Bay Area Rehab Hospital
dba Pam Rehabilitation Hospital Of Clear Lake ·
Webster, Harris County, TX
· CCN 673061
Licensed to Clear Lake Institute For Rehabilitation Llc
Composite
55.4
rank score
Distress
30
FY2024
Fit
100
vs thesis
Estimated ticket
$49.1M–$196M
151 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- debt above 85% of assets
- part of a multi-hospital chain — divestiture candidate
- TX: favorable regulatory climate
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $86.6M |
| Operating margin | 22.2% |
| Total margin | 22.7% |
| Days cash on hand | 0 |
| Current ratio | 1.21 |
| Occupancy | 73% |
Facility
| Beds | 151 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 151 | $74.1M | $14.8M | 18.9% | 19.8% | 3 | 0.80 | 71% | 3,073 | 47 |
| 2022 | 151 | $79.3M | $14.9M | 18.4% | 18.7% | 3 | 1.99 | 73% | 3,134 | 22 |
| 2023 | 151 | $84.9M | $17.0M | 20.0% | 20.1% | 3 | 1.75 | 74% | 3,315 | 30 |
| 2024 | 151 | $86.6M | $19.8M | 22.2% | 22.7% | 0 | 1.21 | 73% | 3,227 | 30 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Pam Rehabilitation Hospital At Webster, Llc | 5% or greater indirect ownership interest | 100 | 2023-11 | |
| Pam Squared, Llc | 5% or greater indirect ownership interest | 100 | 2018-12 | |
| Anthony Misitano | 5% or greater indirect ownership interest | 66 | 2021-10 | |
| Alyson Case | w-2 managing employee | 2025-04 | ||
| Anthony Misitano | corporate officer | 2014-05 | ||
| John Bauer | corporate officer | 2014-05 | ||
| Karick Stober | corporate officer | 2014-05 | ||
| Pam Cubed Llc | other | 2024-04 | chain | |
| Wells Fargo Bank, N.a. | 5% or greater security interest | 2024-07 |
Ownership changes
| Date | Type | Buyer | Seller |
|---|---|---|---|
| 2019-08-01 | change of ownership | Clear Lake Institute For... | Clear Lake Rehabilitation Hospital, Llc |
| 2019-08-01 | acquisition/merger | Clear Lake Institute For... | Triumph Rehabilitation... |
Who has been buying in TX
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 |
|---|---|---|---|---|
| 2023-03-01 | Crh Of Temple Llc | Everest Rehabilitation Hospital Temple Llc | Temple Rehabilitation Hospital | 36 |
| 2023-03-01 | Crh Of Longview Llc | Everest Rehabilitation Hospital... | Longview Rehabilitation Hospital | 36 |
| 2021-12-30 | Pam Health Rehabilitation Hospital... | Apollo Rehab Hospital Llc | Pam Health Rehab Hosp Of Sugar Land | 41 |
| 2019-08-01 | Clear Lake Institute For Rehabilitation Llc | Clear Lake Rehabilitation Hospital, Llc | Bay Area Rehab Hospital | 151 |
| 2019-08-01 | Clear Lake Institute For Rehabilitation Llc | Triumph Rehabilitation Hospital Of... | Bay Area Rehab Hospital | 151 |
| 2016-06-01 | Pam Squared At Beaumont Llc | Healthsouth Rehabilitation... | Pam Squared At Beaumont | 61 |