Medical Facilities Corporation

Health System with 2 hospitals across 2 states

Health System Overview

Health SystemMedical Facilities Corporation
Total Hospitals2
Commercial/Acute Hospitals2
Total Beds58
Commercial/Acute Beds58
HeadquartersSioux Falls, SD
Websitemedicalfacilitiescorp.ca

Hospitals by Type

Acute Care Hospital
2 hospitals
100% of health system

Teaching Status

0%
Teaching
Teaching Hospitals:
Non-Teaching Hospitals: 2
Teaching hospitals serve as educational institutions for medical professionals while providing patient care.

Hospital Locations

Hospitals in this Health System

HospitalTypeBedsTeachingRecently Joined
Oklahoma Spine HospitalAcute Care Hospital25NoNo
Sioux Falls Specialty HospitalAcute Care Hospital33NoNo

Recent News

2025-05-15
The City of Sioux Falls has renewed its partnership with South Dakota Urban Indian Health, ensuring the continuation of street outreach services to the city's homeless population [24]. The Wóokiye project, part of Urban Indian Health, offers primary healthcare, behavioral health, and cultural health services to homeless individuals in Sioux Falls and Pierre [24]. The project helped over 200 people last year, placing 20 in housing [24]. The outreach team connects people to social services and provides an alternative to calling the police for low-risk, non-emergency calls [24].
2025-05-08
Medical Facilities Corporation announced its first quarter results for 2025 [3, 9]. Facility service revenue remained relatively flat at $81.7 million, despite one less surgical day compared to Q1 2024 [3, 9]. Surgical cases increased by 2.2% [3, 9]. Income from operations was flat year-over-year at $13.0 million [3, 9]. EBITDA increased 0.7% to $17.3 million [3, 9]. The company returned $44.3 million to shareholders through the purchase of 3,374,313 common shares through its substantial issuer bid (SIB) and an additional 182,600 common shares under its normal course issuer bid (NCIB) [3, 9]. The consolidated cash balance at the quarter end remained strong at $65.7 million [3, 9]. During the quarter, MFC paid a quarterly cash dividend of C$0.09 per common share, or C$0.36 per share on an annualized basis, representing an annualized yield of 2.15% on the March 31, 2025, closing price of C$16.71 per common share [3].
2025-05-08
Medical Facilities Corporation (MFC) reported its first quarter results for 2025, noting that facility service revenue remained relatively flat at $81.7 million, despite one less surgical day [7]. Surgical cases increased by 2.2% [7]. Income from operations was flat year-over-year at $13.0 million, and EBITDA increased 0.7% to $17.3 million [7]. MFC returned $44.3 million to shareholders through the purchase of 3,374,313 common shares through its substantial issuer bid (SIB) and an additional 182,600 common shares under its normal course issuer bid (NCIB) [7]. The consolidated cash balance at the end of the quarter was $65.7 million [7].
2025-05-08
Medical Facilities Corporation (MFC) announced a cash dividend payment of Cdn $0.09 per common share, payable on July 15, 2025, to holders of record on June 30, 2025 [13]. MFC designates this dividend as an "eligible dividend" under the Income Tax Act (Canada) [13]. Medical Facilities, in partnership with physicians, owns surgical facilities in the United States, including specialty surgical hospitals in Arkansas, Oklahoma, and South Dakota, and an ambulatory surgery center (ASC) in California [13]. These facilities perform scheduled surgical, imaging, diagnostic, and other procedures, deriving revenue from facility fees [13].
2025-04-30
Avera Health and Owens & Minor Inc. have opened a new integrated service center at Foundation Park in Sioux Falls [11]. The 330,000-square-foot building will serve as a hub for managing and coordinating medical supply logistics [11]. Owens & Minor is leasing more than 170,000 square feet and expects to employ about 50 people [11]. Avera will occupy about 155,000 square feet and is phasing in operations [11]. The facility will distribute essential medical and surgical products to healthcare organizations across a five-state region [11]. The new facility will allow Avera to streamline medication distribution, allowing pharmacists more time for direct patient care and optimizing therapy outcomes, and will allow for bulk purchasing and anticipatory purchasing of pharmaceuticals [11].

Executive Leadership

Jason Redman

President and Chief Executive Officer

Has over 20 years experience in operations and financial management. [3] His recent executive leadership experience includes roles as Chief Financial Officer at Newstrike Brands Ltd., Chief Financial Officer at SiriusXM Canada, and President at Armtec Infrastructure Inc. [8, 14] Led the execution of MFC's updated corporate strategy, including the successful divestiture of non-core assets, realization of overhead cost reductions, and a significant return of capital to shareholders since being appointed interim CEO in October 2022. [14]

David Watson

Chief Financial Officer

David Watson is the Chief Financial Officer at Medical Facilities Corporation. He has 30 years of financial and accounting experience, primarily in multi-site and multi-state U.S. healthcare and institutional operations. Prior to joining Medical Facilities Corporation in June 2019, he served as CFO for Clearway Pain Solutions Institute. From 2011 to 2015, Watson was the Senior Vice President and Chief Financial Officer for National Surgical Hospitals. His experience includes accounting and financial reporting, mergers and acquisitions, scaling organizations for growth, and navigating capital markets. Watson holds a Bachelor of Arts degree in Economics from the University of Virginia and an MBA in Accounting from Rutgers – The State University of New Jersey.

Adina Storch

Chair of the Board

Seasoned attorney. [2] Appointed as the new independent Chair of the Board. [7]

Michael V. Gisser

Board member

Experienced executive and advisor. [2] Formerly served as Chair of the Board. [7, 14]

Jeremy Klaperman

Board member, Chair of the Audit Committee

Seasoned finance leader. [2] Brings extensive financial acumen and C-suite and board leadership experience. [11]

Peter Brimm

Board member, Audit Committee member

Accomplished executive with experience in strategy, operations, and capital allocation. [2] Brings extensive financial acumen and C-suite and board leadership experience. [11]