Cabinet Peaks Medical Center
- Assets
- $71.0m
- Revenue
- $44.6m
- Investments
- $0.0
- Employees
- 329
- Location
- Libby, MT
- Founding
- 12/1944
- Data as of
- 03/2023
- EIN
- 81-0241755
Organization Overview
Cabinet Peaks Medical Center is located in Libby, MT. The organization was established in 1944. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. As of 03/2023, Cabinet Peaks Medical Center employed 329 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cabinet Peaks 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 03/2023, Cabinet Peaks Medical Center generated $44.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $42.3m during the year ending 03/2023. While expenses have increased by 4.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
HEALTHCARE SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
CABINET PEAKS MEDICAL CENTER OPERATES A 25-BED CRITICAL ACCESS HOSPITAL PROVIDING MEDICAL SERVICES TO THE RESIDENTS OF LINCOLN COUNTY. DUE TO THE REMOTE LOCATION OF LINCOLN COUNTY, CABINET PEAKS SERVES A CRITICAL ROLE IN CARING FOR THE MEDICAL NEEDS OF ITS COMMUNITY, AS THE NEXT CLOSEST EMERGENCY ROOM IS OVER 50 MILES AWAY AND THE NEAREST REGIONAL HOSPITAL IS 90 MILES AWAY. AS SUCH CABINET PEAKS MAKES IT A PRIORITY TO PROVIDE AN INTENSIVE CARE UNIT, 24/7 EMERGENCY SERVICES, BIRTHING SERVICES, AND EXTENSIVE SURGERY SERVICES. CABINET PEAKS ALSO OFFERS A COMPLEMENT OF OUTPATIENT SERVICES, INCLUDING PRIMARY CARE AND OB/GYN SERVICES, A VARIETY OF REHAB AND THERAPY SERVICES, INFUSION AND CHEMOTHERAPY, IMAGING, AND LAB. CONTINUED ON SCHEDULE O.PATIENTS OFTEN DO NOT HAVE THE LUXURY OF TIME OR MONEY OR THE PHYSICAL STRENGTH NECESSARY TO MAKE THE 90-MILE TRIP TO KALISPELL TO RECEIVE SERVICES, WHICH IS WHY CABINET PEAKS RECOGNIZES THE VALUE OF PROVIDING THESE SERVICES CLOSE TO HOME. IN FISCAL YEAR 2023, CABINET PEAKS MEDICAL CENTER PROVIDED SERVICES TO 10,420 UNIQUE PATIENTS AMOUNTING TO A TOTAL OF 18,395 ADJUSTED PATIENT DAYS AND 1,099 SURGICAL CASES. ADDITIONALLY, CABINET PEAKS MEDICAL CENTER DELIVERED 109 BABIES DURING FISCAL YEAR 2023. AS LINCOLN COUNTY CONSISTENTLY HAS ONE OF THE TOP UNEMPLOYMENT RATES IN THE STATE AND IS AN ECONOMICALLY DEPRESSED AREA, MANY OF CABINET PEAKS' PATIENTS ARE UNINSURED OR UNDERINSURED, MEANING CABINET PEAKS PROVIDES A SIGNIFICANT AMOUNT OF UNCOMPENSATED CARE.THE HOSPITAL PROVIDES HEALTH CARE SERVICES TO PATIENTS WHO MEET CERTAIN CRITERIA UNDER ITS CHARITY CARE POLICY WITHOUT CHARGE OR AT AMOUNTS LESS THAN ESTABLISHED RATES. SINCE THE HOSPITAL DOES NOT PURSUE COLLECTION OF THESE AMOUNTS, THEY ARE NOT REPORTED AS PATIENT SERVICE REVENUE. THE AMOUNTS OF CHARGES FORGONE, BASED ON ESTABLISHED RATES,WERE $934,249 AND $524,547 DURING THE YEARS ENDED MARCH 31, 2023, AND 2022, RESPECTIVELY. THE ESTIMATED COST OF PROVIDING THESE SERVICES WAS APPROXIMATELY $556,000 AND $279,000 FOR THE YEARS ENDED MARCH 31, 2023 AND 2022, RESPECTIVELY, CALCULATED BY MULTIPLYING THE RATIO OF COST TO GROSS CHARGES FOR THE HOSPITAL BY THE GROSS UNCOMPENSATED CHARGES ASSOCIATED WITH PROVIDING CHARITY CARE TO ITS PATIENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Sorensen Chair | OfficerTrustee | 1 | $0 |
Kathy Nelson Vice Chair | OfficerTrustee | 1 | $0 |
Kerry Beasley Secretary/treasurer | OfficerTrustee | 1 | $0 |
Steve Sorenson Od Trustee | Trustee | 1 | $0 |
Samantha Pyle MD Trustee (apr-Feb) | Trustee | 1 | $0 |
Manuel Castaneda Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Logan Health (Krmc) Software Maintenance And Support | 3/30/23 | $1,940,083 |
Medical Solutions Contract Staffing | 3/30/23 | $1,596,361 |
Hamilton Staffing Solutions Inc Contract Staffing | 3/30/23 | $771,192 |
Cardinal Health Pharmacy Svcs Pharmacy Management Svcs | 3/30/23 | $504,400 |
Psychiatric Medical Care Llc Management Fees, Contracting Staff | 3/30/23 | $458,506 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $164,911 |
| Government grants | $1,424,235 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,861 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,690,007 |
| Total Program Service Revenue | $42,673,034 |
| Investment income | $428,839 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$60,640 |
| Net Gain/Loss on Asset Sales | -$85,599 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $44,645,641 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $656 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,347,282 |
| Compensation of current officers, directors, key employees. | $590,146 |
| Compensation to disqualified persons | $133,596 |
| Other salaries and wages | $15,717,007 |
| Pension plan accruals and contributions | $512,039 |
| Other employee benefits | $2,027,934 |
| Payroll taxes | $1,163,155 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,880 |
| Fees for services: Accounting | $83,291 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,789,042 |
| Advertising and promotion | $51,535 |
| Office expenses | $869,912 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $369,324 |
| Travel | $138,648 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,317 |
| Interest | $828,209 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,098,518 |
| Insurance | $455,921 |
| All other expenses | $151,479 |
| Total functional expenses | $42,297,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $21,398,894 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,671,403 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,141,684 |
| Prepaid expenses and deferred charges | $574,772 |
| Net Land, buildings, and equipment | $19,161,157 |
| Investments—publicly traded securities | $17,349,622 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,690,000 |
| Total assets | $70,987,532 |
| Accounts payable and accrued expenses | $2,643,236 |
| 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 | $19,540,325 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,319,763 |
| Total liabilities | $23,503,324 |
| Net assets without donor restrictions | $46,537,952 |
| Net assets with donor restrictions | $946,256 |
| 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 | $70,987,532 |