Owensboro Health Twin Lakes Regional Medical Center Inc
- Assets
- $140.5m
- Revenue
- $73.3m
- Investments
- $0.0
- Employees
- 476
- Location
- Owensboro, KY
- Founding
- Data as of
- 05/2024
- EIN
- 85-3033915
Organization Overview
Owensboro Health Twin Lakes Regional Medical Center Inc, operating under the name Owensboro Health Twin Lakes Medical Center, is located in Owensboro, KY. 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 05/2024, Owensboro Health Twin Lakes Medical Center employed 476 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Owensboro Health Twin Lakes 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 05/2024, Owensboro Health Twin Lakes Medical Center generated $73.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 36.1% each year . All expenses for the organization totaled $58.6m during the year ending 05/2024. While expenses have increased by 29.3% per year over the past 4 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
OWENSBORO HEALTH TWIN LAKES MEDICAL CENTER EXISTS TO HEAL THE SICK AND TO IMPROVE THE HEALTH OF THE COMMUNITIES WE SERVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OWENSBORO HEALTH TWIN LAKES MEDICAL CENTER ("OHTLMC") IS A 75 BED HOSPITAL BASED IN LEITCHFIELD, KY, ABOUT 65 MILES SOUTHEAST OF OWENSBORO. THE SERVICE AREA COMPRISES 115,000 PEOPLE FROM SIX COUNTIES: GRAYSON (PRIMARY), BRECKINRIDGE, OHIO, BUTLER, EDMONSON, HART, AND HARDIN. OWENSBORO HEALTH, INC. ("OH") WHOLLY OWNS AND CONTROLS OHTLMC AND IS NOT A MEMBER OF THE OBLIGATED GROUP. OHTLMC'S PRIMARY ACTIVITY CONSISTS OF PROVIDING MEDICAL AND PATIENT CARE SERVICES IN ITS MAIN HOSPITAL, SERVING SIX COUNTIES, IN SUPPORT OF OH. THE SOLE MEMBER OF OHTLMC IS OH. OUR MEDICAL SERVICES ARE DELIVERED BY HIGHLY SKILLED PHYSICIANS ALONG WITH A CARING AND COMPASSIONATE NURSING STAFF. FOR THE FISCAL YEAR 2024, OHTLMC HAD TOTAL ADMISSIONS OF 1,611, PATIENT DAYS OF 5,782 AND TOTAL ER VISITS OF 20,166. COST OF PARTICIPATING IN GOVERNMENT PROGRAMS: OHTLMC IS COMMITTED TO SERVING ALL PERSONS IN NEED, REGARDLESS OF RACE, CREED, SEX, NATIONALITY, RELIGION, DISABILITY, AGE OR ABILITY TO PAY. TO PROMOTE ACCESS TO CARE, OHTLMC PARTICIPATES IN THE FOLLOWING PUBLIC HEALTH PROGRAMS: MEDICAID, MEDICARE, TRICARE AND LOCAL HEALTH DEPARTMENTS. IN GENERAL, PAYMENTS FROM THESE PROGRAMS FREQUENTLY DO NOT COVER THE COSTS OHTLMC INCURS TO SERVE PROGRAM BENEFICIARIES. UNCOMPENSATED CARE AND FINANCIAL ASSISTANCE: OHTLMC PROVIDES MEDICAL CARE WITHOUT CHARGE OR AT REDUCED COST TO RESIDENTS OF THE COMMUNITIES THAT IT SERVES. OHTLMC'S FINANCIAL ASSISTANCE PROGRAM WAS ESTABLISHED TO ASSIST PATIENTS WHO DO NOT QUALIFY FOR MEDICAL ASSISTANCE PROGRAMS, LIKE MEDICAID, AND WHOSE ANNUAL INCOMES ARE AT OR BELOW CERTAIN PERCENTAGES OF THE FEDERAL POVERTY GUIDELINES. OHTLMC IS COMMITTED TO EXPANDING ITS PROGRAMS TO IMPROVE ACCESS TO HEALTH CARE IN THE AREAS IT SERVES, WHICH INCLUDE RURAL AND ECONOMICALLY DEPRESSED AREAS AND AREAS THAT LACK ADEQUATE NUMBERS OF PRIMARY CARE AND SPECIALTY PROVIDERS. IN MAY 2023, OHTLMC OPENED ITS NEW INPATIENT 12-BED GERIATRIC BEHAVIORAL HEALTH UNIT. THE UNIT IS SPECIFICALLY DESIGNED TO PROVIDE MENTAL HEALTH SERVICES FOR THE AGING POPULATION. THE GOAL IS TO HELP OLDER ADULTS EXPERIENCE LESS DISRUPTIVE BEHAVIORS AND SLOW THEIR RATE OF COGNITIVE DECLINE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Secretary | OfficerTrustee | 1 | $0 |
Name Not Listed Board Chairperson (effective 11/31/2023) | OfficerTrustee | 1 | $0 |
Name Not Listed President And CEO | OfficerTrustee | 2 | $0 |
Name Not Listed Former Board Chairperson (ended 11/1/2023) | OfficerTrustee | 1 | $0 |
Name Not Listed Board Treasurer, Chief Financial Officer | OfficerTrustee | 2 | $0 |
Name Not Listed Board Secretary (ended 10/31/2023) | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Signet Health Corp Behavioral Health Services | 5/30/24 | $1,703,356 |
Optum Mgmt Of Rev Cycle And Inf Tech Srvcs | 5/30/24 | $1,648,465 |
Qualivis Llc Contract Labor For Nursing, Lab And Radiology | 5/30/24 | $1,332,386 |
Concord Company Of Tennessee Er Coverage | 5/30/24 | $739,437 |
Clinical Management Solutions Occ. And Pt Services | 5/30/24 | $737,388 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $24,064 |
| Government grants | $1,280 |
| 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 | $25,344 |
| Total Program Service Revenue | $72,840,513 |
| Investment income | $0 |
| 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 | $73,294,481 |
| 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. | $972,774 |
| Compensation of current officers, directors, key employees. | $584,560 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,124,564 |
| Pension plan accruals and contributions | $414,161 |
| Other employee benefits | $3,600,148 |
| Payroll taxes | $1,335,319 |
| Fees for services: Management | $1,247,251 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,535 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,970,719 |
| Advertising and promotion | $121,073 |
| Office expenses | $2,088,321 |
| Information technology | $111,180 |
| Royalties | $0 |
| Occupancy | $1,017,526 |
| Travel | $21,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,064 |
| Interest | $733 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,908,794 |
| Insurance | $0 |
| All other expenses | $137,144 |
| Total functional expenses | $58,639,106 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$157,351 |
| Savings and temporary cash investments | $1,992,066 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,996,520 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,181,309 |
| Prepaid expenses and deferred charges | $7,093,322 |
| Net Land, buildings, and equipment | $30,950,666 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $212,460 |
| Intangible assets | $0 |
| Other assets | $90,251,356 |
| Total assets | $140,520,348 |
| Accounts payable and accrued expenses | $1,855,550 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $103,045,326 |
| Total liabilities | $104,900,876 |
| Net assets without donor restrictions | $35,619,472 |
| 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 | $140,520,348 |