Marshfield Medical Center-Minocqua
dba Marshfield Medical Center - Minocqua ·
Minocqua, WI
· CCN 520212
Licensed to Mchs Hospitals Inc
Composite
60.1
rank score
Distress
85
FY2023
Fit
50
vs thesis
Estimated ticket
$2.2M–$4.3M
31 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- liabilities exceed assets
- occupancy 30-45%
- margin deteriorating sharply
- 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
- thin occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $123M |
| Operating margin | -18.6% |
| Total margin | -17.9% |
| Days cash on hand | 2 |
| Current ratio | 8.21 |
| Occupancy | 39% |
Facility
| Beds | 31 |
| Facility type | STH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $70.0K |
| Per-bed (high) | $140K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 19 | $16.9M | $-4.9M | -260.0% | -8.7% | 1,912 | 4.47 | 50% | 498 | 47 |
| 2021 | 19 | $122M | $2.2M | -9.3% | 1.6% | 95 | 4.07 | 65% | 1,501 | 30 |
| 2022 | 19 | $130M | $-14.8M | -12.4% | -11.3% | 3 | 58.46 | 67% | 1,118 | 67 |
| 2023 | 31 | $123M | $-22.2M | -18.6% | -17.9% | 2 | 8.21 | 39% | 1,332 | 85 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Marshfield Clinic Health System Inc | 5% or greater direct ownership interest | 100 | 2015-12 | |
| Sanford | 5% or greater indirect ownership interest | 100 | 2025-01 | chain |
| Brian Hoerneman | corporate officer | 2023-04 | ||
| Brian Hoerneman | corporate director | 2023-09 | ||
| Dennis Smith | corporate director | 2025-01 | ||
| Douglas Mathison | corporate director | 2020-12 | ||
| Edward Fernandez | corporate officer | 2025-01 | ||
| Edward Fernandez | corporate director | 2023-09 | ||
| Everett Newcomb | corporate director | 2024-09 | ||
| Jeffrey Poppen | corporate officer | 2025-06 | ||
| Jeffrey Poppen | w-2 managing employee | 2025-06 | ||
| John Baltus | corporate officer | 2023-09 | ||
| John Baltus | corporate director | 2016-02 | ||
| Jolyn Munson | w-2 managing employee | 2025-01 | ||
| Linda Procci | corporate director | 2025-02 | ||
| Nicholas Olson | w-2 managing employee | 2025-01 | ||
| Samantha Klebe | corporate director | 2023-09 | ||
| Samantha Klebe | w-2 managing employee | 2025-01 | ||
| Tony Morrison | w-2 managing employee | 2025-01 |
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 |