BAYSTATE MEDICAL PRACTICES INC

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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

1985

Legal Domicile

Principal Officer

LAURIE MARTIN

Phone

4137940000

Tax Period

2023-10-01 to 2024-09-30

BAYSTATE MEDICAL PRACTICES INC, founded in 1985, is a major nonprofit in the Health Care sector that reported $444.9M in total revenue in fiscal year 2023. Expenses of $601.6M exceeded revenue, resulting in a 35% operating deficit.

Mission

THE MISSION OF THE ORGANIZATION IS TO IMPROVE THE HEALTH OF THE PEOPLE IN OUR COMMUNITIES EVERY DAY WITH QUALITY AND COMPASSION. BAYSTATE MEDICAL PRACTICES VISION STATES IT WILL BE THE MULTI-SPECIALTY GROUP PRACTICE OF CHOICE, KNOWN FOR EXCEPTIONAL SERVICE, QUALITY, VALUE AND ACADEMIC LEADERSHIP.

Program Service Accomplishments

Program 1

Expenses: $569,727,272 Revenue: $443,644,638

BAYSTATE MEDICAL PRACTICES, INC. (BMP) PROVIDES PHYSICIAN SERVICES, MEDICAL EDUCATION AND RESEARCH PROGRAMS TO PEOPLE IN THE COMMUNITY WITHIN ITS GEOGRAPHIC LOCATION. BMP'S POLICY IS TO PROVIDE CARE TO ANY PATIENT IN NEED OF MEDICAL CARE, REGARDLESS OF THE PATIENT'S ABILITY TO PAY FOR SUCH CARE. DEPENDENT UPON THE PATIENT'S FINANCIAL CAPABILITY TO PAY, BMP MAY PROVIDE SUCH CARE FREE OF CHARGE OR AT AMOUNTS BELOW ITS NORMAL CHARGES. BECAUSE BMP DOES NOT PURSUE COLLECTION OF AMOUNTS DETERMINED TO QUALIFY AS CHARITY CARE, THEY ARE NOT REPORTED AS REVENUE. IN ADDITION TO THE CHARITY CARE PROVIDED TO PATIENTS, BMP'S PHYSICIANS PARTICIPATE IN MANY AND VARIED ONGOING COMMUNITY OUTREACH INITIATIVES IN THE AREAS OF EDUCATION, EMPLOYMENT, SAFETY AND HEALTH. FOR EXAMPLE, THE BMP PHYSICIANS IN THE DEPARTMENT OF PEDIATRICS, IN COLLABORATION WITH THE SPRINGFIELD SCHOOL DEPARTMENT, STAFF SIX SCHOOL-BASED CLINICS THAT ENHANCE SCHOOL HEALTH EDUCATION PROGRAMS, PROVIDE PROFESSIONAL DEVELOPMENT COURSES FOR TEACHERS AND ADMINISTRATORS AND ESTABLISH A SCHOOL-TO-WORK PROGRAM. BMP HAS ALSO TAKEN A LEADERSHIP ROLE IN STRENGTHENING THE HEALTH OF DISADVANTAGED CITIZENS IN SURROUNDING COMMUNITIES INCLUDING SPECIFIC FOCUS ON AIDS AND HIV AND BY PROVIDING PHYSICIAN STAFFING FOR THREE COMMUNITY-BASED HEALTH CENTERS THROUGH BAYSTATE MEDICAL CENTER.

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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 $985,459

Program Service Revenue $443,644,638

Investment Income $241,399

Other Revenue $0

TOTAL REVENUE $444,871,496

Expense Breakdown

Grants Paid $0

Salaries & Benefits $472,759,377

Fundraising Expenses $0

Program Expenses $569,727,272

Other Expenses $128,838,251

TOTAL EXPENSES $601,597,628

Year-over-Year Comparison

	2023	2022	Change
Revenue	$444,871,496	$429,126,283	+0.0%
Expenses	$601,597,628	$513,633,657	+0.2%
Net Income	$-156,726,132	$-84,507,374	+0.9%

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

2423

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

$2,757,209

Total Directors

$14,910,873

Key Employees

$626,332

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANDREW ARTENSTEIN MD	PRESIDENT BMP/CPE, CAO	43.00	Officer Director	$1,284,349	$44,386	$1,328,735
RAYMOND MCCARTHY	DIRECTOR/SVP, CFO & TREASURER BH	3.00	Officer Director	$1,181,243	$29,919	$1,211,162
SAMUEL SKURA	DIR./PRES BMC SVP HOSPITAL OPS	10.00	Director	$1,016,222	$186,721	$1,202,943
NICOLAS JABBOUR MD	DIRECTOR/CHAIR DEPT. OF SURGERY	43.00	Director	$1,026,932	$56,490	$1,083,422
HEATHER SANKEY MD	DIRECTOR/CHAIR DEPT. OF OB/GYN	50.00	Director	$708,360	$57,243	$765,603
RONALD P BRYANT	DIR./PRESIDENT, BH COMMUNITY HOSPITALS	1.00	Director	$690,386	$49,163	$739,549
NIELS RATHLEV MD	DIR./PHYSICIANS, EMERGENCY SERVICES	50.00	Director	$674,762	$41,976	$716,738
SARAH HAESSLER MD	DIR./CHAIR DPT MED BH/UMMS	50.00	Director	$638,040	$53,335	$691,375
ASHRAF KHAN MD	DIR./CHAIR DEPT OF PATHOLOGY	50.00	Director	$633,046	$45,706	$678,752
CHARLOTTE BONEY MD	DIR./CHAIR DEPT OF PEDIATRICS	50.00	Director	$635,432	$41,134	$676,566
KEISHA JONES MD	DIR.(AS OF 1/1/24)/CHIEF UROGYNECOLOGY	50.00	Director	$569,168	$53,761	$622,929
KEVIN HINCHEY MD	EX-OFF DIR.(THRU 9/30/24)/CEO BH & DIO	40.00	Director	$569,897	$39,720	$609,617
BARRY SARVET MD	DIR./CHAIR DEPT OF PSYCHIATRY	50.00	Director	$557,463	$47,477	$604,940
EDWARD FELDMANN MD	DIR.(THRU 6/3/24)/VP MDIR NEUROSCIENCES	50.00	Director	$542,254	$43,559	$585,813
ELIZABETH BOYLE MD	DIR./VP PRIMARY CARE/NETWORK DEV	50.00	Director	$468,529	$64,467	$532,996
SUNDEEP M SHUKLA MD	DIR. (THRU 6/30/24)/CHIEF EMERGENCY SERVICES	50.00	Director	$462,410	$52,925	$515,335
SETH GEMME MD	DIRECTOR /CHAIR EMERG SVCS	50.00	Director	$426,446	$53,421	$479,867
BENJAMIN FREDA DO	DIRECTOR/CHIEF HMP	50.00	Director	$414,377	$44,344	$458,721
SCOTT BARNETT MD	DIR.MED DIR MEADOWS MEDICAL ASC	50.00	Director	$361,789	$52,572	$414,361
AMRUTA MULEY MD	DIRECTOR/CHIEF HMP	50.00	Director	$335,979	$50,763	$386,742
DAVID BULL MD	DIRECTOR/VP/MED DIR H&V	50.00	Director	$328,388	$12,142	$340,530
PAULA BROOKS DNP	DIRECTOR/DIR ADVANCED PRACTITIONERS	50.00	Director	$224,867	$39,310	$264,177
JOHN MAYBURY	DIRECTOR	1.00	Director	$0	$0	$0
RAWAD ELIAS MD	DIRECTOR/VP MED DIR CANCER SVS	50.00	Director	$0	$0	$0
KRISTIN R DELANEY	CLERK/DIR CORP GOVERNANCE	1.00	Officer	$176,880	$40,432	$217,312
BETTY K LARUE	COO-BMP/VP-BH, AMBULATORY OPS	40.00	Key Emp	$577,350	$48,982	$626,332
DENNIS OH MD	CHIEF DIV OF NEUROSURGERY	50.00	Highest	$2,339,269	$60,732	$2,400,001
ANTHONY ROUSOU MD	CARDIAC SURGEON	50.00	Highest	$914,251	$54,922	$969,173
SIAVASH SAADAT MD	CARDIAC SURGEON	50.00	Highest	$908,796	$51,225	$960,021
ROBERT SCHAPIRO MD	NEUROSURGEON	50.00	Highest	$903,298	$52,202	$955,500
LESLIE LYNESS MD	NEUROSURGEON	50.00	Highest	$880,823	$44,191	$925,014
MARION MCGOWAN	FORMER DIRECTOR/EVP, COO-BH	0.00		$15,619	$380	$15,999

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	$444,871,496	$601,597,628	$99,089,827	$-156,726,132
2023	$429,126,283	$513,633,657	$83,548,977	$-84,507,374
2022	$409,706,387	$490,392,035	$65,911,204	$-80,685,648
2021	$390,418,446	$449,857,100	$74,830,702	$-59,438,654
2020	$341,587,229	$399,310,803	$70,580,810	$-57,723,574
2019	$330,090,114	$378,586,044	$59,671,048	$-48,495,930
2018	$307,387,726	$350,938,072	$51,574,022	$-43,550,346