Bellin Memorial Hospital
Green Bay, Brown County, WI
· CCN 520049
Licensed to Bellin Memorial Hospital Inc
Composite
30.8
rank score
Distress
8
FY2023
Fit
68
vs thesis
Estimated ticket
$97.0M–$388M
194 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- occupancy 45-60%
- margin deteriorating
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size at the top of the envelope — would need leverage
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $689M |
| Operating margin | 13.7% |
| Total margin | 4.8% |
| Days cash on hand | 157 |
| Current ratio | 3.76 |
| Occupancy | 52% |
Facility
| Beds | 194 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 161 | $559M | $46.7M | 0.6% | 7.7% | 129 | 3.34 | 53% | 7,568 | 13 |
| 2021 | 161 | $626M | $105M | 18.5% | 14.9% | 173 | 3.35 | 54% | 7,798 | 2 |
| 2022 | 175 | $652M | $-7.0M | 13.7% | -1.1% | 123 | 3.25 | 63% | 7,753 | 12 |
| 2023 | 194 | $689M | $35.4M | 13.7% | 4.8% | 157 | 3.76 | 52% | 8,204 | 8 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Bellin Gundersen Health System Inc | 5% or greater indirect ownership interest | 2022-12 | ||
| Bellin Health Systems, Inc. | 5% or greater direct ownership interest | 2022-10 | ||
| Debra Van Pay | corporate director | 2025-12 | ||
| Debra Van Pay | w-2 managing employee | 2025-12 | ||
| Laura Hieb | corporate director | 2022-10 | ||
| Michael Landrum | corporate director | 2024-01 | ||
| Peter Vandenhouten | corporate director | 2022-10 | ||
| Sara Arndt | w-2 managing employee | 2022-10 | ||
| Scott Rathgaber | corporate director | 2022-12 | ||
| Sharla Baenen | corporate director | 2022-10 |
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 |