Medical Device Innovation Consortium
- Assets
- $11.9m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 53
- Location
- Arlington, VA
- Founding
- 03/2014
- Data as of
- 12/2023
- EIN
- 46-1465348
Organization Overview
Medical Device Innovation Consortium is located in Arlington, VA. The organization was established in 2014. According to its NTEE Classification (H99) the organization is classified as: Medical Research N.E.C., under the broad grouping of Medical Research and related organizations. As of 12/2023, Medical Device Innovation Consortium employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Medical Device Innovation Consortium 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 12/2023, Medical Device Innovation Consortium generated $14.9m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 25.1% each year . All expenses for the organization totaled $15.6m during the year ending 12/2023. While expenses have increased by 29.6% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
BREAK DOWN BARRIERS IN THE MEDICAL TECHNOLOGY LIFE CYCLE TO ACCELERATE INNOVATION AND ADOPTION OF SAFE, EFFECTIVE AND HIGH-QUALITY MEDICAL TECHNOLOGIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NATIONAL EVALUATION SYSTEM FOR HEALTH TECHNOLOGY COORDINATING CENTER:THE NATIONAL EVALUATION SYSTEM FOR HEALTH TECHNOLOGY (NEST) IS AN INITIATIVE OF MDIC WHICH SERVES AS A CATALYST IN ESTABLISHING FUNCTIONAL AND EFFICIENT PATHWAYS FOR KEY STAKEHOLDERS TO GENERATE LOWER-COST, NEARER REAL-TIME REAL-WORLD EVIDENCE (RWE) OF SUFFICIENT QUALITY FOR REGULATORY, COVERAGE, PATIENT, AND CLINICAL DECISION-MAKING. BY SOLVING THE CHALLENGES THAT HAVE SLOWED MEDICAL DEVICE INNOVATION, DELAYED THE DETECTION OF SAFETY SIGNALS, AND CREATED INEFFICIENCIES, NESTCC COULD IMPROVE PATIENTS' TIMELY ACCESS TO SAFE MEDICAL DEVICES AND THEIR QUALITY OF LIFE.
SCIENCE AND TECHNOLOGY:SCIENCE AND TECHNOLOGY'S FOCUS INVOLVES DEVELOPING TOOLS AND METHODS TO ENHANCE EFFICIENCY (IN TERMS OF TIME AND RESOURCES), QUALITY, DESIGN, MANUFACTURING, AND A PREDICTABLE PATHWAY IN DATA COLLECTION AND EVIDENCE DEVELOPMENT. THE ORGANIZATION'S CLINICAL SCIENCE PROGRAM AIMS TO IMPROVE DIAGNOSTIC TESTING AND PRODUCT DEVELOPMENT BY SUPPORTING MANUFACTURERS IN OBTAINING CREDIBLE CLINICAL EVIDENCE PATIENT PREFERENCES AND FACILITATING FIRST-IN-WORLD PATIENT ACCESS TO SAFE AND EFFECTIVE NEW TECHNOLOGIES OF SIGNIFICANT HEALTH IMPORTANCE.
HEALTH ECONOMICS AND PATIENT VALUE:MDIC'S VALUE-BASED HEALTHCARE PROJECTS ARE DEVELOPED TO IMPROVE THE INDUSTRY'S ABILITY TO REAL WORLD EVIDENCE AND INCLUDE PATIENT PERSPECTIVES IN THE DEVELOPMENT, PRE-MARKET APPROVAL, AND POST-MARKET EVALUATION OF MEDICAL DEVICES AND SUPPORT A MORE PREDICTABLE PATHWAY IN REIMBURSEMENT DECISIONS UNDER FEDERAL HEALTHCARE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Fish President & CEO | Officer | 40 | $736,875 |
Simon Mason President, Nestcc | Officer | 40 | $337,863 |
Joseph Sapiente Svp, Science & Tech | Officer | 40 | $281,520 |
Richard Smith Svp, Nestcc | Officer | 40 | $267,000 |
Lenwood Faulcon General Counsel | Officer | 40 | $270,374 |
Kara Onorato CFO | Officer | 40 | $264,891 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Klein Hersch Recruitment Services | 12/30/23 | $259,555 |
Mintz Levin Cohn Ferris Professional & Legal Consulting | 12/30/23 | $177,234 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,988,750 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,741,411 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,169,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,899,161 |
| Total Program Service Revenue | $4,974,275 |
| Investment income | $26,276 |
| 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 | $14,899,712 |
| 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. | $3,267,729 |
| Compensation of current officers, directors, key employees. | $1,048,491 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,931,126 |
| Pension plan accruals and contributions | $259,538 |
| Other employee benefits | $498,387 |
| Payroll taxes | $465,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $185,258 |
| Fees for services: Accounting | $42,181 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,308,032 |
| Advertising and promotion | $97,751 |
| Office expenses | $101,574 |
| Information technology | $415,452 |
| Royalties | $0 |
| Occupancy | $619,342 |
| Travel | $194,182 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $581,492 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $30,584 |
| Total functional expenses | $15,639,936 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300,127 |
| Savings and temporary cash investments | $3,316,745 |
| Pledges and grants receivable | $1,333,651 |
| 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 | $262,036 |
| Net Land, buildings, and equipment | $1,643,622 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,015,239 |
| Total assets | $11,871,420 |
| Accounts payable and accrued expenses | $2,422,481 |
| Grants payable | $0 |
| Deferred revenue | $5,000 |
| 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 | $7,351,541 |
| Total liabilities | $9,779,022 |
| Net assets without donor restrictions | -$829,611 |
| Net assets with donor restrictions | $2,922,009 |
| 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 | $11,871,420 |