Covenant Health
- Assets
- $1.7b
- Revenue
- $220.3m
- Investments
- $40.7m
- Employees
- 1,410
- Location
- Knoxville, TN
- Founding
- 10/1996
- Data as of
- 12/2022
- EIN
- 62-1646734
Organization Overview
Covenant Health is located in Knoxville, TN. The organization was established in 1996. According to its NTEE Classification (E21) the organization is classified as: Community Health Systems, under the broad grouping of Health Care and related organizations. As of 12/2022, Covenant Health employed 1,410 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Covenant Health 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, Covenant Health generated $220.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $180.2m during the year ending 12/2022. While expenses have increased by 6.1% 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 2014, Covenant Health has awarded 195 individual grants totaling $4,287,354. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COVENANT HEALTH IS THE PARENT ORGANIZATION IN A COMMUNITY-OWNED HEALTH CARE SYSTEM IN EAST TENN.
Describe the Organization's Program Activity:
COVENANT HEALTH IS A COMPREHENSIVE, COMMUNITY-OWNED HEALTH SYSTEM DEDICATED TO IMPROVING THE HEALTH OF THE PEOPLE IT SERVES. ESTABLISHED IN 1996 BY THE CONSOLIDATION OF FORT SANDERS HEALTH SYSTEM, KNOXVILLE, TENNESSEE, AND MMC HEALTHCARE SYSTEM IN OAK RIDGE, COVENANT HEALTH IS GOVERNED BY A VOLUNTARY BOARD OF DIRECTORS COMPRISED OF COMMUNITY LEADERS AND MEDICAL PROFESSIONALS. WITH MORE THAN 11,000 EMPLOYEES, AFFILIATED PHYSICIANS AND VOLUNTEERS, COVENANT HEALTH IS THE KNOXVILLE AREA'S LARGEST EMPLOYER AND HAS BEEN NAMED A BEST EMPLOYER BY FORBES. COVENANT HEALTH INCLUDES NINE ACUTE CARE HOSPITALS IN EAST TENNESSEE; METHODIST MEDICAL CENTER OF OAK RIDGE, FORT SANDERS REGIONAL MEDICAL CENTER AND PARKWEST MEDICAL CENTER IN KNOXVILLE, FORT LOUDOUN MEDICAL CENTER IN LENOIR CITY, LECONTE MEDICAL CENTER IN SEVIERVILLE, MORRISTOWN-HAMBLEN HEALTHCARE SYSTEM IN MORRISTOWN, ROANE MEDICAL CENTER IN HARRIMAN, CLAIBORNE MEDICAL CENTER IN TAZEWELL AND CUMBERLAND MEDICAL CENTER IN CROSSVILLE. IT ALSO INCLUDES PENINSULA, A DIVISION OF PARKWEST MEDICAL CENTER, A BEHAVIORAL HEALTH HOSPITAL IN BLOUNT COUNTY, TENNESSEE. THE HEALTH SYSTEM ALSO INCLUDES COVENANT MEDICAL GROUP, WHICH INCLUDES MORE THAN 200 PHYSICIANS AND ADVANCED PRACTICE CLINICIANS IN OFFICE LOCATIONS THROUGHOUT EAST TENNESSEE.AFFILIATED ORGANIZATIONS INCLUDE THOMPSON CANCER SURVIVAL CENTER, THOMPSON ONCOLOGY GROUP, FORTRESS CORPORATION AND SUBSIDIARIES, COVENANT HOMECARE, AND FORT SANDERS PERINATAL CENTER. PHILANTHROPIC ORGANIZATIONS INCLUDE FORT SANDERS FOUNDATION AND THE THOMPSON CANCER SURVIVAL CENTER FOUNDATION IN KNOXVILLE, METHODIST MEDICAL CENTER FOUNDATION IN OAK RIDGE, DR. ROBERT F. THOMAS FOUNDATION IN SEVIERVILLE, AND MORRISTOWN-HAMBLEN HOSPITAL FOUNDATION IN MORRISTOWN. FUNDS RAISED BY THE FOUNDATIONS PROVIDE SERVICES, EQUIPMENT AND OTHER RESOURCES FOR EXCELLENCE IN PATIENT CARE.SERVICECOVENANT HEALTH'S VARIOUS SYSTEM-LEVEL DIVISIONS OPERATIONALLY SUPPORT AND FACILITATE THE HEALTH SYSTEM'S NOT-FOR-PROFIT MISSION OF IMPROVING THE REGION'S QUALITY OF LIFE THROUGH BETTER HEALTH. THESE DIVISIONS INCLUDE INFORMATION TECHNOLOGY, BUSINESS OFFICE AND HEALTH INFORMATION MANAGEMENT, ALONG WITH SYSTEM-WIDE DEPARTMENTS SUCH AS HUMAN RESOURCES, LEARNING AND LEADERSHIP DEVELOPMENT, AND OTHERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Boyd Director | Trustee | 1 | $0 |
Willard Campbell MD Director | Trustee | 1 | $0 |
Michael Casey MD Director | Trustee | 1 | $0 |
Ronni Chandler Director | Trustee | 1 | $0 |
Mitchell Dickson MD Director | Trustee | 1 | $268 |
Stephanie Flood Director | Trustee | 1 | $849 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Vaya Workforce Solutions Llc Contract Labor | 12/30/22 | $59,768,348 |
Optumrx Pharmacy Claims Services | 12/30/22 | $27,104,101 |
Cardinal Health Pharmacy Services Llc Pharmacy Management | 12/30/22 | $59,315,209 |
Morrison Mgmt Specialists Inc Cafeteria Management & Catering | 12/30/22 | $23,604,035 |
Cerner Corporation Consulting & Software Maintenance | 12/30/22 | $12,189,896 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $242,395 |
| 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 | $242,395 |
| Total Program Service Revenue | $150,160,776 |
| Investment income | $69,347,534 |
| Tax Exempt Bond Proceeds | $93,732 |
| Royalties | $0 |
| Net Rental Income | $47,767 |
| Net Gain/Loss on Asset Sales | $320,079 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $57,616 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,269,899 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $433,696 |
| 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. | $10,960,772 |
| Compensation of current officers, directors, key employees. | $1,105,458 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $67,542,487 |
| Pension plan accruals and contributions | $2,970,280 |
| Other employee benefits | $7,888,968 |
| Payroll taxes | $5,691,004 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $706,040 |
| Fees for services: Accounting | $426,054 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15,063,416 |
| Advertising and promotion | $3,844,096 |
| Office expenses | $827,521 |
| Information technology | $24,978,395 |
| Royalties | $0 |
| Occupancy | $1,646,865 |
| Travel | $265,413 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $484,736 |
| Interest | $26,934,932 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $447,174 |
| Insurance | $1,097,934 |
| All other expenses | $1,014,614 |
| Total functional expenses | $180,206,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,000 |
| Savings and temporary cash investments | $173,414,799 |
| Pledges and grants receivable | $0 |
| 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 | $1,408,886 |
| Prepaid expenses and deferred charges | $16,556,613 |
| Net Land, buildings, and equipment | $43,587,622 |
| Investments—publicly traded securities | $1,430,006,888 |
| Investments—other securities | $40,693,038 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,283,371 |
| Total assets | $1,741,953,217 |
| Accounts payable and accrued expenses | $78,103,347 |
| Grants payable | $0 |
| Deferred revenue | $10,000,000 |
| Tax-exempt bond liabilities | $1,012,579,985 |
| 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 | $53,258,289 |
| Total liabilities | $1,153,941,621 |
| Net assets without donor restrictions | $588,011,596 |
| 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 | $1,741,953,217 |
Grants Awarded
Over the last fiscal year, Covenant Health has awarded $375,976 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
AMERICAN HEART ASSOCIATION PURPOSE: Southeast Gala 2022 | $10,000 |
BOYS AND GIRLS CLUB OF THE TENNESSEE VALLEY PURPOSE: General support | $34,000 |
CONGRESSIONAL MEDAL OF HONOR SOCIETY PURPOSE: Medal of Honor Celebration | $24,076 |
FORT SANDERS FOUNDATION PURPOSE: Support for fundraisers benefitting Covenant Health hospitals | $37,650 |
KNOXVILLE ACADEMY OF MEDICINE FOUNDATION PURPOSE: General support | $11,000 |
HONOR AIR KNOXVILLE PURPOSE: Sponsorship for October 12, 2022 flight | $10,000 |