Heywood Medical Group 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

1992

Legal Domicile

Principal Officer

Rozanna Penney

Phone

9786325009

Tax Period

2023-10-01 to 2024-09-30

Heywood Medical Group Inc, founded in 1992, is a community nonprofit in the Mental Health sector that reported $6.9M in total revenue in fiscal year 2023. Revenue decreased 16% compared to the prior year. Expenses of $11.1M exceeded revenue, resulting in a 61% operating deficit.

Mission

To engage in the multi-specialty practice of medicine and to perform such medical and other ancillary services as are necessary in rendering such professional services. To provide medical and health care to individuals living and working in the north central region of Massachusetts, to participate in the activities designed and carried on to promote and improve the general public health of patients in the Greater Gardner area.

Program Service Accomplishments

Program 1

Expenses: $9,832,910 Revenue: $6,922,066

Heywood Medical Group has over 40 physicians specializing in Primary Care and Specialty Care. The Primary Care physicians focus on pediatrics, and family practice. The Specialty Care physicians focus on the areas of cardiology, endocrinology, gastroenterology, gynecology/obstetrics, orthopedics, pulmonology, urology, and general surgery. Heywood Medical Group serves individuals and families in need of health care and works in coordination with Heywood Hospital and Athol Hospital to provide high-quality, comprehensive care to everyone. They also provide oversight to the provider based clinics at Heywood Hospital and Athol Hospital.

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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 $0

Program Service Revenue $6,922,066

Investment Income $0

Other Revenue $0

TOTAL REVENUE $6,922,066

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,114,076

Fundraising Expenses $0

Program Expenses $9,832,910

Other Expenses $-973,670

TOTAL EXPENSES $11,140,406

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,922,066	$8,223,190	-0.2%
Expenses	$11,140,406	$12,578,535	-0.1%
Net Income	$-4,218,340	$-4,355,345	0.0%

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

413

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

$770,150

Total Directors

$1,805,330

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Rozanna Penney	President/CEO	0.20	Officer Director	$0	$9,541	$374,784
JoAnne Parks	Clerk	0.20	Officer Director	$0	$0	$0
Aimee Cormier	Trustee	0.20	Director	$0	$0	$0
Maireni Cruz	Trustee	40.00	Director	$463,114	$42,443	$505,557
Helen Heneghan	Trustee	0.20	Director	$0	$0	$0
Erica Lasorsa	Trustee	40.00	Director	$142,296	$7,550	$149,846
Lisa Rembetsy-Brown	Trustee	40.00	Director	$183,000	$39,760	$222,760
Thomas Scalfarotto	Trustee	40.00	Director	$309,652	$36,054	$345,706
Thomas Sullivan	Treasurer/Past CEO & CFO	0.20	Officer Director	$0	$0	$206,677
John Bujak	CFO	0.20	Officer	$0	$18,723	$188,689
Jared Toman	Orthopedic Physician	40.00	Highest	$1,102,832	$6,540	$1,109,372
Bret Ancowitz	Gastroenterology Physician	40.00	Highest	$818,427	$36,332	$854,759
Thomas Dunzendorfer	Gastroenterology Physician	35.00	Highest	$741,298	$11,404	$752,702
Micahel Azzoni	Orthopedic Physician	36.00	Highest	$638,110	$38,164	$676,274
Erin O'Hara	Chief Medical Officer	40.00	Highest	$608,641	$31,933	$640,574
Winfield Brown	Former President/CEO	0.00		$0	$26,970	$552,753

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	$6,922,066	$11,140,406	$6,720,326	$-4,218,340
2023	$8,223,190	$12,578,535	$5,834,340	$-4,355,345
2022	$6,997,469	$14,400,520	$16,739,541	$-7,403,051
2021	$24,946,399	$25,715,837	$12,509,063	$-769,438
2020	$7,751,669	$9,356,571	$6,140,396	$-1,604,902
2019	$7,815,250	$9,757,552	$4,311,185	$-1,942,302
2018	$23,199,095	$28,736,474	$4,565,373	$-5,537,379