 | change of ownership | Multicare Health System | Columbia Capital Medical Center Lp |
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 |