Lake Region Healthcare Corporation
- Assets
- $155.6m
- Revenue
- $149.5m
- Investments
- $6.4m
- Employees
- 980
- Location
- Fergus Falls, MN
- Founding
- 06/1953
- Data as of
- 09/2023
- EIN
- 41-0730602
Organization Overview
Lake Region Healthcare Corporation is located in Fergus Falls, MN. The organization was established in 1953. 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, Lake Region Healthcare Corporation employed 980 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Healthcare Corporation 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, Lake Region Healthcare Corporation generated $149.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $161.6m during the year ending 09/2023. While expenses have increased by 3.3% per year over the past 8 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.
Since 2020, Lake Region Healthcare Corporation has awarded 16 individual grants totaling $273,700. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE PARTNER TO ENRICH LIFE THROUGH HEALTH.
Describe the Organization's Program Activity:
LAKE REGION HEALTHCARE CORPORATION IS A NOT-FOR-PROFIT PROVIDER OF HEALTH CARE SERVICES OPERATING A 108-BED HOSPITAL COMPRISED OF A 94-BED ACUTE HOSPITAL, A 14-BED PSYCHIATRIC UNIT, AND MULTIPLE CLINIC SITES. OUT PURPOSE IS TO MEET THE HEALTH CARE NEEDS OF THE PEOPLE IN WEST CENTRAL MINNESOTA. OUR VISION IS TO BE MINNESOTA'S PREEMINENT REGIONAL HEALTH CARE PARTNER. OUR CORE VALUES INCLUDE INTEGRITY, TEAMWORK, COMPASSION, AND EXCELLENCE. LAKE REGION HEALTHCARE CORPORATION IS A PROVIDER OF QUALITY HEALTH CARE SERVICES, AS NOTED BY OUR ACCREDITATION BY THE JOINT COMMISSION. SERVICES THAT LAKE REGION HEALTHCARE PROVIDES INCLUDE MEDICAL/SURGICAL, PEDS, OB GYN, ICCU, RADIOLOGY/INTERVENTIONAL RADIOLOGY, OCCUPATIONAL THERAPY, PHYSICAL THERAPY, SPEECH THERAPY, RESPIRATORY CARE, SOCIAL WORK, SURGERY, ONCOLOGY, BIRTHING SUITES, CARDIAC REHAB/ECP, EMERGENCY SERVICES, COMMUNITY WELLNESS, AND LABORATORY.
LAKE REGION HEALTHCARE OFFERS CLINICAL SERVICES IN FOUR COMMUNITIES AND A WALK-IN CLINIC. SPECIALTIES OFFERED THROUGH CLINIC SERVICES INCLUDE CARDIOLOGY, OB GYN, PEDIATRICS, OPHTHALMOLOGY, FAMILY MEDICINE, INTERNAL MEDICINE, UROLOGY, DERMATOLOGY, ENT, ALLERGY, AUDIOLOGY, PODIATRY, PULMONOLOGY, SPORTS MEDICINE, SURGERY, AND ORTHOPEDICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Erickson Board Chair | OfficerTrustee | 8 | $0 |
Laurel Nelson Treasurer | OfficerTrustee | 5 | $0 |
Crystal Adams Secretary | OfficerTrustee | 6 | $0 |
Scott Bauer Trustee | Trustee | 4 | $0 |
Rebecca Boesl Trustee | Trustee | 4 | $0 |
Matthew Mouser MD Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lake Region Medical Group Physician Services | 9/29/23 | $28,946,278 |
Medical Solutions Llc Contracted Labor | 9/29/23 | $4,162,689 |
Locumtenenscom Physician Services | 9/29/23 | $3,379,272 |
Sanford It/emr Services | 9/29/23 | $2,299,034 |
Comphealth Physician Services | 9/29/23 | $2,039,387 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,668,719 |
| Government grants | $23,409 |
| All other contributions, gifts, grants, and similar amounts not included above | $287,932 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,980,060 |
| Total Program Service Revenue | $138,584,222 |
| Investment income | $1,905,050 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $474,934 |
| Net Gain/Loss on Asset Sales | $524,245 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $149,508,147 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $207,165 |
| 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. | $2,237,239 |
| Compensation of current officers, directors, key employees. | $2,237,239 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $46,439,127 |
| Pension plan accruals and contributions | $429,350 |
| Other employee benefits | $6,922,948 |
| Payroll taxes | $3,345,745 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $100,125 |
| Fees for services: Accounting | $166,760 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $103,968 |
| Fees for services: Other | $50,268,540 |
| Advertising and promotion | $652,542 |
| Office expenses | $839,533 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,426,887 |
| Travel | $277,031 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,512 |
| Interest | $1,100,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,103,784 |
| Insurance | $1,035,553 |
| All other expenses | $1,751,802 |
| Total functional expenses | $161,649,037 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,648 |
| Savings and temporary cash investments | $46,420 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,986,042 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,417,161 |
| Inventories for sale or use | $2,722,688 |
| Prepaid expenses and deferred charges | $839,708 |
| Net Land, buildings, and equipment | $63,487,339 |
| Investments—publicly traded securities | $37,362,135 |
| Investments—other securities | $6,358,969 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,021,846 |
| Total assets | $155,566,956 |
| Accounts payable and accrued expenses | $14,814,477 |
| 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 | $36,499,366 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $51,313,843 |
| Net assets without donor restrictions | $0 |
| 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 | $104,253,113 |
| Total liabilities and net assets/fund balances | $155,566,956 |
Grants Awarded
Over the last fiscal year, Lake Region Healthcare Corporation has awarded $96,000 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
FERGUS FALLS 544 EDUCATION FOUNDATION PURPOSE: COMMUNITY BENEFIT | $10,300 |
FERGUS FALLS HOCKEY ASSOCIATION PURPOSE: COMMUNITY BENEFIT | $5,100 |
GREATER FERGUS FALLS CORPORATION PURPOSE: COMMUNITY BENEFIT | $15,000 |
CITY OF FERGUS FALLS PURPOSE: COMMUNITY BENEFIT | $60,000 |
FERGUS FALLS AREA CHAMBER OF COMMERCE PURPOSE: COMMUNITY BENEFIT | $5,600 |