Hackensack Meridian Health Inc
- Assets
- $4.6b
- Revenue
- $570.0m
- Investments
- $575.4m
- Employees
- 0
- Location
- Edison, NJ
- Founding
- 01/2002
- Data as of
- 12/2021
- EIN
- 22-3474145
Organization Overview
Hackensack Meridian Health Inc is located in Edison, NJ. The organization was established in 2002. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. This organization is a parent organization of an affiliated group for tax-exemption purposes. Hackensack Meridian Health 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 12/2021, Hackensack Meridian Health Inc generated $570.0m in total revenue. All expenses for the organization totaled $85.9m during the year ending 12/2021. While expenses have increased by 47.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS COMMITTED TO PROVIDING THE FULL SPECTRUM OF LIFE-ENHANCING CARE AND SERVICES TO CREATE AND SUSTAIN HEALTHY, VIBRANT COMMUNITIES.
Describe the Organization's Program Activity:
ACO: PROMOTE EVIDENCE-BASED MEDICINE, PATIENT ENGAGEMENT, CARE COORDINATION, AND THE DEVELOPMENT OF AN INFRASTRUCTURE FOR ACCOUNTABLE CARE ORGANIZATION PROVIDERS TO INTERNALLY REPORT ON QUALITY AND COST METRICS.
HEALTH PARTNERS: PROMOTE A CLINICALLY INTEGRATED NETWORK OF HEALTH CARE PROVIDERS WITH THE GOAL OF IMPROVING HEALTH OUTCOMES, REDUCING HEALTH CARE COSTS, AND ENHANCING PATIENT EXPERIENCE.
MSSP: THE ORGANIZATION IS THE TAX-EXEMPT PARENT ENTITY OF HACKENSACK MERIDIAN HEALTH, A TAX-EXEMPT INTEGRATED HEALTHCARE DELIVERY NETWORK THAT PROVIDES MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert C Garrett Ceo/trustee | OfficerTrustee | 3 | $0 |
Peter S Reinhart ESQ Treasurer | OfficerTrustee | 3 | $0 |
Kathleen T Ellis Secretary | OfficerTrustee | 3 | $0 |
Keith Banks Vice Chairperson | OfficerTrustee | 3 | $0 |
Frank L Fekete CPA Trustee/chairperson | OfficerTrustee | 3 | $0 |
Nancy Corcoran-Davidoff Evp Chf Exp T 4/2021 | Officer | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blanchard Turner Joint Venture Llc Construction | 12/30/21 | $180,569,193 |
Comprehensive Pharmacy Services Ll Medical | 12/30/21 | $35,989,574 |
Ntt Data Services Llc It Services | 12/30/21 | $15,575,801 |
Medicentrix Llc Medical | 12/30/21 | $24,098,403 |
Premier Digital Imaging Llc Technology | 12/30/21 | $20,652,295 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,801,689 |
| 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 | $7,801,689 |
| Total Program Service Revenue | $31,510,796 |
| Investment income | $30,398,333 |
| Tax Exempt Bond Proceeds | $2,028 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $487,426,329 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $570,011,580 |
| 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 | $9,531,879 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $14,545,733 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,476,346 |
| Fees for services: Other | $16,063,756 |
| Advertising and promotion | $3,552 |
| Office expenses | $0 |
| Information technology | $27,900 |
| Royalties | $0 |
| Occupancy | $8,326,186 |
| Travel | $15,298 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,117 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $680,407 |
| Insurance | $579,167 |
| All other expenses | $0 |
| Total functional expenses | $85,867,136 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $550 |
| Savings and temporary cash investments | $1,564,242,681 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $257,227 |
| Investments—publicly traded securities | $2,323,715,289 |
| Investments—other securities | $575,368,242 |
| Investments—program-related | $29,719,281 |
| Intangible assets | $0 |
| Other assets | $110,201,538 |
| Total assets | $4,603,504,808 |
| Accounts payable and accrued expenses | $212,528,519 |
| Grants payable | $0 |
| Deferred revenue | $179,056 |
| Tax-exempt bond liabilities | $1,117,096,482 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $645,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,227,308,434 |
| Total liabilities | $3,557,757,491 |
| Net assets without donor restrictions | $1,018,141,345 |
| Net assets with donor restrictions | $27,605,972 |
| 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 | $4,603,504,808 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Hackensack Meridian Health Inc has recieved totaling $167,703.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $101,500 |
Community Foundation Of New Jersey Morristown, NJ PURPOSE: GENERAL SUPPORT | $55,000 |
Insulin For Life Usa Inc Gainesville, FL PURPOSE: Medical Assistance | $11,203 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Josephs Health System Subordinate Group Return Paterson, NJ | $1,081,595,215 | $963,799,571 |
Atlanticare Health System Inc Egg Harbor Township, NJ | $1,893,827,880 | $909,225,575 |
Geisinger System Services Danville, PA | $1,398,222,343 | $715,016,181 |
Bon Secours Charity Health System Affiliated Group Suffern, NY | $223,032,633 | $606,730,244 |
Highmark Health Pittsburgh, PA | $708,603,703 | $583,319,053 |
Hackensack Meridian Health Inc Edison, NJ | $279,460,343 | $549,822,020 |
Wellspan Health York, PA | $671,523,886 | $507,378,748 |
St Clair Health Corporation Pittsburgh, PA | $808,105,796 | $406,482,026 |
Wyckoff Heights Medical Center Brooklyn, NY | $318,132,023 | $364,136,906 |
Albany Medical Center Glens Falls, NY | $356,058,419 | $346,451,670 |
Centerlight Healthcare Inc Flushing, NY | $62,373,058 | $284,939,095 |
Albany Medical Center Saratoga Springs, NY | $380,815,690 | $338,787,899 |