Indianhead Medical Center
Shell Lake, Washburn County, WI
· CCN 521342
Licensed to Indianhead Medical Center Shell Lake, Inc.
Composite
54.2
rank score
Distress
84
FY2023
Fit
41
vs thesis
Estimated ticket
$1.5M–$3.0M
25 beds ·
within envelope
Ownership
nonprofit
CAH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- current ratio under 1.5
- debt above 85% of assets
- occupancy below 30%
- margin deteriorating sharply
- 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 | $12.2M |
| Operating margin | -13.6% |
| Total margin | -6.3% |
| Days cash on hand | 3 |
| Current ratio | 1.22 |
| Occupancy | 11% |
Facility
| Beds | 25 |
| Facility type | CAH |
| Setting | rural |
| Ownership class | nonprofit |
| Per-bed (low) | $59.5K |
| Per-bed (high) | $119K |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 25 | $9.6M | $878K | -8.6% | 7.8% | 170 | 0.76 | 17% | 224 | 52 |
| 2021 | 25 | $10.6M | $2.8M | -7.6% | 20.0% | 32 | 0.72 | 18% | 239 | 69 |
| 2022 | 25 | $11.5M | $348K | -2.7% | 2.9% | 18 | 0.84 | 13% | 207 | 63 |
| 2023 | 25 | $12.2M | $-815K | -13.6% | -6.3% | 3 | 1.22 | 11% | 168 | 84 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Allan Haesemeyer | corporate director | 2025-05 | ||
| Jessica Benzer | contracted managing employee | 2025-04 | ||
| Kevin Jack | corporate director | 2021-02 | ||
| Northwest Medical Management Llc | operational/managerial control | 2021-02 | ||
| Shannon Jack | corporate officer | 2021-02 | ||
| Shannon Jack | w-2 managing employee | 2024-04 |
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 |