Institute For Healthcare Optimization Inc
- Assets
- $196.7k
- Revenue
- $732.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Bedford, MA
- Founding
- 08/2010
- Data as of
- 04/2022
- EIN
- 27-0373299
Organization Overview
Institute For Healthcare Optimization Inc is located in Bedford, MA. The organization was established in 2010. According to its NTEE Classification (G05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Voluntary Health Associations & Medical Disciplines and related organizations. As of 04/2022, Institute For Healthcare Optimization Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Institute For Healthcare Optimization 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 04/2022, Institute For Healthcare Optimization Inc generated $732.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (16.7%) each year. All expenses for the organization totaled $1.1m during the year ending 04/2022. As we would expect to see with falling revenues, expenses have declined by (7.5%) per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE HEALTHCARE DELIVERY SYSTEM BY THE APPLICATION OF OPERATIONS MGT. TECHNIQUES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCH AND DEVELOP TOOLS FOR APPLICATION OF OPERATIONS MANAGEMENT TO HEALTHCARE DELIVERY INCLUDING APPLIED RESEARCH UNDER CONTRACTS WITH HOSPITALS.
DISSEMINATING KNOWLEDGE ON SUCCESSFUL APPLICATION EFFORTS.
EDUCATING AND TRAINING HEALTHCARE PERSONNEL ON THEORY AND APPLICATION OF SCIENTIFIC MANAGEMENT METHODOLOGIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eugene Litvak President/treasurer/director | OfficerTrustee | 37 | $308,504 |
Hakmeng Kang Clerk/vp-Strategic Prtnrsh | Officer | 37 | $186,582 |
Muhund Chandramohan Senior Process Improvement | 37 | $126,512 | |
Ellis M Knight MD Director | Trustee | 1 | $0 |
William P Pierskalla PHD Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $112,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $620,048 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $732,648 |
| Total Program Service Revenue | $0 |
| Investment income | $255 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $732,903 |
| 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. | $496,935 |
| Compensation of current officers, directors, key employees. | $4,258 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $249,136 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,860 |
| Payroll taxes | $41,237 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,655 |
| Fees for services: Accounting | $8,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $181,881 |
| Advertising and promotion | $0 |
| Office expenses | $18,787 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,969 |
| Travel | $3,443 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,333 |
| Insurance | $8,442 |
| All other expenses | $0 |
| Total functional expenses | $1,143,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,559 |
| Savings and temporary cash investments | $179,722 |
| Pledges and grants receivable | $3,381 |
| 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 | $5,058 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,000 |
| Total assets | $196,720 |
| Accounts payable and accrued expenses | $168,945 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $168,945 |
| Net assets without donor restrictions | $27,775 |
| 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 | $196,720 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Institute For Healthcare Optimization Inc has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Gordon E And Betty I Moore Foundation Palo Alto, CA PURPOSE: TO SUPPORT A BOOK WHICH WILL INCLUDE A DESCRIPTION OF PATIENT FLOW AS A CONCEPT TO CONTROL HEALTHCARE QUALITY AND COST. | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Next For Autism Inc New York, NY | $6,631,395 | $5,308,625 |
Concussion Legacy Foundation Inc Boston, MA | $3,551,616 | $2,699,860 |
Institute For Healthcare Optimization Inc Bedford, MA | $196,720 | $732,903 |
Foxg1 Research Inc Sands Point, NY | $2,520,850 | $2,803,193 |
Thanc Foundation Inc New York, NY | $5,679,438 | $1,339,976 |
Riaan Research Initiative Inc Oakland Gardens, NY | $1,140,975 | $1,515,797 |
Heart Valve Collaboratory Inc New York, NY | $181,917 | $300,000 |
Metco Directors Association Mattapan, MA | $43,534 | $0 |
Mho Research Foundation Inc New York, NY | $289,774 | $80,414 |
Association Of Professional Researchers For Advancement Waltham, MA | $199,920 | $0 |
The New York Glaucoma Research Institute New York, NY | $1,205,090 | $29,192 |
International Center For Integrative Systems Inc Cambridge, MA | $124,859 | $98,463 |