Aspirus Rhinelander Hospital
Rhinelander, Oneida County, WI
· CCN 520019
Licensed to Aspirus Rhinelander & Tomahawk Hospitals & Clinics, Inc.
Composite
53.4
rank score
Distress
63
FY2024
Fit
58
vs thesis
Estimated ticket
$3.6M–$7.1M
42 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin under 2%
- under 30 days cash on hand
- current ratio below 0.8
- margin slipping
- part of a multi-hospital chain — divestiture candidate
- rural — cheaper but limited density
- small but workable bed count
- very small ticket — sub-scale as a platform asset
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $222M |
| Operating margin | -24.2% |
| Total margin | 1.1% |
| Days cash on hand | 1 |
| Current ratio | -7.56 |
| Occupancy | 77% |
Facility
| Beds | 42 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 52 | $120M | $2.9M | 1.6% | 2.4% | 3 | 0.58 | 49% | 2,209 | 44 |
| 2022 | 42 | $120M | $-78.5M | -66.4% | -65.2% | 2 | 0.58 | 64% | 2,736 | 80 |
| 2023 | 42 | $-363M | $-603M | 161.7% | 159.2% | 1 | 4.58 | 65% | 2,736 | 22 |
| 2024 | 42 | $222M | $3.0M | -24.2% | 1.1% | 1 | -7.56 | 77% | 2,736 | 63 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Aspirus, Inc | 5% or greater direct ownership interest | 100 | 2021-08 | chain |
| Amy Vanney | corporate director | 2023-10 | ||
| Dean Pollnow | corporate director | 2023-10 | ||
| Eric Anderson | corporate director | 2021-08 | ||
| Holly Beede-Mckinney | corporate director | 2021-08 | ||
| Jerry Yang | corporate director | 2024-02 | ||
| Jerry Yang | w-2 managing employee | 2024-02 | ||
| Jerry Yang | operational/managerial control | 2024-02 | ||
| Judith Crouch-Smolarek | corporate director | 2021-08 | ||
| Kathleen Ferrel | corporate director | 2018-07 | ||
| Kelly Court | corporate director | 2019-07 | ||
| Lori Peck | corporate director | 2021-08 | ||
| Lori Peck | w-2 managing employee | 2021-08 | ||
| Lori Peck | operational/managerial control | 2021-08 | ||
| Matthew Heywood | w-2 managing employee | 2021-08 | ||
| Matthew Heywood | operational/managerial control | 2021-08 | ||
| Michael Holzhueter | corporate director | 2021-08 | ||
| Ronald Patterson | corporate director | 2023-10 | ||
| Ryan Huseby | corporate director | 2023-10 | ||
| Teresa Theiler | w-2 managing employee | 2021-01 | ||
| Teresa Theiler | operational/managerial control | 2021-01 | ||
| Tyler Hack | corporate director | 2024-02 | ||
| Tyler Hack | w-2 managing employee | 2024-02 | ||
| Tyler Hack | operational/managerial control | 2024-02 |
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 WI
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 |
|---|---|---|---|---|
| 2022-04-01 | Columbia St Marys Hospital Milwaukee Inc | Columbia St Mary's Hospital Ozaukee, Inc. | Ascension Columbia St Marys Milwauke | 374 |
| 2018-06-01 | Ascension Se Wisconsin Hospital Inc | Wheaton Franciscan Healthcare -... | Ascension Se Wisconsin Hospital Inc | 301 |