Aspirus Merrill Hospital
Merrill, Lincoln County, WI
· CCN 521339
Licensed to Aspirus Merrill Hospital & Clinics Inc
Composite
34.2
rank score
Distress
38
FY2023
Fit
43
vs thesis
Estimated ticket
$1.0M–$2.0M
12 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- under 30 days cash on hand
- current liabilities exceed current assets
- debt above 70% of assets
- occupancy 45-60%
- rural — cheaper but limited density
- very small facility
- very small ticket — sub-scale as a platform asset
- moderate occupancy
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $26.7M |
| Operating margin | 13.1% |
| Total margin | 13.6% |
| Days cash on hand | 0 |
| Current ratio | 0.99 |
| Occupancy | 47% |
Facility
| Beds | 12 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 12 | $16.9M | $-4.3M | -22.8% | -26.3% | 0 | 0.35 | 30% | 344 | 93 |
| 2022 | 12 | $20.2M | $-1.5M | -10.3% | -7.2% | 0 | 2.53 | 40% | 344 | 68 |
| 2023 | 12 | $26.7M | $3.7M | 13.1% | 13.6% | 0 | 0.99 | 47% | 415 | 38 |
| 2024 | 12 | — | $-26.1M | — | — | — | — | 53% | 471 | — |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Aspirus, Inc | 5% or greater direct ownership interest | 100 | 2021-08 | |
| Jeffrey Wicklander | w-2 managing employee | 100 | 2021-08 | |
| Aspirus, Inc | operational/managerial control | 2021-08 | ||
| Bryan Borrell | corporate director | 2022-10 | ||
| Craig Destree | corporate director | 2024-09 | ||
| Elizabeth Renaker-Jansen | corporate director | 2022-10 | ||
| Erika Crockford | corporate director | 2024-09 | ||
| Jennifer Enman-Bourgon | corporate director | 2023-08 | ||
| Jennifer Redman-Schell | w-2 managing employee | 2019-10 | ||
| Jennifer Redman-Schell | operational/managerial control | 2019-10 | ||
| Jeremy Lewitzke | corporate director | 2021-09 | ||
| Kyle Page | corporate director | 2021-09 | ||
| Lori Peck | corporate director | 2023-08 | ||
| Lori Peck | w-2 managing employee | 2021-08 | ||
| Lori Peck | operational/managerial control | 2021-08 | ||
| Marco Espinoza | corporate director | 2021-09 | ||
| Matthew Heywood | corporate officer | 2021-08 | ||
| Matthew Heywood | corporate director | 2021-08 | ||
| Michael Umland | corporate director | 2020-09 | ||
| Tou Shoua Lor | corporate director | 2021-09 | ||
| Tyler Hack | corporate director | 2024-02 | ||
| Tyler Hack | w-2 managing employee | 2024-02 | ||
| Tyler Hack | operational/managerial control | 2024-02 |
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 |