Children's Hospital Corporation

EIN: 042774441 501(c)(3) Health Care

Boston, MA

Total Revenue
$3,165,214,831
Total Expenses
$3,150,537,035
Total Assets
$8,899,360,805
Net Assets
$5,364,325,924
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Organization Details

Formation Year
1982
Legal Domicile
MA
Principal Officer
Kevin B Churchwell MD
Phone
6173556000
Tax Period
2023-10-01 to 2024-09-30

Children's Hospital Corporation, founded in 1982, is a large national nonprofit in the Health Care sector that reported $3.2B in total revenue in fiscal year 2023. Revenue grew 17% year-over-year, indicating healthy expansion.

Mission

Founded in 1869, Boston Children's is one of the largest pediatric hospitals in the U.S. and the only freestanding pediatric hospital in Massachusetts, with its main campus located in the Longwood Medical Area. Boston Children's provides access to safe, high quality health care services that meet the unique needs of our patients and their families, regardless of their ability to pay. Boston Children's has been and will continue to be the world leader in compassionate, equitable, family-centered care and science. Our vision and goal are to lead change in the care and well-being of children through cutting edge research, state of the art innovative clinical care and diagnostics and the development of new drugs, therapeutics and devices to treat and cure what is not currently treatable, and to solve the problems of tomorrow. Boston Children's serves a unique role in the pediatric landscape and adds value across our four mission pillars. -CARING for children we are uniquely able to serve, delivering superior outcomes in pediatrics relative to national peers, and caring for an increasingly complex pediatric population. -RESEARCH to develop new treatments and improve child health, running the world's largest pediatric research enterprise and leveraging our research to directly impact patient care. -TEACHING the next generation of leading pediatric care providers, serving as Harvard Medical School's primary pediatric teaching hospital, and filling a critical role in training sub-specialists. -Serving the COMMUNITY as a care provider, collaborator, investor, and economic contributor; offering the only large PICU and 24/7 pediatric intensivist care in New England, serving as a safety net hospital for Massachusetts Medicaid; keeping care local and lower cost by decreasing our inpatient admissions from local/regional areas and providing back-up support to other hospitals; investing in community education and support (collaborate with schools); attracting jobs and funding to the Boston and Massachusetts economies. In 2024, U.S. News & World Report ranked Boston Children's among the best in the nation, based on a wide range of factors, including reputation among pediatric specialists, medical outcomes, and care-related indicators of quality, such as nurse staffing and the availability of specialized services. This marks more than 20 years that we have earned our Top 10 spot on that esteemed list. This is also the first year that U.S. News has included Pediatric & Adolescent Behavioral Heath as a specialty, and Boston Children's is among the nation's best. In 2024, Boston Children's was also named the #1 pediatric hospital in the world by Newsweek on their list of the "World's Best Specialized Hospitals." In 2008, 2012, 2017, and 2022, Boston Children's achieved Magnet Recognition from the American Nurses Credentialing Center. For the eighth year in a row, Boston Children's was selected as a Leader in LGBTQ Healthcare Equality by Healthcare Equality Index (HEI).

Program Service Accomplishments

Program 1
Expenses: $2,078,043,669 Revenue: $2,293,313,593

CLINICAL CARE: The services we offer - from well child visits and treatment for typical child health issues (broken bones, tonsillitis, etc.) to chronic care (asthma, diabetes, obesity, etc.) and...

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CLINICAL CARE: The services we offer - from well child visits and treatment for typical child health issues (broken bones, tonsillitis, etc.) to chronic care (asthma, diabetes, obesity, etc.) and specialty services (oncology, cardiology, neurology) - benefit from our clinicians' high level of specialization, our collaboration with research scientists (many of whom are also physicians) affiliated with the hospital, and our significant investments in equipment, facilities and clinical and support staff. We also offer the only pediatrics Department of Addiction Medicine in the U.S., as well as the only Orthopedic Sports Medicine program located at a children's hospital. We also offer the largest programs in Pediatric Anesthesiology, Pediatric Cardiology, and Pediatric Critical Care, in the nation. Boston Children's is the safety net institution for very sick children throughout the region, supporting the entire health care system for the most complex pediatric cases. We receive referrals from community hospitals as well as from other academic medical centers throughout New England. Approximately 25% of our inpatients are transferred from hospitals & medical centers across Massachusetts for care that no one else can provide. In FY24, Boston Children's saw approximately 775,000 outpatient visits, 68,000 emergency department visits, 26,000 inpatient or observation stays, and 32,000 inpatient or day surgeries. Our inpatient case mix index was 2.11 (MA only) and the average length of stay was 6.4 days. Of these patients, approximately 35% (patients on Medicaid/Medicare) are considered low income.Our Medicaid ACO provides primary care to 20% of the children covered by Medicaid in the state. The ability to support the health-related social needs of patients and families via the ACO complements the work that we are doing in communities to address the more systemic social determinants of health. We can address "downstream" immediate needs of children and families, but also to work with communities and partners to affect the "upstream" factors that drive poorer health outcomes for so many. This includes a focus on policy that can impact health.We remain committed to advancing health equity through Boston Children's Sandra L. Fenwick Institute. Through the Institute's works, we seek to transform pediatrics by addressing persistent disparities in the delivery of care to our nation's children. In 2024, the Massachusetts Department of Public Health's Public Health Council unanimously approved our Determination of Need (DoN) application for the modernization of the Franciscan Children's campus and programs. This latest approval is affirmation by the state of the growing demand of meeting the needs of children for both behavioral health and rehabilitative care, and to further support the critical dental surgical program located on the Franciscan campus. The project will allow us to build out the full continuum of behavioral health services to meet the needs of our patients, as well as update Kennedy Day School, which provides integrated special education, therapeutic and health services to more than 60 students with complex needs from more than 30 communities across Massachusetts.Increasingly, we have been able to care for and improve life and health outcomes for medically complex children, many with conditions such as congenital heart conditions, childhood cancers & complex neurological and neurosurgical conditions. Our capabilities are accelerating rapidly as we develop new clinical & surgical approaches including gene therapies, stem cell transplant procedures, fetal surgical interventions, and the like.Boston Children's is at the absolute forefront nationally in these & many other areas. As a result, we have seen significant growth in the number of complex patients served patients who stay longer, require more resources (such as intensive care unit-level care), use a broader range of interdisciplinary specialists, and frequently require substantial support for their whole family. Some of them travel great distances, but equally many are from here in Massachusetts.Boston Children's MA/Regional network consists of our satellite/physician office locations, formal primary care relationships with groups such as the PPOC and Atrius, community health center relationships and a broad array of relationships with other hospitals in MA and NE including community hospitals, academic medical centers and specialty hospitals. We maintain relationships of varying structures, shapes and sizes with nearly all of the major academic medical centers and specialty hospitals in MA and New England, from a single service agreement such as providing remote EEG interpretations to Elliot Hospital to staffing community hospitals 24/7 365 per year to our multi-faceted Brigham relationship and joint cancer program with Dana Farber. Our satellite/physician office locations and our community hospital relationships in eastern MA have been central to our commitment to increasing access to high quality pediatric services. Over the past 20+ years we have gradually grown our network of satellites/physician office locations and community hospital relationships providing a mix of neonatal, ED and inpatient services. Today, more than 30% of our outpatient specialty visits and surgical cases take place in a Boson Children's satellite or physician office location. Our affiliated community hospitals account for nearly half of our MA community hospital transfers and 30% (~ 1,000) of all intra-hospital transfers. These community hospital relationships also generate important downstream referrals to our specialists including important neonatal referrals from the obstetrical programs at these community hospitals. As fewer community hospitals provide inpatient pediatric care, these hospitals are increasingly serving as regional pediatric hubs to help stem the tide of patients who have to be referred to Boston for community level care.

Program 2
Expenses: $514,288,562 Revenue: $0

RESEARCH: Our Research Mission is to be the leading source of research and discovery. We are the leader in discovery and innovation that is dramatically advancing not only pediatric care but adult...

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RESEARCH: Our Research Mission is to be the leading source of research and discovery. We are the leader in discovery and innovation that is dramatically advancing not only pediatric care but adult care as well. We have the world's largest pediatric research program for many reasons. The most important reason is our focus on our patients. We are constantly evolving care and caring for increasingly complex patients. Every child who walks through our doors teaches us something. More than 3,000 basic, clinical, and translational research employees work in our dedicated facilities, which total some 1 million square feet of space.Our more than 1,100 investigators include 13 members of the National Academy of Sciences, 30 members of the National Academy of Medicine, 25 Fellows of the American Academy of Arts and Sciences, 13 Fellows of the American Academy for the Advancement of Sciences, 12 current members and 13 alumni of the Howard Hughes Medical Institute. Twenty-seven faculty are members of the American Association of Physicians and 47 are members of the American Society of Clinical Investigation. Over the years, four Boston Children's investigators have won the Nobel Prize and six have won the nearly equally prestigious Lasker Award.Our investigators are Harvard Medical School faculty basic scientists, clinical researchers and epidemiologists - who are accelerating the pace of medical discovery from brainstorm to bench to bedside. Our researchers were the first to develop 10 new disease-based stem cell lines by reprogramming adult stem cells that can be used to study treatments for diseases ranging from Parkinson's to Diabetes.

Program 3
Expenses: $58,106,532 Revenue: $21,785,709

TEACHING: Boston Children's is committed to providing high quality continuing education for pediatric providers and specialists throughout the world. As the primary pediatric teaching affiliate of...

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TEACHING: Boston Children's is committed to providing high quality continuing education for pediatric providers and specialists throughout the world. As the primary pediatric teaching affiliate of Harvard Medical School, more than 2,000 of our attending physicians and researchers are on the clinical frontier of effectively understanding and treating many pediatric diseases and disorders.We are proud to be the primary teaching hospital of Harvard Medical School, and our Nursing Department partners with 27 schools of nursing throughout Massachusetts and New England. We are home to the largest and most competitive training program in pediatrics, seeding the word with the next generations of scientists, innovators and caregivers.In 2024, our Continuing Education Office earned Reaccreditation with Commendation from Joint Accreditation for Interprofessional Continuing Education, the organization consisting of the three global leaders in the field of accreditation. Commendation status represents the pinnacle of accreditation for interprofessional education, reflecting our steadfast dedication to upholding the highest standards in healthcare education and collaborative practice. It reflects our demonstrated commitment to using our education platform to listen to the patient's voice, consider the social determinants of health and population outcomes, pursue research and scholarship in education, and ultimately to improve healthcare.We offer more than 70 Training Programs (44 are accredited - more than any other freestanding children's hospital). We host over 500 Boston Children's-based residents and clinical fellows annually, selected for their potential leadership in their respective fields and their commitment to advancing the frontiers of pediatric care. A 24-year analysis of residents who have graduated from our Department of Medicine found that roughly 40% go on to become leaders in academic medicine, filling positions such as deans, chairs and program heads across the country. More than one third of the chiefs of pediatric departments across the country trained at Boston Children's.Our simulation program, Immersive Design Systems, is the first hospital-based simulator program at a teaching hospital in New England. Our goal is to make "practice prior to game time" part of healthcare routine, offering a fully integrated quality assurance and improvement resource, preparation and testing environment for hospitals. Boston Children's offers the only training programs in New England for Adolescent Medicine, Congenital Cardiac Surgery, and Neurodevelopmental Disabilities; and the only training programs in Massachusetts for Adolescent Medicine, Congenital Cardiac Surgery, Neurodevelopmental Disabilities, Pediatric Cardiology, Pediatric Hematology/Oncology, Pediatric Nephrology, Pediatric Orthopedics, Pediatric Pathology, and Pediatric Surgery.

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $646,395,665
Program Service Revenue $2,291,646,600
Investment Income $104,288,131
Other Revenue $122,884,435
TOTAL REVENUE $3,165,214,831

Expense Breakdown

Grants Paid $15,211,936
Salaries & Benefits $1,399,102,430
Fundraising Expenses $44,009,236
Program Expenses $2,673,218,651
Other Expenses $1,734,478,431
TOTAL EXPENSES $3,150,537,035

Year-over-Year Comparison

2023 2022 Change
Revenue $3,165,214,831 $2,712,815,226 +0.2%
Expenses $3,150,537,035 $2,874,957,146 +0.1%
Net Income $14,677,796 $-162,141,920 -1.1%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
19
Independent Members
18
Employees
17819
Volunteers
396

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
8
$5,614,478
Total Directors
19
$3,197,892
Key Employees
15
$15,898,814
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Kevin Churchwell MD President & CEO 55.00
Officer Director
$3,062,633 $135,259 $3,197,892
Douglas Berthiaume Director - Chairperson 5.00
Officer Director
$0 $0 $0
Allan Bufferd Director 1.00
Director
$0 $0 $0
Winston Henderson Director 1.00
Director
$0 $0 $0
Ivor Horn MD Director 1.00
Director
$0 $0 $0
Stephen Karp Director 1.00
Director
$0 $0 $0
Steven Krichmar Director 1.00
Director
$0 $0 $0
Robert Langer ScD Director 1.00
Director
$0 $0 $0
Vivian Lee MD Director 1.00
Director
$0 $0 $0
Harvey Lodish PhD Director 1.00
Director
$0 $0 $0
Gary Loveman MD Director 1.00
Director
$0 $0 $0
Ralph C Martin Director 1.00
Director
$0 $0 $0
Thomas Melendez Director 1.00
Director
$0 $0 $0
Ted Pappendick Director 1.00
Director
$0 $0 $0
Kathleen Regan Director 1.00
Director
$0 $0 $0
Robert A Smith Director - Vice Chair 2.00
Officer Director
$0 $0 $0
Alison Taunton-Rigby PhD Director 1.00
Director
$0 $0 $0
Lisa Wieland Director 1.00
Director
$0 $0 $0
James Mandell MD Director 1.00
Director
$0 $0 $0
Doug Vanderslice EVP, CFO & Treasurer 55.00
Officer
$1,604,073 $80,122 $1,684,195
Bruce Balter Asst Treasurer/Dir Corp Fin 55.00
Officer
$315,669 $54,758 $370,427
Rob Graham Asst Secretary/Sr Dr Ent Comm (BEGIN TERM 7/1/24) 55.00
Officer
$0 $0 $0
Christine Grenache Asst Sec/Exec Manager (END TERM 6/30/24) 55.00
Officer
$148,571 $18,155 $166,726
Christopher Viney JD EVP, General Counsel & Sec 55.00
Officer
$174,862 $20,376 $195,238
Philip Rotner Chief Investment Officer 55.00
Key Emp
$1,976,654 $67,747 $2,044,401
Peter Laussen MD EVP, Health Affairs 55.00
Key Emp
$1,255,547 $93,916 $1,349,463
Michele Garvin Esq EVP, Chief of Staff 55.00
Key Emp
$1,201,614 $53,172 $1,254,786
Laura J Wood DNP MS RN EVP, Chief Nursing Officer 55.00
Key Emp
$1,005,064 $74,650 $1,079,714
Demosthenes Argys EVP, Hospital Chief Operating Officer, CCO 55.00
Key Emp
$1,085,881 $51,848 $1,137,729
Lynn Susman EVP, Chief Development Off 55.00
Key Emp
$973,008 $65,718 $1,038,726
Lisa Hogarty SVP, RE Planning and Devel 55.00
Key Emp
$779,598 $56,590 $836,188
Michael Gillespie SVP, Clinical Services 55.00
Key Emp
$639,424 $52,482 $691,906
Patricia Hickey PhD MBA RN NEA-BC SVP, Nursing/Patient Care 55.00
Key Emp
$783,148 $48,968 $832,116
August Cervini SVP, Research Administration 55.00
Key Emp
$545,881 $50,152 $596,033
Heather Nelson SVP, Chief Information Off 55.00
Key Emp
$846,498 $52,926 $899,424
Joseph A Mitchell MD EVP & President, Franciscan's 5.00
Key Emp
$0 $128,100 $1,196,959
Nancy Andrews EVP, Chief Scientific Officer 55.00
Key Emp
$1,169,328 $73,187 $1,242,515
Steven Luber SVP, Finance 55.00
Key Emp
$663,304 $29,388 $692,692
Lisa Abbott EVP, Chief Human Resources Officer 55.00
Key Emp
$979,532 $26,630 $1,006,162
Martin Kelly Director, Investments 55.00
Highest
$863,256 $48,759 $912,015
Nirav Desai Director, Investments 55.00
Highest
$803,146 $45,903 $849,049
Cynthia Haines SVP, National & International Services 55.00
Highest
$783,533 $56,028 $839,561
Nader Rifai PhD Director, Lab Medicine 55.00
Highest
$667,474 $52,594 $720,068
Stacy Drury Department Chief, Psychiatry 55.00
Highest
$950,877 $43,367 $994,244
Sandra Fenwick Former President & CEO 0.00
$939,289 $0 $939,289
Daniel Nigrin MD Former SVP & CIO 0.00
$315,203 $0 $315,203
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 $3,165,214,831 $3,150,537,035 $8,899,360,805 $14,677,796
2023 $2,712,815,226 $2,874,957,146 $8,080,111,478 $-162,141,920
2022 $2,493,039,815 $2,428,663,560 $7,956,588,388 $64,376,255
2021 $2,249,005,779 $2,131,809,179 $7,923,756,569 $117,196,600
2020 $2,042,518,732 $1,986,815,891 $7,478,850,382 $55,702,841
2019 $2,046,728,408 $1,910,017,857 $6,333,481,693 $136,710,551
2018 $2,019,654,789 $1,802,072,892 $5,982,517,057 $217,581,897
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