Aurora Baycare Medical Center
Green Bay, Brown County, WI
· CCN 520193
Licensed to Baycare Aurora Llc
Composite
29.6
rank score
Distress
0
FY2023
Fit
74
vs thesis
Estimated ticket
$92.5M–$370M
185 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $577M |
| Operating margin | 19.0% |
| Total margin | 22.9% |
| Days cash on hand | 211 |
| Current ratio | 5.80 |
| Occupancy | 64% |
Facility
| Beds | 185 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| 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 | 167 | $474M | $117M | 15.9% | 22.6% | 0 | 3.50 | 72% | 8,732 | 22 |
| 2021 | 169 | $546M | $175M | 20.5% | 28.8% | 0 | 3.44 | 75% | 8,737 | 22 |
| 2022 | 190 | $558M | $104M | 17.6% | 18.2% | 169 | 3.27 | 64% | 8,048 | 0 |
| 2023 | 185 | $577M | $136M | 19.0% | 22.9% | 211 | 5.80 | 64% | 8,635 | 0 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Advocate Aurora Health, Inc. | 5% or greater indirect ownership interest | 62 | 2018-04 | |
| Aurora Health Care, Inc. | 5% or greater indirect ownership interest | 62 | 2000-05 | |
| Aurora Medical Group, Inc. | 5% or greater direct ownership interest | 62 | 2010-10 | |
| Aurora Health Care Medical Group Inc | 5% or greater indirect ownership interest | 33 | 2023-01 | |
| Baycare Ambulatory Services Llc | 5% or greater direct ownership interest | 33 | 2010-10 | |
| Baycare Health Systems Llc | 5% or greater direct ownership interest | 5 | 2010-10 | |
| Advocate Health Inc | operational/managerial control | 2022-12 | ||
| Ashwani Bhatia | corporate director | 2025-01 | ||
| Chris Augustian | corporate director | 2023-12 | ||
| Desiree Millet | w-2 managing employee | 2024-10 | ||
| Eric Peters | corporate director | 2023-12 | ||
| Gabrielle Finley-Hazle | corporate director | 2023-12 | ||
| J Parkerson | corporate director | 2025-07 | ||
| Jeffrey Bard | corporate director | 2015-03 | ||
| Jeffrey Bard | w-2 managing employee | 2019-10 | ||
| Kara Richardson | corporate officer | 2025-07 | ||
| Katherine Torres | corporate director | 2025-07 | ||
| Paul Luikart | corporate director | 2023-12 | ||
| Richard Heckert | corporate director | 2023-12 | ||
| Scott Voskuil | corporate director | 2023-12 | ||
| Thomas Miller | w-2 managing employee | 2024-01 | ||
| 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 |