Healthfirst Phsp Inc
- Assets
- $4.4b
- Revenue
- $12.1b
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 11/1995
- Data as of
- 12/2023
- EIN
- 13-3783732
Organization Overview
Healthfirst Phsp Inc is located in New York, NY. The organization was established in 1995. According to its NTEE Classification (E31) the organization is classified as: Group Health Practices, under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Healthfirst Phsp 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 12/2023, Healthfirst Phsp Inc generated $12.1b in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $11.9b during the year ending 12/2023. While expenses have increased by 9.9% per year over the past 9 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
IMPROVE THE HEALTH & WELL-BEING OF UNDER- SERVED POPULATIONS BY PROVIDING GOV'T PURCHASED PREPAID HEALTHCARE COVERAGE TO INDIVIDUALS COVERED UNDER MEDICAID AND OTHER HEALTH PROGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAID MANAGED CARE: HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. PHSP HAS PARTICIPATED IN NEW YORK'S MEDICAID PROGRAM SINCE OCTOBER 1994. FOR 2023 THERE WERE 1,501,974 MEMBERS ENROLLED IN PHSP'S MEDICAID PLAN.
HEALTH AND RECOVERY PLAN (HARP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO MEDICAID ELIGIBLE INDIVIDUALS THAT HAVE SERIOUS BEHAVIORAL HEALTH DIAGNOSES. THE HARP PROGRAM WAS INTRODUCED IN 2015 AND IS A MANAGED CARE PROGRAM WITHIN MEDICAID. FOR 2023 THERE WERE 38,111 MEMBERS ENROLLED IN PHSP'S HARP PROGRAM.
ESSENTIAL PLAN (EP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. EP IS A PROGRAM WHICH COVERS INDIVIDUALS WHO WOULD OTHERWISE BE ELIGIBLE FOR EITHER CERTAIN CATEGORIES OF EXPANDED MEDICAID COVERAGE OR SIGNIFICANT SUBSIDIES FOR QUALIFIED HEALTH PLAN (QHP) FOR LITTLE OR NO MEMBER CONTRIBUTION. FOR 2023 THERE WERE 389,630 MEMBERS ENROLLED IN PHSP'S EP PLAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia J Wang President And CEO | Officer | 1 | $0 |
John J Bermel Chief Financial Officer | Officer | 1 | $0 |
Gerald T Sweeney SVP Chief Information Officer | 1 | $0 | |
Linda Tiano Clo/secretary Ending 6/2023 | OfficerTrustee | 1 | $0 |
Sean Kane Chief Hr Officer | 1 | $0 | |
Jay A Schechtman Chief Medical Officer | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nyc Health And Hospital Corp Medical/hospital | 12/30/23 | $808,940,857 |
Montefiore Medical Center Medical/hospital | 12/30/23 | $554,354,223 |
Ny Presbyterian Hosp-columbia Medical/hospital | 12/30/23 | $600,567,217 |
Nyu Lutheran Family Health Center Medical/hospital | 12/30/23 | $247,281,969 |
Cvs Pharmacy Inc Pharmacy | 12/30/23 | $993,104,830 |
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 | $11,964,710,733 |
| Investment income | $138,552,334 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$17,585,628 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,085,677,439 |
| 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 | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $675,595,279 |
| 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 | $6,887,832 |
| Advertising and promotion | $10,331,152 |
| Office expenses | $13,763,639 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,552,876 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $734,421 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,924,402,575 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,331,683,455 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $924,223,904 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,066,579,401 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $38,723,586 |
| Other assets | $8,460,307 |
| Total assets | $4,369,670,653 |
| Accounts payable and accrued expenses | $2,564,410,958 |
| Grants payable | $0 |
| Deferred revenue | $16,909,135 |
| 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 | $458,895,897 |
| Total liabilities | $3,040,215,990 |
| Net assets without donor restrictions | $1,329,454,663 |
| 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 | $4,369,670,653 |