Milford Regional Medical Center Inc
- Assets
- $240.5m
- Revenue
- $296.7m
- Investments
- $580.5k
- Employees
- 2,117
- Location
- Milford, MA
- Founding
- 04/1937
- Data as of
- 09/2023
- EIN
- 04-2103602
Organization Overview
Milford Regional Medical Center Inc is located in Milford, MA. The organization was established in 1937. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2023, Milford Regional Medical Center Inc employed 2,117 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milford Regional Medical Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Milford Regional Medical Center Inc generated $296.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $294.6m during the year ending 09/2023. While expenses have increased by 4.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MILFORD REGIONAL MEDICAL CENTER INC'S MISSION STATEMENT IS TO PROVIDE QUALITY HEALTHCARE SERVICES TO OUR COMMUNITY WITH DIGNITY, COMPASSION, AND RESPECT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A FULL-SERVICE, COMMUNITY AND REGIONAL TEACHING HOSPITAL, MILFORD REGIONAL IS A 148-BED, NONPROFIT, ACUTE-CARE FACILITY SERVING A REGION OF 20-PLUS TOWNS IN CENTRAL MASSACHUSETTS. WITH OVER 300 PRIMARY CARE AND SPECIALTY PHYSICIANS ON THE MEDICAL STAFF, OUR PHYSICIANS ARE SKILLED IN THE MOST ADVANCED PROCEDURES AND TECHNOLOGY, AND PROVIDE PERSONALIZED PATIENT CARE IN A WARM AND CARING ENVIRONMENT. MANY HOLD TEACHING APPOINTMENTS AT NEW ENGLAND'S FINEST MEDICAL SCHOOLS PREPARING THE DOCTORS OF TOMORROW. IN FY2023, MILFORD REGIONAL PROVIDED OVER 58,000 VISITS IN ITS 52-BED EMERGENCY DEPARTMENT. IN ADDITION, MILFORD REGIONAL TREATS 667 PATIENTS IN ITS 10-BED ICU. FURTHERMORE, PATIENTS BENEFIT FROM OUR PATIENT CARE CENTER WHICH INCLUDES EIGHT STATE-OF-THE-ART OPERATING SUITES, CONSOLIDATED SURGICAL SERVICES (INCLUDING ADMITTING AND PRE-ADMISSION TESTING) AND MEDICAL/SURGICAL FLOORS WITH PRIVATE ROOMS, MANY WITH ADVANCED PATIENT MONITORING CAPABILITIES. OUR FOURTH FLOOR HOUSES 15 PRIVATE ROOMS DESIGNED FOR THE NEEDS OF CANCER AND PALLIATIVE CARE PATIENTS. OUR MATERNITY CENTER OFFERS HOME-LIKE LDRP (LABOR, DELIVERY, RECOVERY, POSTPARTUM) ROOMS, AS WELL AS A NEW 1B CONTINUING CARE NURSERY THAT ACCOMMODATES THE EXTRA CARE, COMFORT AND NEEDS OF LATE PRETERM BABIES AT 35 WEEKS AND BEYOND, AS WELL AS THOSE WITH HEALTH ISSUES. MILFORD REGIONAL'S PARTNERSHIPS WITH WORLD LEADERS IN HEALTHCARE INCLUDE OUR 54,000 SQUARE FOOT CANCER CENTER WHICH PROVIDES COMPREHENSIVE CANCER SERVICES (INCLUDING RADIATION THERAPY) WITH DANA-FARBER/BRIGHAM AND WOMEN'S CANCER CENTER, AS WELL AS STRONG PARTNERSHIPS WITH BRIGHAM AND WOMEN'S HOSPITAL, BOSTON CHILDREN'S HOSPITAL AND UMASS MEMORIAL HEALTH CARE.
A FULL-SERVICE, COMMUNITY AND REGIONAL TEACHING HOSPITAL, MILFORD REGIONAL IS A 148-BED, NONPROFIT, ACUTE-CARE FACILITY SERVING A REGION OF 20-PLUS TOWNS IN CENTRAL MASSACHUSETTS. WITH OVER 300 PRIMARY CARE AND SPECIALTY PHYSICIANS ON THE MEDICAL STAFF, OUR PHYSICIANS ARE SKILLED IN THE MOST ADVANCED PROCEDURES AND TECHNOLOGY, AND PROVIDE PERSONALIZED PATIENT CARE IN A WARM AND CARING ENVIRONMENT. MANY HOLD TEACHING APPOINTMENTS AT NEW ENGLAND'S FINEST MEDICAL SCHOOLS PREPARING THE DOCTORS OF TOMORROW. IN FY2023, MILFORD REGIONAL PROVIDED OVER 58,000 VISITS IN ITS 52-BED EMERGENCY DEPARTMENT. IN ADDITION, MILFORD REGIONAL TREATS 667 PATIENTS IN ITS 10-BED ICU. FURTHERMORE, PATIENTS BENEFIT FROM OUR PATIENT CARE CENTER WHICH INCLUDES EIGHT STATE-OF-THE-ART OPERATING SUITES, CONSOLIDATED SURGICAL SERVICES (INCLUDING ADMITTING AND PRE-ADMISSION TESTING) AND MEDICAL/SURGICAL FLOORS WITH PRIVATE ROOMS, MANY WITH ADVANCED PATIENT MONITORING CAPABILITIES. OUR FOURTH FLOOR HOUSES 15 PRIVATE ROOMS DESIGNED FOR THE NEEDS OF CANCER AND PALLIATIVE CARE PATIENTS. OUR MATERNITY CENTER OFFERS HOME-LIKE LDRP (LABOR, DELIVERY, RECOVERY, POSTPARTUM) ROOMS, AS WELL AS A NEW 1B CONTINUING CARE NURSERY THAT ACCOMMODATES THE EXTRA CARE, COMFORT AND NEEDS OF LATE PRETERM BABIES AT 35 WEEKS AND BEYOND, AS WELL AS THOSE WITH HEALTH ISSUES. MILFORD REGIONAL'S PARTNERSHIPS WITH WORLD LEADERS IN HEALTHCARE INCLUDE OUR 54,000 SQUARE FOOT CANCER CENTER WHICH PROVIDES COMPREHENSIVE CANCER SERVICES (INCLUDING RADIATION THERAPY) WITH DANA-FARBER/BRIGHAM AND WOMEN'S CANCER CENTER, AS WELL AS STRONG PARTNERSHIPS WITH BRIGHAM AND WOMEN'S HOSPITAL, BOSTON CHILDREN'S HOSPITAL AND UMASS MEMORIAL HEALTH CARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Kelly President And CEO | Officer | 40 | $1,121,294 |
Peter Smulowitz Chief Medical Officer | Officer | 40 | $557,033 |
Nicole Thyne Executive VP And Chief Operating Officer | Officer | 40 | $553,109 |
Diana Caragacianu MD Trustee | Trustee | 1 | $0 |
Richard Daly MD Trustee | Trustee | 1 | $0 |
Bert Thurlo-Walsh Chief Quality Officer | Officer | 40 | $367,748 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alliance Healthcare Services Mri Services/pet Services | 9/29/23 | $4,653,161 |
University Of Massachusetts Physician Services | 9/29/23 | $2,077,721 |
Brigham & Women's Physician Organization Leased Employee Services | 9/29/23 | $1,239,355 |
Laboratory Corporation Of America Laboratory Supprt | 9/29/23 | $962,187 |
Umass Memorial Medical Group Physician Services | 9/29/23 | $936,838 |
Alliance Healthcare Services Mri Services/pet Services | 9/29/23 | $4,653,161 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $360,900 |
| Related organizations | $0 |
| Government grants | $4,010,810 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,000,648 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,372,358 |
| Total Program Service Revenue | $277,120,988 |
| Investment income | $2,323,498 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,703,151 |
| Net Income from Fundraising Events | -$333,190 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $296,685,780 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,211,808 |
| Compensation of current officers, directors, key employees. | $1,211,808 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $118,866,786 |
| Pension plan accruals and contributions | $2,098,869 |
| Other employee benefits | $16,732,805 |
| Payroll taxes | $9,554,994 |
| Fees for services: Management | $2,797,539 |
| Fees for services: Legal | $396,980 |
| Fees for services: Accounting | $96,773 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $127,489 |
| Office expenses | $62,267,850 |
| Information technology | $4,471,379 |
| Royalties | $0 |
| Occupancy | $12,117,421 |
| Travel | $32,878 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,322,199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,533,859 |
| Insurance | $1,638,692 |
| All other expenses | $0 |
| Total functional expenses | $294,602,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,340 |
| Savings and temporary cash investments | $41,385,151 |
| Pledges and grants receivable | $1,165,735 |
| Accounts receivable, net | $29,530,891 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,621,806 |
| Prepaid expenses and deferred charges | $4,517,209 |
| Net Land, buildings, and equipment | $130,823,868 |
| Investments—publicly traded securities | $4,824,555 |
| Investments—other securities | $580,464 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,080,440 |
| Total assets | $240,533,459 |
| Accounts payable and accrued expenses | $29,863,637 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $99,395,285 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,096,229 |
| Total liabilities | $148,355,151 |
| Net assets without donor restrictions | $85,502,739 |
| Net assets with donor restrictions | $6,675,569 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $240,533,459 |