Lahey Clinic Inc
- Assets
- $265.9m
- Revenue
- $337.3m
- Investments
- $19.5m
- Employees
- 1,658
- Location
- Burlington, MA
- Founding
- 10/1994
- Data as of
- 09/2023
- EIN
- 04-2704683
Organization Overview
Lahey Clinic Inc is located in Burlington, MA. The organization was established in 1994. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. As of 09/2023, Lahey Clinic Inc employed 1,658 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lahey Clinic 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, Lahey Clinic Inc generated $337.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $412.5m during the year ending 09/2023. While expenses have increased by 2.5% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
OVERALL FOCUS AND EMERGENCY CARESEE SCHEDULE O
ANCILLARY SERVICES: RADIOLOGY, DIAGNOSTIC CARE AND TREATMENTSEE SCHEDULE O
GENERAL MEDICINE PRIMARY CARE AND ENDOSCOPYSEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tabb MD Kevin Ttee (ex Officio) & CEO (ex-Off) | OfficerTrustee | 1 | $0 |
Longworth MD David Trustee (ex-Officio) & President | OfficerTrustee | 29 | $0 |
Mourtzinos MD Arthur P Trustee; Urologist | Trustee | 55 | $748,389 |
Hunter MD Alice A Trustee; Orthopaedic Surgeon | Trustee | 55 | $513,964 |
Sorcini MD Andrea P Ttee (ex-Off); Msa Pres & Urologist | Trustee | 55 | $467,162 |
Srinivasan MD Jayashri Trustee; Division Chair Neurology | Trustee | 30 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beth Israel Lahey Health Mgmt. & Operational Services | 9/29/23 | $21,819,978 |
Medicus Anesthesia Services Llc Medical Supplies And Staffing Services | 9/29/23 | $4,978,870 |
The Risk Management Foundation Risk Management Services | 9/29/23 | $1,009,221 |
Cardinal Health Medical Supplies And Products Services | 9/29/23 | $732,141 |
Relatecare Llc Consulting Services | 9/29/23 | $568,185 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $315,685 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,484,156 |
| Noncash contributions included in lines 1a–1f | $60,350 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,799,841 |
| Total Program Service Revenue | $324,509,080 |
| Investment income | $107,053 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$101,136 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $337,273,093 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $69,895 |
| 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. | $4,444,659 |
| Compensation of current officers, directors, key employees. | $140,720 |
| Compensation to disqualified persons | $1,095,980 |
| Other salaries and wages | $327,900,671 |
| Pension plan accruals and contributions | $4,393,460 |
| Other employee benefits | $23,733,554 |
| Payroll taxes | $16,176,118 |
| Fees for services: Management | $5,121,821 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,577,869 |
| Advertising and promotion | $0 |
| Office expenses | $73,970 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,456,531 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $189,014 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,983,692 |
| Insurance | $6,453,096 |
| All other expenses | $5,029,457 |
| Total functional expenses | $412,489,983 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $114,759 |
| Savings and temporary cash investments | $22,976,546 |
| Pledges and grants receivable | $15,393,864 |
| Accounts receivable, net | $32,023,672 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,688,252 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $66,934,419 |
| Investments—other securities | $19,454,157 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $107,312,056 |
| Total assets | $265,897,725 |
| Accounts payable and accrued expenses | $79,187,656 |
| Grants payable | $0 |
| Deferred revenue | $9,815,684 |
| Tax-exempt bond liabilities | $0 |
| 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 | $107,128,323 |
| Total liabilities | $196,131,663 |
| Net assets without donor restrictions | $4,751,967 |
| Net assets with donor restrictions | $65,014,095 |
| 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 | $265,897,725 |
Grants Awarded
Over the last fiscal year, Lahey Clinic Inc has awarded $69,895 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ATRIUM HEALTH PURPOSE: RESEARCH | $26,000 |
INDIANA UNIVERSITY PURPOSE: RESEARCH | $26,000 |
MASSACHUSETTS GENERAL PHYSICIANS ORG INC PURPOSE: RESEARCH | $17,895 |