Rainier Springs
Vancouver, Clark County, WA
· CCN 504013
Licensed to Rainier Springs Llc
Composite
52.9
rank score
Distress
39
FY2023
Fit
88
vs thesis
Estimated ticket
$19.8M–$79.2M
72 beds ·
within envelope
Ownership
for-profit
PH
Why it ranks here
- operating margin under 2%
- total margin under 2%
- current ratio below 0.8
- liabilities exceed assets
- 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 · FY2023
| Net patient revenue | $28.4M |
| Operating margin | 1.0% |
| Total margin | 1.0% |
| Days cash on hand | — |
| Current ratio | 0.60 |
| Occupancy | 82% |
Facility
| Beds | 72 |
| Facility type | PH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $275K |
| Per-bed (high) | $1.1M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 72 | $22.7M | $-974K | -4.4% | -4.3% | — | 0.15 | 89% | 3,045 | 63 |
| 2021 | 72 | $22.9M | $864K | 3.7% | 3.8% | — | 0.78 | 82% | 3,066 | 31 |
| 2022 | 72 | $21.7M | $-1.1M | -9.0% | -4.8% | — | 0.86 | 70% | 2,845 | 70 |
| 2023 | 72 | $28.4M | $289K | 1.0% | 1.0% | — | 0.60 | 82% | 3,566 | 39 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Dsb Acquisition Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lifepoint Behavioral Health, Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lifepoint Health Inc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lifepoint Rehab Blocker Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lifepoint Rehab Blocker Parent Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lifepoint Rehab Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Lpnt Autumn Holdco, Llc | 5% or greater indirect ownership interest | 100 | 2024-03 | |
| Springstone Health Opco, Llc | 5% or greater direct ownership interest | 100 | 2018-02 | |
| Charlotte Lawrence | corporate officer | 2023-02 | ||
| Christopher Jagoditz | corporate officer | 2025-10 | ||
| Christopher Monte | corporate officer | 2023-02 | ||
| Elliott Brown | corporate officer | 2026-04 | ||
| Lifepoint Behavioral Health Services, Llc | operational/managerial control | 2023-02 | ||
| Marcus Poppell | other | 2023-02 | ||
| Martin Mann | corporate officer | 2023-02 | ||
| Nicoletta Tessler | corporate officer | 2025-08 | ||
| Toni Long | w-2 managing employee | 2022-01 |
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 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 |
|---|---|---|---|---|
| 2018-09-01 | Lourdes Hospital Llc | Our Lady Of Lourdes Health Center | Lourdes Counseling Center | 22 |