Olmsted Medical Center
- Assets
- $277.3m
- Revenue
- $258.7m
- Investments
- $0.0
- Employees
- 1,618
- Location
- Rochester, MN
- Founding
- 07/1993
- Data as of
- 12/2022
- EIN
- 41-0855367
Organization Overview
Olmsted Medical Center is located in Rochester, MN. The organization was established in 1993. 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 12/2023, Olmsted Medical Center employed 1,618 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olmsted 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 12/2022, Olmsted Medical Center generated $258.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $254.8m during the year ending 12/2022. While expenses have increased by 4.8% per year over the past 7 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PARTNERING FOR BETTER HEALTH AND BETTER LIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PERSONAL APPROACH TO CARE THROUGH MORE THAN 25 SPECIALTIES. ALL OF OUR SPECIALTY SERVICES COMPLIMENT PRIMARY CARE AND OFFER PATIENTS GREATER CONVENIENCE AND PEACE OF MIND. WE CONTINUE TO WORK TO POSITION OMC AS A PREFERRED HEALTHCARE PROVIDER FOR PRIMARY AND SECONDARY CARE AMONG SOUTHEASTERN MINNESOTA RESIDENTS. OMC'S 218 CLINICIANS AND 1,100+ HEALTHCARE PROFESSIONALS SERVE AT 27 LOCATIONS, INCLUDING PHYSICAL/OCCUPATIONAL THERAPY, TWO MULTI-SPECIALTY CLINICS, SPORTS MEDICINE FACILITIES, A LEVEL IV TRAUMA HOSPITAL WITH 24-HOUR EMERGENCY ROOM AND BIRTHCENTER, TWO WALK-IN FASTCARE RETAIL CLINICS, A SKYWAY CLINIC IN DOWNTOWN ROCHESTER, AND 11 COMMUNITY BRANCH CLINICS. IN 2023, OMC HAD 354,344 PATIENT VISITS SERVING 82,081 UNIQUE PATIENTS. (CONTINUED ON SCHEDULE O)THE HOSPITAL PROVIDED CARE FOR 2,657 PATIENT ADMISSIONS RESULTING IN 6,413 PATIENT DAYS INCLUDING 887 BIRTHS.
OMC WELCOMES ITS MANY OPPORTUNITIES TO BE AN ACTIVE, CONTRIBUTING PARTNER TO SOUTHEASTERN MINNESOTA'S HEALTH AND WELLNESS EFFORTS. AS A 501(C)(3) NON-PROFIT ORGANIZATION, OMC ACTIVELY SUPPORTS SOUTHEASTERN MINNESOTA'S HEALTH AND WELLNESS EFFORTS THROUGH THE CONTRIBUTION OF STAFF TIME/TALENT, IN-KIND RESOURCES, AND FINANCIAL ASSISTANCE. IN 2023, OUR COMMUNITY CONTRIBUTIONS MADE UP 29.93% OF OUR ANNUAL OPERATING EXPENSE - MORE THAN $79,786,000 IN SUPPORT OF OUR COMMITMENT TO BE AN ACTIVE, CONTRIBUTING PARTNER IN THE COMMUNITIES WE SERVE. ANOTHER WAY OMC ACTIVELY SUPPORTS COMMUNITY HEALTH IS THROUGH ITS PARTNERSHIP WITH MAYO CLINIC, OLMSTED COUNTY PUBLIC HEALTH, AND SEVERAL OTHER COMMUNITY-SERVICE ORGANIZATIONS AS TOGETHER WE IMPLEMENTED (CONTINUED ON SCHEDULE O)THE YEAR-THREE ACTION PLAN BASED ON OUR COLLABORATIVE COMMUNITY HEALTH NEEDS ASSESSMENT (CHNA). OVER THE PAST YEAR, WE CONTINUED TO MAKE IT EASIER FOR COMMUNITY MEMBERS TO DONATE THEIR TIME AND TALENT TO OMC. IN ADDITION TO ADDING AN ONLINE VOLUNTEER APPLICATION FORM TO OUR WEBSITE, WE EXPANDED OUR VOLUNTEERS IN PATIENT CARE OPPORTUNITIES LIKE CANINE COMPANIONS AND ESCORT/GREETER ROLES TO HELP PATIENTS NAVIGATE OUR EXPANDING HOSPITAL CAMPUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Kirsch MD Physician | 36 | $1,140,560 | |
Vidhan Chandra MD Physician | 36 | $1,065,088 | |
Samer Abdel-Aziz MD Physician | 40 | $1,030,524 | |
Mark Herr MD Physician | 40 | $1,051,783 | |
Tim Weir Fache Chief Executive Officer | Officer | 40 | $945,667 |
Srdan Babovic MD Physician | 40 | $951,501 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Construction Collaborative Building Construction Services | 12/30/23 | $5,000,925 |
Epic Hosting Llc Computer Software Services | 12/30/23 | $1,783,119 |
Mayo Collaborative Services Llc Lab Services | 12/30/23 | $1,499,924 |
Epic Systems Corporation Computer Software Services | 12/30/23 | $1,676,134 |
Hayes Locum Llc Physician Staffing Company | 12/30/23 | $1,474,027 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $68,932 |
| Government grants | $10,922 |
| 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 | $79,854 |
| Total Program Service Revenue | $255,962,007 |
| Investment income | $2,433,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $72,043 |
| Net Gain/Loss on Asset Sales | -$109,567 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $15,356 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $258,723,356 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $183,694 |
| 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. | $2,300,255 |
| Compensation of current officers, directors, key employees. | $2,300,255 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $121,319,132 |
| Pension plan accruals and contributions | $3,380,920 |
| Other employee benefits | $15,547,249 |
| Payroll taxes | $7,509,432 |
| Fees for services: Management | $674,433 |
| Fees for services: Legal | $184,692 |
| Fees for services: Accounting | $136,408 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,113,698 |
| Advertising and promotion | $837,607 |
| Office expenses | $399,602 |
| Information technology | $879,179 |
| Royalties | $0 |
| Occupancy | $7,603,143 |
| Travel | $413,260 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,071,835 |
| Interest | $267,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,955,115 |
| Insurance | $2,165,523 |
| All other expenses | $276,679 |
| Total functional expenses | $254,800,158 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $88,774,622 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $32,144,937 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,595,936 |
| Prepaid expenses and deferred charges | $3,626,108 |
| Net Land, buildings, and equipment | $94,558,692 |
| Investments—publicly traded securities | $46,626,913 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,991,390 |
| Total assets | $277,318,598 |
| Accounts payable and accrued expenses | $31,917,798 |
| Grants payable | $0 |
| Deferred revenue | $69,063 |
| 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 | $12,874,329 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $86,313 |
| Total liabilities | $44,947,503 |
| Net assets without donor restrictions | $232,371,095 |
| 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 | $277,318,598 |
Grants Awarded
Over the last fiscal year, Olmsted Medical Center has awarded $425,759 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OLMSTED MEDICAL CENTER REGIONAL FOUNDATION PURPOSE: PROVIDE FUNDING TO OMC REGIONAL FOUNDATION FOR HEALTHCARE EDUCATION AND COMMUNITY PURPOSES. | $420,759 |
CENTER CITY HOUSING CORP PURPOSE: TO SUPPORT GENERAL OPERATIONS OF THEIR MISSION | $5,000 |