Hackensack Meridian Health Inc
- Assets
- $279.5m
- Revenue
- $549.8m
- Investments
- $10.2m
- Employees
- 5,025
- Location
- Edison, NJ
- Founding
- 09/1996
- Data as of
- 12/2017
- EIN
- 22-6019101
Organization Overview
Hackensack Meridian Health Inc, operating under the name Jfk Medical Center, is located in Edison, NJ. The organization was established in 1996. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 06/2021, Jfk Medical Center employed 5,025 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Jfk Medical Center 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 12/2017, Jfk Medical Center generated $549.8m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $544.6m during the year ending 12/2017. While expenses have increased by 3.9% per year over the past 3 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TRANSFORM HEALTH CARE AND BE RECOGNIZED AS THE LEADER OF POSITIVE CHANGE.
Describe the Organization's Program Activity:
EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY INPATIENT SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY. DURING 2017, JFK MEDICAL CENTER HAD 20,155 ADMISSIONS RESULTING IN 96,095 PATIENT DAYS.
EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY OPERATING ROOM AND SAME DAY SURGERIES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY. DURING 2017, JFK MEDICAL CENTER PERFORMED 3,950 INPATIENT SURGERIES, 4,431 SAME DAY STAY SURGICAL PROCEDURES AND 2,287 SURGICAL PROCEDURES AT THE MEDIPLEX SURGERY CENTER.
EXPENSES INCURRED IN PROVIDING MEDICALLY NECESSARY REHABILITATION SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY. DURING 2017, JFK JOHNSON REHABILITATION INSTITUTE HAD 1,877 INPATIENT ADMISSIONS RESULTING IN 28,027 PATIENT DAYS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Raymond F Fredericks Trustee; Ex-Officio/pres & CEO | OfficerTrustee | 33 | $2,644,769 |
William F Oser MD Senior VP & Chief Med Officer | Officer | 55 | $805,544 |
Richard C Smith Senior VP & CFO | Officer | 46 | $785,741 |
J Scott Gebhard Executive VP & COO | Officer | 49 | $768,235 |
Thomas C Steineke MD Physician | 55 | $732,582 | |
Jawad F Kirmani MD Physician | 55 | $712,314 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cps Llc Management | 12/30/17 | $16,053,312 |
Ge Healthcare Equip Maintenance | 12/30/17 | $4,333,768 |
Key Equipment Finance Financing | 12/30/17 | $2,696,392 |
Edison Imaging At Jfk Medical Cente Medical Services | 12/30/17 | $5,208,496 |
Mckesson Technologies Inc Software Svcs. | 12/30/17 | $6,303,757 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $48,809 |
| Government grants | $600,837 |
| 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 | $649,646 |
| Total Program Service Revenue | $543,246,678 |
| Investment income | $3,340,525 |
| Tax Exempt Bond Proceeds | $37,162 |
| Royalties | $0 |
| Net Rental Income | $143,301 |
| Net Gain/Loss on Asset Sales | $217,732 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $549,822,020 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $229,260 |
| Grants and other assistance to domestic individuals. | $2,803 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $8,191,760 |
| Compensation of current officers, directors, key employees. | $819,176 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,632,152 |
| Pension plan accruals and contributions | $3,844,907 |
| Other employee benefits | $26,910,932 |
| Payroll taxes | $18,821,602 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $205,509 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $85,382,120 |
| Advertising and promotion | $190,120 |
| Office expenses | $8,165,083 |
| Information technology | $361,704 |
| Royalties | $0 |
| Occupancy | $3,937,983 |
| Travel | $1,053,997 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $324,879 |
| Interest | $6,694,007 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,089,467 |
| Insurance | $8,145,764 |
| All other expenses | $512,605 |
| Total functional expenses | $544,618,008 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,704 |
| Savings and temporary cash investments | $39,048,894 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $70,129,908 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,685,913 |
| Inventories for sale or use | $7,791,757 |
| Prepaid expenses and deferred charges | $7,459,299 |
| Net Land, buildings, and equipment | $106,699,910 |
| Investments—publicly traded securities | $11,598,874 |
| Investments—other securities | $10,218,314 |
| Investments—program-related | $7,828,728 |
| Intangible assets | $0 |
| Other assets | $15,987,042 |
| Total assets | $279,460,343 |
| Accounts payable and accrued expenses | $89,637,798 |
| Grants payable | $0 |
| Deferred revenue | $3,782,309 |
| Tax-exempt bond liabilities | $99,927,298 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,848,496 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $47,412,969 |
| Total liabilities | $250,608,870 |
| Unrestricted restricted net Assets | $21,022,740 |
| Temporarily restricted net Assets | $6,062,644 |
| Permanently restricted net Assets or current funds | $1,766,089 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $28,851,473 |
Grants Awarded
Over the last fiscal year, Hackensack Meridian Health Inc has awarded $221,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
New Brunswick, NJ PURPOSE: FINANCIAL ASSISTANCE | $200,000 |
Neptune, NJ PURPOSE: SPONSORSHIP | $15,000 |
Oceanport, NJ PURPOSE: SPONSORSHIP | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Hackensack Meridian Health Inc has recieved totaling $30,828.
| Awarding Organization | Amount |
|---|---|
Parkinsons Foundation Inc Miami, FL | | $16,695 |
Gamers Outreach Foundation Saline, MI PURPOSE: PROGRAM SERVICE ACCOMPLISHMENT I | $14,133 |
Endowment Analysis
| Beg. Balance | $1,244,626 |
| Earnings | $521,463 |
| Ending Balance | $1,766,089 |
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 |