Thedacare Regional Medical Center -
Neenah, Winnebago County, WI
· CCN 520045
Licensed to Thedacare Regional Medical Center-Neenah Inc
Composite
32.9
rank score
Distress
18
FY2023
Fit
62
vs thesis
Estimated ticket
$14.7M–$29.4M
147 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- current ratio below 0.8
- margin deteriorating
- rural — cheaper but limited density
- bed count in the target band
- small ticket — deploys little of the available capital
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $247M |
| Operating margin | 7.4% |
| Total margin | 9.5% |
| Days cash on hand | 183 |
| Current ratio | -0.66 |
| Occupancy | 63% |
Facility
| Beds | 147 |
| 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 | 139 | $222M | $28.1M | 4.7% | 11.7% | 85 | -0.28 | 64% | 8,853 | 23 |
| 2021 | 139 | $268M | $82.5M | 11.4% | 25.6% | 565 | 18.51 | 67% | 9,084 | 0 |
| 2022 | 139 | $247M | $32.8M | 5.1% | 12.3% | 612 | 61.23 | 64% | 8,509 | 0 |
| 2023 | 147 | $247M | $24.2M | 7.4% | 9.5% | 183 | -0.66 | 63% | 9,212 | 18 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Alan Loux | corporate director | 2023-01 | ||
| Chuck Dallas | corporate director | 2021-02 | ||
| David Koeper | corporate director | 2022-03 | ||
| Froedtert Thedacare Health, Inc. | operational/managerial control | 2024-01 | ||
| Imran Andrabi | corporate director | 2017-06 | ||
| Imran Andrabi | w-2 managing employee | 2017-06 | ||
| Jennifer Glasheen | w-2 managing employee | 2023-01 | ||
| Kathleen Pigeon | w-2 managing employee | 2020-06 | ||
| Laurie Carter | corporate director | 2022-02 | ||
| Mary Goggans | corporate director | 2022-02 | ||
| Michael Morse | corporate director | 2024-01 | ||
| Steven Price | corporate director | 2023-01 | ||
| Susan Pahl | w-2 managing employee | 2022-01 | ||
| Thedacare, Incorporated | operational/managerial control | 2011-01 | ||
| William Flett | corporate director | 2024-01 | ||
| William Flett | w-2 managing employee | 2024-01 |
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 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 |