Burnett Medical Center Inc
dba Old National Bank ·
Grantsburg, Burnett County, WI
· CCN 521331
Licensed to Burnett Medical Center Inc
Composite
29.5
rank score
Distress
29
FY2023
Fit
41
vs thesis
Estimated ticket
$2.1M–$4.2M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin under 2%
- total margin under 2%
- 60-90 days cash on hand
- occupancy below 30%
- margin slipping
- rural — cheaper but limited density
- small but workable bed count
- 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 | $25.4M |
| Operating margin | 0.6% |
| Total margin | 0.8% |
| Days cash on hand | 86 |
| Current ratio | 2.88 |
| Occupancy | 12% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $85.0K |
| Per-bed (high) | $170K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $21.4M | $201K | 5.0% | 0.9% | 241 | 2.15 | 10% | 161 | 17 |
| 2021 | 25 | $22.3M | $4.8M | 3.9% | 17.7% | 211 | 1.89 | 10% | 163 | 9 |
| 2022 | 25 | $24.4M | $1.8M | 6.0% | 6.9% | 140 | 2.62 | 11% | 209 | 13 |
| 2023 | 25 | $25.4M | $220K | 0.6% | 0.8% | 86 | 2.88 | 12% | 195 | 29 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Old National Bank | 5% or greater mortgage interest | 31 | 2007-03 | |
| Mark Thayer | corporate director | 12 | 2025-01 | |
| David Dahlberg | corporate director | 11 | 2025-01 | |
| Kenneth Kutz | corporate officer | 11 | 2025-01 | |
| Lois Carlson | corporate director | 11 | 2020-01 | |
| Megan Sandgren | corporate officer | 11 | 2025-12 | |
| Stuart Mcintosh | corporate director | 11 | 2024-01 | |
| Tamra White | corporate officer | 11 | 2025-06 | |
| Tanya Jensen | corporate director | 11 | 2025-01 | |
| Taylor Paap | corporate director | 11 | 2023-01 | |
| Jennifer Hoefs | w-2 managing employee | 2024-02 | ||
| Julie Mckenzie | w-2 managing employee | 2024-02 | ||
| Mark Thayer | w-2 managing employee | 2025-05 | ||
| Megan Sandgren | w-2 managing employee | 2025-12 |
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 |
|---|---|---|---|---|
| 2018-01-01 | Mayo Clinic Health... | Mayo Clinic Health System -... | Mchs-Chippewa Valley | 25 |