Aurora Med Ctr Of Manitowoc County
dba Aurora Medical Center Of Manitowoc ·
Two Rivers, Manitowoc County, WI
· CCN 520034
Licensed to Aurora Health Care North Inc
Composite
28.8
rank score
Distress
23
FY2023
Fit
46
vs thesis
Estimated ticket
$6.3M–$12.6M
63 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- current ratio below 0.8
- occupancy below 30%
- margin slipping
- rural — cheaper but limited density
- bed count in the target band
- very small ticket — sub-scale as a platform asset
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $101M |
| Operating margin | 23.8% |
| Total margin | 24.8% |
| Days cash on hand | 1,462 |
| Current ratio | -0.90 |
| Occupancy | 29% |
Facility
| Beds | 63 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $100K |
| Per-bed (high) | $200K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 69 | $83.5M | $23.5M | 19.6% | 25.9% | 1,237 | 34.32 | 26% | 2,017 | 9 |
| 2021 | 69 | $95.8M | $24.9M | 25.2% | 25.8% | 1,277 | 27.65 | 31% | 2,128 | 6 |
| 2022 | 69 | $96.2M | $21.8M | 22.4% | 22.6% | 1,321 | 19.84 | 30% | 1,928 | 9 |
| 2023 | 63 | $101M | $25.2M | 23.8% | 24.8% | 1,462 | -0.90 | 29% | 1,747 | 23 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Advocate Aurora Health, Inc. | 5% or greater indirect ownership interest | 100 | 2018-04 | |
| Advocate Aurora Health, Inc. | operational/managerial control | 100 | 2018-04 | |
| Aurora Health Care, Inc. | 5% or greater direct ownership interest | 100 | 1993-10 | |
| Advocate Health Inc | operational/managerial control | 2022-12 | ||
| Aurora Health Care, Inc. | operational/managerial control | 1993-10 | ||
| Cathie Kocourek | w-2 managing employee | 2015-08 | ||
| Desiree Millet | w-2 managing employee | 2024-10 | ||
| Gabrielle Finley-Hazle | corporate officer | 2023-12 | ||
| Gabrielle Finley-Hazle | corporate director | 2023-12 | ||
| Harold Slinkman | corporate officer | 2023-09 | ||
| Jeffrey Bard | corporate officer | 2015-03 | ||
| Kara Richardson | corporate officer | 2024-10 | ||
| Kara Richardson | w-2 managing employee | 2024-10 | ||
| Lindsay Durgin | corporate officer | 2025-06 | ||
| Rachel Halverson | corporate officer | 2023-06 | ||
| Rachelle Hart | corporate officer | 2013-10 | ||
| Tori Munnik | w-2 managing employee | 2024-10 |
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 |