Oklahoma Foundation For Medical Quality Inc
- Assets
- $4.1m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 25
- Location
- Oklahoma City, OK
- Founding
- 03/1974
- Data as of
- 09/2023
- EIN
- 23-7336073
Organization Overview
Oklahoma Foundation For Medical Quality Inc is located in Oklahoma City, OK. The organization was established in 1974. 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, Oklahoma Foundation For Medical Quality Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oklahoma Foundation For Medical Quality 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, Oklahoma Foundation For Medical Quality Inc generated $2.9m 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 (7.9%) each year. All expenses for the organization totaled $2.5m during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (11.1%) per year over the past 8 years. 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
PROMOTING THE IMPROVEMENT OF HEALTH CARE AND PUBLIC HEALTH
Describe the Organization's Program Activity:
Part 3 - Line 4a
QUALITY IMPROVEMENT AND ASSURANCE: THROUGH A CMS SUBCONTRACT, ARE SERVICES TO IMPLEMENT THE AMERICAN INDIAN/ALASKA NATIVE HEALTHCARE QUALITY INITIATIVE DESIGNED TO HELP INDIAN HEATH SERVICE (IHS) HOSPITALS INSTILL STRONG ORGANIZATIONAL SYSTEMS AND PROCESSES THAT SERVE AS THE FOUNDATION FOR PROVIDING HIGH QUALITY HEALTHCARE TO AMERICAN INDIANS LIVING ON AND AROUND IHS RESERVATIONS AND ALASKA NATIVES.
OTHER SERVICES: MEDICAL CASE REVIEWS ARE CONDUCTED FOCUSING ON EVALUATING AND IMPROVING HEALTH CARE TO MEET THE NEEDS OF OUR CUSTOMERS. QUALITY IMPROVEMENT SUPPORT SERVICES ARE PROVIDED TO HOSPITALS AND CRITICAL ACCESS HOSPITALS. SERVICES PROVIDED TO THE COMMUNITY INCLUDE PEER REVIEW FOR CREDENTIALING, STATISTICAL ANALYSIS, CLINICAL RESEARCH, CONTINUOUS QUALITY IMPROVEMENT TRAINING AND HEALTH CARE QUALITY IMPROVEMENT PROJECTS. UTILIZATION REVIEW, QUALITY OF CARE REVIEW AND DIAGNOSIS- RELATED GROUP (DRG) VALIDATION SERVICES ARE ALSO PROVIDED FOR FEE-FOR-SERVICE CLAIMS FOR THE OKLAHOMA MEDICAID PROGRAM.
HEALTH INFORMATION TECHNOLOGY: OFMQ ASSISTS PROVIDERS AND HOSPITALS TO IMPLEMENT AND MORE MEANINGFULLY USE TECHNOLOGY TO IMPROVE PATIENT CARE AND OUTCOMES. ASSISTANCE IS PROVIDED IN THE ADOPTION OF ELECTRONIC MEDICAL RECORDS SYSTEMS AND PAYMENT AND QUALITY PROGRAMS. CONSULTING SERVICES INCLUDE QUALITY IMPROVEMENT AND TECHNOLOGY ASSISTANCE. OFMQ ALSO ASSISTS IN REDUCING FOOD INSECURITY IN OKLAHOMA THROUGH A GRANT PROVIDED BY THE GUS SCHUMACHER NUTRITION INCENTIVE PROGRAM. ALSO THROUGH A HEALTH RESOURCES & SERVICES ADMINISTRATION (HRSA) GRANT, OFMQ PROVIDES SERVICES TO ADDRESS BARRIERS TO ACCESS IN RURAL COMMUNITIES RELATED TO SUBSTANCE ABUSE DISORDER (SUD), PARTICULARLY OPIOID USE DISORDER (OUD). ALSO THROUGH A HRSA GRANT, OFMQ HAS DEVELOPED A CONSORTIUM TO REDUCE THE ONSET OF DIABETES AND OTHER RELATED CHRONIC CONDITION IN WESTERN OKLAHOMA RURAL COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lawrence Francis CPA Director & Treasurer | Trustee | 1 | $694 |
William P Griffin Director | Trustee | 1 | $208 |
Sarah Clutts JD Director & Secretary | Trustee | 1 | $794 |
John Meharg Director & Chairman | Trustee | 1 | $794 |
Keith Mcfarland MD Director | Trustee | 1 | $3,138 |
Kurt Downing Director | Trustee | 1 | $475 |
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 | $1,725 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,725 |
| Total Program Service Revenue | $2,843,468 |
| Investment income | $55,950 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,050 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,902,193 |
| 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. | $282,160 |
| Compensation of current officers, directors, key employees. | $282,160 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,170,979 |
| Pension plan accruals and contributions | $68,168 |
| Other employee benefits | $134,022 |
| Payroll taxes | $143,153 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,500 |
| 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 | $25,769 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,893 |
| Travel | $49,317 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,911 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,289 |
| Insurance | $44,557 |
| All other expenses | $15,911 |
| Total functional expenses | $2,477,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $200 |
| Savings and temporary cash investments | $939,001 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $401,321 |
| 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 | $147,461 |
| Net Land, buildings, and equipment | $41,248 |
| Investments—publicly traded securities | $1,991,899 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $610,903 |
| Total assets | $4,132,033 |
| Accounts payable and accrued expenses | $291,116 |
| Grants payable | $0 |
| Deferred revenue | $89,559 |
| 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 | $610,903 |
| Total liabilities | $991,578 |
| Net assets without donor restrictions | $3,140,455 |
| 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 | $4,132,033 |