Holyoke Medical Center Inc
- Assets
- $113.7m
- Revenue
- $220.3m
- Investments
- $0.0
- Employees
- 1,964
- Location
- Holyoke, MA
- Founding
- 10/1985
- Data as of
- 09/2022
- EIN
- 22-2520073
Organization Overview
Holyoke Medical Center Inc is located in Holyoke, MA. The organization was established in 1985. 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, Holyoke Medical Center Inc employed 1,964 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Holyoke 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 09/2022, Holyoke Medical Center Inc generated $220.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $219.2m during the year ending 09/2022. While expenses have increased by 6.5% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ACUTE CARE HOSPITAL, PROVIDING MEDICAL AND OTHER HEALTHCARE SERVICES TO RESIDENTS OF HOLYOKE, MA AND THE SURROUNDING AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLYOKE MEDICAL CENTER, INC. (HMC) STRIVES TO SERVE THE HEALTH NEEDS OF THEIR MEDICAL SERVICE COMMUNITY IN A HIGH QUALITY AND EFFICIENT MANNER. SEE SCHEDULE O FOR ADDITIONAL INFORMATION.TO THIS END, HMC SHALL: (1) PROVIDE COMPASSIONATE CARE TO ALL OF WHOM IT SERVES WITH A COMMITMENT TO DEVELOPING CULTURAL DIVERSITY AND COMPETENCIES IN OUR PROGRAMS AND WORKFORCE SO THAT WE MAY BETTER SERVE OUR PATIENTS; (2) IDENTIFY AND SERVE THOSE NEEDS WHICH ARE PREVALENT AND SUBSTANTIAL IN THE COMMUNITY AS A WHOLE, OR WITHIN MAJOR POPULATION GROUPS, AND WHICH CAN BE ADEQUATELY MET BY THE PROVISION OF BASIC PRIMARY AND SECONDARY HEALTH CARE SERVICES; (3) PROVIDE INFORMATION, EDUCATION, AND EXPERTISE TO OUR COMMUNITY IN ORDER TO PROMOTE THE GENERAL HEALTH OF ITS CITIZENS; (4) PROVIDE AN ENVIRONMENT OF EXCELLENCE AND GROWTH IN WHICH HEALTH CARE PROFESSIONALS CAN USE THEIR SKILLS AND ABILITIES TO THE FULLEST EXTENT POSSIBLE; (5) PROVIDE COMPETITIVE WAGES AND BENEFITS, AS WELL AS SAFE AND DIGNIFIED WORKING CONDITIONS, FOR ALL EMPLOYEES; (6) ENSURE FINANCIAL RESPONSIBILITY IN THE OPERATION OF THE MEDICAL CENTER IN ORDER TO GUARANTEE THE FUTURE VIABILITY OF OUR MISSION; (7) PROVIDE A FORMAL, PUBLIC, AND ONGOING PROGRAM OF COMMUNITY BENEFITS, IN COOPERATION WITH COMMUNITY INDIVIDUALS AND ORGANIZATIONS, TO IMPROVE THE HEALTH STATUS OF THE PUBLIC INCLUDING ESPECIALLY THE MEDICALLY AND ECONOMICALLY VULNERABLE. HOLYOKE MEDICAL CENTER, INC. PROVIDED INPATIENT, OUTPATIENT, OB/GYN, AND EMERGENCY HEALTHCARE SERVICES AND CERTAIN PHYSICIAN SERVICES TO THE RESIDENTS OF HOLYOKE, MASSACHUSETTS AND THE SURROUNDING COMMUNITIES. INPATIENT HEALTHCARE SERVICES INCLUDED MEDICAL, SURGICAL, CRITICAL CARE, CARDIAC, OBSTETRICAL, PSYCHIATRIC, AND ONCOLOGY SERVICES. DURING FY 2023, HMC PROVIDED 39,643 PATIENT DAYS OF INPATIENT SERVICES WITH 6,279 DISCHARGES. OUTPATIENT HEALTHCARE SERVICES INCLUDED A FULL ARRAY OF DIAGNOSTIC, THERAPEUTIC, AND BEHAVIORAL HEALTH SERVICES. DURING FY 2023, HMC HAD 339,261 OUTPATIENT VISITS. EMERGENCY SERVICES WERE PROVIDED BY A 24-HOUR EMERGENCY DEPARTMENT. DURING FY 2023, HMC HAD 44,722 EMERGENCY DEPARTMENT VISITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Buck MD Director | Trustee | 0.5 | $0 |
Shannon Gurek Director | Trustee | 0.5 | $0 |
John Hazen Director | Trustee | 0.5 | $0 |
Sara Lawrence Director | Trustee | 0.5 | $0 |
Mary Jo Maydew Director | Trustee | 0.5 | $0 |
Daniel Mcintire Director (start 5/2023) | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aya Healthcare Inc Staffing Services | 9/29/23 | $3,135,689 |
Valley Health Systems Inc Management Services | 9/29/23 | $3,073,561 |
Unidine Corporation Cafeteria Staffing | 9/29/23 | $2,278,583 |
Med-metrix Llc Billing Services | 9/29/23 | $1,200,548 |
Trimedx Biomedical Services | 9/29/23 | $1,176,716 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $54,610 |
| Government grants | $13,530,846 |
| All other contributions, gifts, grants, and similar amounts not included above | $614,337 |
| Noncash contributions included in lines 1a–1f | $6,588 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,199,793 |
| Total Program Service Revenue | $204,628,982 |
| Investment income | $534,674 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$106,236 |
| Net Gain/Loss on Asset Sales | -$77,037 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,302,598 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,350 |
| Grants and other assistance to domestic individuals. | $9,150 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $584,710 |
| Compensation of current officers, directors, key employees. | $63,766 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $105,054,849 |
| Pension plan accruals and contributions | $2,076,335 |
| Other employee benefits | $11,940,472 |
| Payroll taxes | $7,938,936 |
| Fees for services: Management | $3,184,206 |
| Fees for services: Legal | $252,657 |
| Fees for services: Accounting | $215,280 |
| Fees for services: Lobbying | $75,988 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,282,134 |
| Advertising and promotion | $233,234 |
| Office expenses | $4,508,643 |
| Information technology | $1,992,834 |
| Royalties | $0 |
| Occupancy | $2,915,546 |
| Travel | $22,121 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $947,778 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,456,397 |
| Insurance | $2,788,850 |
| All other expenses | $2,581,840 |
| Total functional expenses | $219,173,615 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $496,270 |
| Savings and temporary cash investments | $14,703,316 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,602,575 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $100,000 |
| Inventories for sale or use | $3,358,572 |
| Prepaid expenses and deferred charges | $483,189 |
| Net Land, buildings, and equipment | $44,438,942 |
| Investments—publicly traded securities | $4,241,753 |
| Investments—other securities | $0 |
| Investments—program-related | $3,487,568 |
| Intangible assets | $0 |
| Other assets | $13,799,766 |
| Total assets | $113,711,951 |
| Accounts payable and accrued expenses | $33,011,824 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $13,617,602 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,146,941 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,195,145 |
| Total liabilities | $79,971,512 |
| Net assets without donor restrictions | $28,875,203 |
| Net assets with donor restrictions | $4,865,236 |
| 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 | $113,711,951 |
Grants Awarded
Over the last fiscal year, Holyoke Medical Center Inc has awarded $56,850 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
NUEVA ESPERANZA INC PURPOSE: Charitable Mission and Event Sponsor | $20,000 |
ST PATRICK'S PARADE COMMITTEE OF HOLYOKE PURPOSE: Charitable Mission and Event Sponsor | $9,350 |
CITY OF CHICOPEE PURPOSE: Charitable Mission and Event Sponsor | $7,500 |
GREATER HOLYOKE CHAMBER OF COMMERCE PURPOSE: Charitable Mission and Event Sponsor | $20,000 |