LAHEY CLINIC INC (EIN 042704683) - Form 990 Financial Analysis & Trantor Score

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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

1980

Legal Domicile

Principal Officer

KEVIN TABB MD

Phone

7817445100

Tax Period

2023-10-01 to 2024-09-30

LAHEY CLINIC INC, founded in 1980, is a major nonprofit in the Health Care sector that reported $376.7M in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $442.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

LAHEY CLINIC (LC) PROVIDES THE HIGHEST QUALITY INTERDISCIPLINARY AND COORDINATED PATIENT CARE LEADING TO THE BEST POSSIBLE OUTCOMES AND EXPERIENCES FOR EVERY PATIENT, ADVANCING MEDICINE THROUGH RESEARCH AND EDUCATING TOMORROW'S HEALTH CARE LEADERS. LAHEY CLINIC ALSO PROMOTES HEALTH AND WELLNESS IN PARTNERSHIP WITH THE DIVERSE COMMUNITIES SERVED. LAHEY CLINIC ACCOMPLISHES THESE MISSIONS IN CONJUNCTION WITH THE LAHEY CLINIC HOSPITAL D/B/A LAHEY HOSPITAL & MEDICAL CENTER AND THE BETH ISRAEL LAHEY HEALTH (BILH) NETWORK OF AFFILIATES AS DESCRIBED FURTHER IN THIS FORM 990. DURING THE FISCAL PERIOD COVERED BY THIS FILING, BETH ISRAEL LAHEY HEALTH (BILH) SERVED AS THE SOLE MEMBER OF ANNA JAQUES HOSPITAL (AJH), BETH ISRAEL DEACONESS MEDICAL CENTER, INC. (BIDMC), MOUNT AUBURN HOSPITAL (MAH), NEW ENGLAND BAPTIST HOSPITAL (NEBH), BETH ISRAEL DEACONESS HOSPITAL -- MILTON, INC. (MILTON), BETH ISRAEL DEACONESS HOSPITAL -- NEEDHAM, INC. (NEEDHAM), BETH ISRAEL DEACONESS HOSPITAL -- PLYMOUTH, INC. (PLYMOUTH), LAHEY HEALTH SHARED SERVICES (LHSS), LAHEY CLINIC FOUNDATION (LCF), WINCHESTER HOSPITAL (WINCHESTER), NORTHEAST HOSPITAL CORPORATION (NHC) WHICH INCLUDES BEVERLY, ADDISON GILBERT AND BAYRIDGE HOSPITALS, NORTHEAST BEHAVIORAL CORPORATION (NBHC), THE BETH ISRAEL LAHEY HEALTH PERFORMANCE NETWORK (BILHPN), EXETER HEALTH RESOURCES INC. (EHRI) AND THE BETH ISRAEL LAHEY HEALTH PHARMACY. THE LAHEY CLINIC FOUNDATION IN TURN SERVED AS THE SOLE MEMBER OF LAHEY CLINIC INC, AND LAHEY CLINIC HOSPITAL D/B/A LAHEY HOSPITAL AND MEDICAL CENTER (LHMC) AND EXETER HEALTH RESOURCES INC SERVED AS THE SOLE MEMBER OF EXETER HOSPITAL. EACH OF THE ENTITIES LISTED HERE MAY HAVE ALSO, IN TURN, SERVED AS MEMBER TO OTHER NETWORK AFFILIATES. BILH IS AN INTEGRATED HEALTH CARE SYSTEM COMMITTED TO EXPANDING ACCESS TO EXTRAORDINARY PATIENT CARE ACROSS EASTERN MASSACHUSETTS AND SOUTHERN NEW HAMPSHIRE AND ADVANCING THE SCIENCE AND PRACTICE OF MEDICINE THROUGH GROUNDBREAKING RESEARCH AND EDUCATION. THE BILH SYSTEM IS COMPRISED OF ACADEMIC AND TEACHING HOSPITALS, A PREMIER ORTHOPEDICS HOSPITAL, PRIMARY CARE AND SPECIALTY CARE PROVIDERS, AMBULATORY SURGERY CENTERS, URGENT CARE CENTERS, COMMUNITY HOSPITALS, HOMECARE SERVICES, OUTPATIENT BEHAVIORAL HEALTH CENTERS AND ADDICTION TREATMENT PROGRAMS. BILH'S COMMUNITY OF CLINICIANS, CAREGIVERS AND STAFF INCLUDES APPROXIMATELY 4,700 PHYSICIANS AND 39,000 EMPLOYEES.

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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 $11,521,817

Program Service Revenue $357,274,373

Investment Income $7,342,031

Other Revenue $580,079

TOTAL REVENUE $376,718,300

Expense Breakdown

Grants Paid $204,593

Salaries & Benefits $407,878,718

Fundraising Expenses $0

Program Expenses $435,761,482

Other Expenses $34,487,808

TOTAL EXPENSES $442,571,119

Year-over-Year Comparison

	2023	2022	Change
Revenue	$376,718,300	$337,273,093	+0.1%
Expenses	$442,571,119	$412,489,983	+0.1%
Net Income	$-65,852,819	$-75,216,890	-0.1%

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

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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

1693

Volunteers

164

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

$10,315,536

Total Directors

$14,038,829

Key Employees

$6,959,371

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TABB MD KEVIN	TTEE & CEO (EX-OFF) (CEO, BILH)	1.00	Officer Director	$0	$1,097,028	$5,410,415
SHORETT PETER	TTEE (SR EXECUTIVE VP & COO, BILH)	1.00	Director	$0	$48,246	$1,607,722
MOFFATT-BRUCE MD PHD SUSAN	PRESIDENT & TRUSTEE	1.00	Officer Director	$0	$224,147	$1,366,413
MOSENTHAL MD ANNE	TRUSTEE; CHIEF ACADEMIC OFFICER	1.00	Director	$0	$68,115	$915,931
MOURTZINOS MD ARTHUR P	TRUSTEE; UROLOGIST	55.00	Director	$802,422	$50,084	$852,506
BRAMS MD DAVID	TRUSTEE (PRESIDENT, MEDICAL STAFF)	55.00	Director	$627,872	$72,341	$700,213
SORCINI MD ANDREA P	TRUSTEE; MSA PRESIDENT AND UROLOGIST	55.00	Director	$613,804	$35,142	$648,946
HUNTER MD ALICE A	TRUSTEE; ORTHOPAEDIC SURGEON	55.00	Director	$559,737	$64,766	$624,503
SRINIVASAN MD JAYASHRI	TRUSTEE; DIVISION CHAIR NEUROLOGY	55.00	Director	$479,202	$59,450	$538,652
WINGER MD CHRISTINE	TRUSTEE, PHYSICIAN	55.00	Director	$476,807	$47,491	$524,298
AQUINO MD PATRICK	TTEE; LCI DIVISION CHAIR, PSYCHIATRY	55.00	Director	$425,505	$49,219	$474,724
CRAWFORD MD BETSEY	TTEE; PHYSICIAN, INTERNAL MEDICINE	55.00	Director	$251,035	$30,681	$281,716
D'AGOSTINO MD RICHARD S	TRUSTEE, PHYSICIAN	55.00	Director	$63,460	$29,330	$92,790
EDMONDS JANE C	TRUSTEE & CHAIR	1.00	Officer Director	$0	$0	$0
ALEXANDER PAUL	TRUSTEE	1.00	Director	$0	$0	$0
DECOSTE PAMELA	TRUSTEE	1.00	Director	$0	$0	$0
FINK JOHANNA	TRUSTEE	1.00	Director	$0	$0	$0
HO WILLIAM	TRUSTEE	1.00	Director	$0	$0	$0
LAFRENIERE LAWRENCE	TRUSTEE	1.00	Director	$0	$0	$0
MCARDLE JOAN	TRUSTEE	1.00	Director	$0	$0	$0
NORDBLOM PETER C	TRUSTEE	1.00	Director	$0	$0	$0
PONTE PATRICIA REID	TRUSTEE	1.00	Director	$0	$0	$0
REYNOLDS MARY	TRUSTEE	1.00	Director	$0	$0	$0
ROBINS SHANNON	TRUSTEE	1.00	Director	$0	$0	$0
SCHMERGEL GREG	TRUSTEE	1.00	Director	$0	$0	$0
RIOS CINDY	TREAS (EXECUTIVE VP & CFO, BILH)	1.00	Officer	$0	$217,736	$1,689,163
KATZ ESQ JAMIE	CLERK; GENERAL COUNSEL, BILH	1.00	Officer	$0	$32,002	$1,302,177
CONNELLY CPA MBA MICHAEL	ASST TREAS & CHIEF FINANCIAL OFFICER	1.00	Officer	$0	$7,490	$376,343
TABERNER MIKAELA	ASST CLERK (ASSOC GC, BILH)	1.00	Officer	$0	$27,894	$171,025
STAIN MD STEVEN	CHAIR, SURGERY DEPARTMENT	1.00	Key Emp	$0	$70,699	$1,009,811
JOHNSON MD MS FACP ELIZABETH	PRES, BILH PRIMARY CARE NETWORK	1.00	Key Emp	$0	$104,587	$894,582
LIESCHING MD TIMOTHY	SR. VP AND CHIEF MEDICAL OFFICER	1.00	Key Emp	$0	$88,251	$801,470
CREIGHTON MD MALCOLM	HOSP BASED SVCS & EMERG MED CHAIR	55.00	Key Emp	$665,572	$65,963	$731,535
KEITZ MD SHERI	CHAIR OF DEPARTMENT OF MEDICINE	1.00	Key Emp	$0	$65,024	$700,309
BACIARELLI RENATO VAL	INTERIM SVP, COO	1.00	Key Emp	$0	$0	$599,877
LEW JOHN	VP, HUMAN RESOURCES BUSINESS PARTNER	1.00	Key Emp	$0	$44,791	$506,555
ROBINSON MPH MBA JASON	VP HOSPITAL SVCS & ACADEMIC AFFAIRS	1.00	Key Emp	$0	$62,651	$459,269
BOWEN-BENITICH MBA BRIGITTE	VP SURGICAL SERVICES	1.00	Key Emp	$0	$30,137	$435,633
SENARIAN EMILY	VP MED SVCS & AMBULATORY PERFORMANCE	1.00	Key Emp	$0	$20,843	$432,930
CANTRELL PAUL	VP, PLANNING, DESIGN, & CONSTRUCTION	1.00	Key Emp	$0	$59,238	$387,400
SHEKAR MD PREM	CARDIOTHORACIC SURGEON	55.00	Highest	$1,350,967	$71,897	$1,422,864
WHITMORE MD ROBERT	NEUROSURGEON	55.00	Highest	$1,364,173	$47,522	$1,411,695
GHOGAWALA MD ZOHER	NEUROSURGEON	55.00	Highest	$1,108,428	$81,963	$1,190,391
YEW MD ANDREW	NEUROSURGEON	55.00	Highest	$1,117,884	$51,373	$1,169,257
MAGGE MD SUBU	NEUROSURGEON	55.00	Highest	$953,435	$68,863	$1,022,298
BENNETT KEVIN	FRMR ASST TREAS (EX-OFF) & CFO	0.00		$0	$222,074	$757,399
LONGWORTH MD DAVID	FRMR TTEE (EX-OFF) & PRES	0.00		$0	$15,489	$264,742
MARX MD JEFFREY L	FRMR INTERIM CHAIR, DEPT OF MEDICINE	0.00		$837,301	$71,517	$908,818
ROSENBLATT MD MICHAEL S	FORMER CMO HOSPITAL	0.00		$540,334	$68,753	$609,087

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	$376,718,300	$442,571,119	$312,521,997	$-65,852,819
2023	$337,273,093	$412,489,983	$265,897,725	$-75,216,890
2022	$361,277,977	$411,373,162	$239,661,515	$-50,095,185
2021	$350,834,884	$388,548,728	$265,843,829	$-37,713,844
2020	$291,194,396	$389,866,613	$218,926,928	$-98,672,217
2019	$316,276,052	$388,217,227	$183,310,579	$-71,941,175
2018	$304,035,231	$370,995,661	$259,691,959	$-66,960,430

LAHEY CLINIC INC