Lahey Health Shared Services Inc
- Assets
- $44.7m
- Revenue
- $10.1m
- Investments
- $120.0k
- Employees
- 1,066
- Location
- Burlington, MA
- Founding
- 02/1994
- Data as of
- 09/2023
- EIN
- 04-3178972
Organization Overview
Lahey Health Shared Services Inc is located in Burlington, MA. The organization was established in 1994. According to its NTEE Classification (E90) the organization is classified as: Nursing, under the broad grouping of Health Care and related organizations. As of 09/2023, Lahey Health Shared Services Inc employed 1,066 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lahey Health Shared Services 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 Health Shared Services Inc generated $10.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (30.7%) each year. All expenses for the organization totaled $9.2m during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (32.0%) per year over the past 8 years. 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:
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tabb MD Kevin Ttee, Chair, Pres & CEO (ex-Off) | OfficerTrustee | 1 | $0 |
Kerndl John Ttee & Treas (ex-Off) (evp/cfo,bilh) | OfficerTrustee | 1 | $0 |
Rios Cindy Ttee, Treas (ex-Off) (int Cfo, Bilh) | OfficerTrustee | 1 | $0 |
Katz ESQ Jamie Trustee And Clerk (ex-Officio) | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beth Israel Lahey Health Inc Management And Operational Services | 9/29/23 | $11,957,732 |
Bca Financial Services Inc Billing Services | 9/29/23 | $3,367,896 |
Cardinal Health Medical Services | 9/29/23 | $2,002,869 |
Healthcare Workforce Logistics Llc (Hwl) Staffing Services | 9/29/23 | $1,754,426 |
National Economic Research Associates In Consulting Services | 9/29/23 | $1,478,710 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,235,402 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,102,180 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $467,515 |
| Other salaries and wages | $7,377,116 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,146 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,077 |
| All other expenses | $2,595 |
| Total functional expenses | $9,236,681 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$994,559 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,034,519 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,803,327 |
| Prepaid expenses and deferred charges | $25,291 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $120,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $39,685,727 |
| Total assets | $44,674,305 |
| Accounts payable and accrued expenses | $14,264,253 |
| Grants payable | $0 |
| Deferred revenue | $7,840 |
| 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 | $30,403,292 |
| Total liabilities | $44,675,385 |
| Net assets without donor restrictions | -$1,080 |
| Net assets with donor restrictions | $0 |
| 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 | $44,674,305 |