{
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  "canonicalName": "INOVA LOUDOUN HOSPITAL",
  "status": "signal",
  "statusLabel": "Documented investment signal",
  "summary": "INOVA LOUDOUN HOSPITAL appears in the source tracker as a venture-backed investment signal. This dossier does not classify that signal as completed private-equity ownership.",
  "lastReviewed": "2026-06-22",
  "review": {
    "reviewer": "Automated CMS/PESP reconciliation with editorial publication gate",
    "evidence_grade": "government-corroborated",
    "confidence": "medium",
    "source_count": 6,
    "ownership_source_count": 2,
    "identity_match_method": "CCN exact match",
    "publication_decision": "Meets the Phase 3 publication standard for its displayed status"
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        "alias": "INOVA LOUDOUN HOSPITAL",
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      "effective_date": "",
      "end_date": "",
      "announcement_date": "",
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      "confidence": "medium",
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      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "CHRISTOPHER SMITH",
      "role": "W-2 MANAGING EMPLOYEE",
      "association_date": "07/14/2019",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "JOHN GAUL",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2012",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "LESLEY KALAN",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2022",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "PAUL MISENER",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2025",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "TRACY BISH",
      "role": "W-2 MANAGING EMPLOYEE",
      "association_date": "01/01/2006",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "NAZZIC KEENE",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2021",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "CRAIG ALBERT",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2025",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "OLIN MCCLAIN",
      "role": "W-2 MANAGING EMPLOYEE",
      "association_date": "11/01/2018",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "JEAN STACK",
      "role": "CORPORATE DIRECTOR",
      "association_date": "01/01/2023",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    },
    {
      "organization": "FILIZ GREENBERG",
      "role": "W-2 MANAGING EMPLOYEE",
      "association_date": "01/05/2025",
      "percentage_ownership": "",
      "investment_firm": false,
      "private_equity_company": false,
      "holding_company": false,
      "management_services_company": false,
      "medical_staffing_company": false
    }
  ],
  "directConnections": [
    "Reported parent system or portfolio company: Inova."
  ],
  "actions": [],
  "contradictions": [],
  "limitations": [
    "The investment signal does not establish completed private-equity ownership or a pending sale."
  ],
  "unavailableFields": [
    "Precise acquisition date"
  ],
  "sources": [
    {
      "source_id": "source-hifld-hospitals",
      "title": "Hospitals RAPT",
      "publisher": "Homeland Infrastructure Foundation-Level Data",
      "publication_date": "current public layer",
      "retrieved_at": "2026-06-22",
      "url": "https://hifld-geoplatform.hub.arcgis.com/datasets/geoplatform::hospitals/about",
      "reliability_tier": "government",
      "research_note": "Used for facility location and basic identity context; it does not establish private-equity ownership.",
      "source_type": "public_record"
    },
    {
      "source_id": "source-pesp-hospital-tracker",
      "title": "Private Equity Hospital Tracker",
      "publisher": "Private Equity Stakeholder Project",
      "publication_date": "2026-04-03 snapshot",
      "retrieved_at": "2026-06-22",
      "url": "https://pestakeholder.org/private-equity-hospital-tracker/",
      "reliability_tier": "research",
      "research_note": "Discovery and ownership-chain baseline. A red public status also requires independent corroboration in this dossier.",
      "source_type": "public_record"
    },
    {
      "source_id": "source-cms-hospital-enrollments",
      "title": "Hospital Enrollments",
      "publisher": "Centers for Medicare & Medicaid Services",
      "publication_date": "2026-05-01",
      "retrieved_at": "2026-06-22",
      "url": "https://data.cms.gov/provider-characteristics/hospitals-and-other-facilities/hospital-enrollments",
      "reliability_tier": "government",
      "research_note": "Used to corroborate current enrollment identity, legal name, DBA, CCN, NPI, and location.",
      "source_type": "public_record"
    },
    {
      "source_id": "source-cms-hospital-all-owners",
      "title": "Hospital All Owners",
      "publisher": "Centers for Medicare & Medicaid Services",
      "publication_date": "2026-05-01",
      "retrieved_at": "2026-06-22",
      "url": "https://data.cms.gov/provider-characteristics/hospitals-and-other-facilities/hospital-all-owners",
      "reliability_tier": "government",
      "research_note": "Used to corroborate direct or indirect ownership, control, holding-company, investment-firm, and security-interest records.",
      "source_type": "public_record"
    },
    {
      "source_id": "source-cms-hcris",
      "title": "Hospital Provider Cost Reports",
      "publisher": "Centers for Medicare & Medicaid Services",
      "publication_date": "2015–2024",
      "retrieved_at": "2026-06-22",
      "url": "https://data.cms.gov/provider-compliance/cost-reports/hospital-provider-cost-report",
      "reliability_tier": "government",
      "research_note": "Financial, staffing, and utilization values. These descriptive measures do not establish causation.",
      "source_type": "public_record"
    },
    {
      "source_id": "source-cms-care-compare",
      "title": "Hospital General Information",
      "publisher": "Centers for Medicare & Medicaid Services",
      "publication_date": "2026",
      "retrieved_at": "2026-06-22",
      "url": "https://data.cms.gov/provider-data/dataset/xubh-q36u",
      "reliability_tier": "government",
      "research_note": "Used for current facility identity, hospital type, ownership category, and overall rating when available.",
      "source_type": "public_record"
    }
  ],
  "ownershipChain": {
    "model": "Sponsor, operator, CMS legal-owner/control records, and facility are shown as separate evidence layers.",
    "confidence": "medium",
    "nodes": [
      {
        "id": "facility:490043",
        "label": "INOVA LOUDOUN HOSPITAL",
        "kind": "hospital",
        "evidence": "public facility record"
      },
      {
        "id": "organization:inova-health-systems-foundation",
        "label": "INOVA HEALTH SYSTEMS FOUNDATION",
        "kind": "portfolio_company_or_operator",
        "evidence": "research tracker or primary organizational source"
      },
      {
        "id": "cms-owner:madeline-erario:0",
        "label": "MADELINE ERARIO",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:bruce-caswell:1",
        "label": "BRUCE CASWELL",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:timothy-gillis:2",
        "label": "TIMOTHY GILLIS",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:inova-health-systems-foundation:3",
        "label": "INOVA HEALTH SYSTEMS FOUNDATION",
        "kind": "cms_owner_or_controller",
        "evidence": "5% OR GREATER DIRECT OWNERSHIP INTEREST"
      },
      {
        "id": "cms-owner:ricardo-talento:4",
        "label": "RICARDO TALENTO",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE OFFICER"
      },
      {
        "id": "cms-owner:terri-mcclements:5",
        "label": "TERRI MCCLEMENTS",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:jeffrey-mckay:6",
        "label": "JEFFREY MCKAY",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:jace-jones:7",
        "label": "JACE JONES",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE OFFICER"
      },
      {
        "id": "cms-owner:renee-desilva:8",
        "label": "RENEE DESILVA",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:eliot-fredd:9",
        "label": "ELIOT FREDD",
        "kind": "cms_owner_or_controller",
        "evidence": "W-2 MANAGING EMPLOYEE"
      },
      {
        "id": "cms-owner:toni-ardabell:10",
        "label": "TONI ARDABELL",
        "kind": "cms_owner_or_controller",
        "evidence": "W-2 MANAGING EMPLOYEE"
      },
      {
        "id": "cms-owner:kathryn-falk:11",
        "label": "KATHRYN FALK",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:maureen-sintich:12",
        "label": "MAUREEN SINTICH",
        "kind": "cms_owner_or_controller",
        "evidence": "W-2 MANAGING EMPLOYEE"
      },
      {
        "id": "cms-owner:jill-duncan:13",
        "label": "JILL DUNCAN",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE DIRECTOR"
      },
      {
        "id": "cms-owner:christopher-smith:14",
        "label": "CHRISTOPHER SMITH",
        "kind": "cms_owner_or_controller",
        "evidence": "CORPORATE OFFICER"
      },
      {
        "id": "cms-owner:christopher-smith:15",
        "label": "CHRISTOPHER SMITH",
        "kind": "cms_owner_or_controller",
        "evidence": "W-2 MANAGING EMPLOYEE"
      }
    ],
    "edges": [
      {
        "id": "organization:inova-health-systems-foundation->facility:490043",
        "from": "organization:inova-health-systems-foundation",
        "to": "facility:490043",
        "relationship": "reported ownership or operating chain",
        "confidence": "medium",
        "sourceIds": [
          "source-cms-hospital-all-owners",
          "source-pesp-hospital-tracker"
        ],
        "note": "The platform attribution comes from the research tracker and is displayed separately from CMS legal-owner rows."
      },
      {
        "id": "cms-owner:madeline-erario:0->facility:490043",
        "from": "cms-owner:madeline-erario:0",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2021"
      },
      {
        "id": "cms-owner:bruce-caswell:1->facility:490043",
        "from": "cms-owner:bruce-caswell:1",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2025"
      },
      {
        "id": "cms-owner:timothy-gillis:2->facility:490043",
        "from": "cms-owner:timothy-gillis:2",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2025"
      },
      {
        "id": "cms-owner:inova-health-systems-foundation:3->facility:490043",
        "from": "cms-owner:inova-health-systems-foundation:3",
        "to": "facility:490043",
        "relationship": "owns an interest in",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "5% OR GREATER DIRECT OWNERSHIP INTEREST · 100% reported ownership · associated 01/01/2020"
      },
      {
        "id": "cms-owner:ricardo-talento:4->facility:490043",
        "from": "cms-owner:ricardo-talento:4",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE OFFICER · associated 05/04/2024"
      },
      {
        "id": "cms-owner:terri-mcclements:5->facility:490043",
        "from": "cms-owner:terri-mcclements:5",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2025"
      },
      {
        "id": "cms-owner:jeffrey-mckay:6->facility:490043",
        "from": "cms-owner:jeffrey-mckay:6",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2025"
      },
      {
        "id": "cms-owner:jace-jones:7->facility:490043",
        "from": "cms-owner:jace-jones:7",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE OFFICER · associated 04/09/2018"
      },
      {
        "id": "cms-owner:renee-desilva:8->facility:490043",
        "from": "cms-owner:renee-desilva:8",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2021"
      },
      {
        "id": "cms-owner:eliot-fredd:9->facility:490043",
        "from": "cms-owner:eliot-fredd:9",
        "to": "facility:490043",
        "relationship": "is associated with",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "W-2 MANAGING EMPLOYEE · associated 11/18/2024"
      },
      {
        "id": "cms-owner:toni-ardabell:10->facility:490043",
        "from": "cms-owner:toni-ardabell:10",
        "to": "facility:490043",
        "relationship": "is associated with",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "W-2 MANAGING EMPLOYEE · associated 07/22/2019"
      },
      {
        "id": "cms-owner:kathryn-falk:11->facility:490043",
        "from": "cms-owner:kathryn-falk:11",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2022"
      },
      {
        "id": "cms-owner:maureen-sintich:12->facility:490043",
        "from": "cms-owner:maureen-sintich:12",
        "to": "facility:490043",
        "relationship": "is associated with",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "W-2 MANAGING EMPLOYEE · associated 07/01/2019"
      },
      {
        "id": "cms-owner:jill-duncan:13->facility:490043",
        "from": "cms-owner:jill-duncan:13",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE DIRECTOR · associated 01/01/2021"
      },
      {
        "id": "cms-owner:christopher-smith:14->facility:490043",
        "from": "cms-owner:christopher-smith:14",
        "to": "facility:490043",
        "relationship": "governs",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "CORPORATE OFFICER · associated 01/01/2022"
      },
      {
        "id": "cms-owner:christopher-smith:15->facility:490043",
        "from": "cms-owner:christopher-smith:15",
        "to": "facility:490043",
        "relationship": "is associated with",
        "confidence": "high",
        "sourceIds": [
          "source-cms-hospital-all-owners"
        ],
        "note": "W-2 MANAGING EMPLOYEE · associated 07/14/2019"
      }
    ],
    "caveats": [
      "CMS owner rows establish enrolled legal ownership or control roles; they do not always name the ultimate financial sponsor."
    ]
  },
  "descriptiveTrends": [
    {
      "metric": "net_patient_revenue",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 467002312,
      "latestValue": 530668170,
      "absoluteChange": 63665858,
      "percentChange": 13.632878545577737,
      "unit": "USD"
    },
    {
      "metric": "operating_expense",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 423327679,
      "latestValue": 358260854,
      "absoluteChange": -65066825,
      "percentChange": -15.370321438395715,
      "unit": "USD"
    },
    {
      "metric": "net_income",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 75477368,
      "latestValue": 195484416,
      "absoluteChange": 120007048,
      "percentChange": 158.99739376179625,
      "unit": "USD"
    },
    {
      "metric": "total_assets",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 1371665000,
      "latestValue": 2569541832,
      "absoluteChange": 1197876832,
      "percentChange": 87.33013031607571,
      "unit": "USD"
    },
    {
      "metric": "total_liabilities",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 425005952,
      "latestValue": 1306309513,
      "absoluteChange": 881303561,
      "percentChange": 207.36263971192574,
      "unit": "USD"
    },
    {
      "metric": "contract_labor_direct_patient_care",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 10991065,
      "latestValue": 5521401,
      "absoluteChange": -5469664,
      "percentChange": -49.764640642194365,
      "unit": "USD"
    },
    {
      "metric": "fte_employees",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 1195.9,
      "latestValue": 1430.93,
      "absoluteChange": 235.02999999999997,
      "percentChange": 19.6529810184798,
      "unit": "FTE"
    },
    {
      "metric": "beds",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 189,
      "latestValue": 189,
      "absoluteChange": 0,
      "percentChange": 0,
      "unit": "beds"
    },
    {
      "metric": "patient_days",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 59275,
      "latestValue": 59038,
      "absoluteChange": -237,
      "percentChange": -0.3998312948123155,
      "unit": "days"
    },
    {
      "metric": "discharges",
      "earliestPeriod": "12/31/2021",
      "latestPeriod": "12/31/2023",
      "earliestValue": 13803,
      "latestValue": 13616,
      "absoluteChange": -187,
      "percentChange": -1.3547779468231542,
      "unit": "discharges"
    }
  ]
}
