Millinocket Regional Hospital

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1952

Legal Domicile

Principal Officer

Robert Peterson DSc

Phone

2077235161

Tax Period

2023-07-01 to 2024-06-30

Millinocket Regional Hospital, founded in 1952, is a mid-sized nonprofit in the Health Care sector that reported $32.2M in total revenue in fiscal year 2023.

Mission

Millinocket Regional Hospital (MRH) is a critical access hospital that provides access to excellence in healthcare.

Program Service Accomplishments

Program 1

Expenses: $30,385,050 Revenue: $31,834,404

Millinocket Regional Hospital (MRH) provides a broad scope of medical services to residents and guests in the Katahdin region. These services span the continuum of care and include inpatient...

Millinocket Regional Hospital (MRH) provides a broad scope of medical services to residents and guests in the Katahdin region. These services span the continuum of care and include inpatient, outpatient, emergency, and ancillary services. Inpatient care at MRH includes medical surgical care with availability of swing bed and special care services.The wide range of support services available at MRH features highly skilled staff and includes diagnostic imaging, cardiopulmonology, laboratory, rehabilitation, and wellness. (Continued on Schedule O)MRH features a strong, cohesive medical staff consisting of family practice, internal medicine, general surgery, gastroenterology, orthopedics, ear nose & throat, urology, podiatry, cardiology, oncology, ophthalmology, podiatry, pulmonology, radiology, and urology.During this reporting period, MRH cared for:Inpatients - 829Clinic patients - 10,478Emergency room patients - 6,613In addition, MRH provided:Surgeries performed - 1,218Surgical office visits - 2,415Laboratory services - 76,833Radiology services - 11,159Therapy services (physical, speech, and occupational) - 5,515

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $148,611

Program Service Revenue $31,834,404

Investment Income $207,660

Other Revenue $0

TOTAL REVENUE $32,190,675

Expense Breakdown

Grants Paid $3,761

Salaries & Benefits $17,400,546

Fundraising Expenses $0

Program Expenses $30,385,050

Other Expenses $17,083,547

TOTAL EXPENSES $34,487,854

Year-over-Year Comparison

	2023	2022	Change
Revenue	$32,190,675	$31,753,748	+0.0%
Expenses	$34,487,854	$31,725,853	+0.1%
Net Income	$-2,297,179	$27,895	-83.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

251

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$526,936

Total Directors

$1,046,979

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Edward Dunstan DO	Trustee; Medical Staff At-Large	40.00	Director	$332,269	$35,300	$367,569
Matthew Turnquist	Medical Staff President	50.00	Director	$364,238	$0	$364,238
Mellissa McAvoy	Board President, CFO, COO	36.00	Officer Director	$156,116	$0	$156,116
Andrea Sewall ANP	Trustee (end 4/2024)	5.00	Director	$114,772	$44,284	$159,056
Richard Angotti	Trustee	5.00	Director	$0	$0	$0
Mary Alice Cullen	Trustee	5.00	Director	$0	$0	$0
Gail Fanjoy	Trustee	5.00	Director	$0	$0	$0
Fred Lewis	Board Vice President	5.00	Officer Director	$0	$0	$0
Lee Chip Lamson Jr	Board Vice President (end 5/2024)	5.00	Officer Director	$0	$0	$0
Thomas Malcolm	Board Treasurer/Secretary	5.00	Officer Director	$0	$0	$0
Robert Peterson	Chief Executive Officer	48.00	Officer	$347,470	$23,350	$370,820
Lawrence Hallett	CRNA	40.00	Highest	$205,687	$40,800	$246,487
Mark Kowalski MD	Physician	40.00	Highest	$462,930	$24,064	$486,994
James Osgood MD	Physician	40.00	Highest	$230,000	$0	$230,000
Kwaku Owusu-Abrokwa MD	Physician	40.00	Highest	$215,340	$13,600	$228,940
Kevin Olsen PA-C	Physician Assistant	40.00	Highest	$394,332	$0	$394,332

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$32,190,675	$34,487,854	$16,270,735	$-2,297,179
2023	$31,753,748	$31,725,853	$15,581,124	$27,895
2022	$32,440,411	$31,705,328	$18,486,700	$735,083
2021	$34,169,661	$30,380,626	$17,691,355	$3,789,035
2020	$30,901,221	$30,788,898	$20,845,103	$112,323
2019	$32,326,807	$33,718,067	$15,058,805	$-1,391,260
2018	$32,033,619	$36,638,449	$18,070,674	$-4,604,830
2018	$32,033,619	$36,638,449	$18,070,674	$-4,604,830
2017	$31,500,606	$32,884,361	$25,045,003	$-1,383,755