BOSTON MEDICAL CENTER CORPORATION

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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

1996

Legal Domicile

Principal Officer

ANTHONY HOLLENBERG MD

Phone

6174141628

Tax Period

2023-10-01 to 2024-09-30

BOSTON MEDICAL CENTER CORPORATION, founded in 1996, is a large national nonprofit in the Health Care sector that reported $2.6B in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion.

Mission

BOSTON MEDICAL CENTER'S MISSION IS TO PROVIDE CONSISTENTLY EXCELLENT AND ACCESSIBLE HEALTH SERVICES TO ALL IN NEED OF CARE REGARDLESS OF STATUS AND ABILITY TO PAY.

Program Service Accomplishments

Program 1

Expenses: $2,310,689,481 Revenue: $2,526,992,354

THE STATUTE THAT AUTHORIZED THE CREATION OF BOSTON MEDICAL CENTER REQUIRES IT TO SERVE ALL POPULATIONS. BMC IS A PRIVATE, NOT-FOR-PROFIT, 654-LICENSED BED, URBAN ACADEMIC MEDICAL CENTER WHICH...

THE STATUTE THAT AUTHORIZED THE CREATION OF BOSTON MEDICAL CENTER REQUIRES IT TO SERVE ALL POPULATIONS. BMC IS A PRIVATE, NOT-FOR-PROFIT, 654-LICENSED BED, URBAN ACADEMIC MEDICAL CENTER WHICH EMPHASIZES COMMUNITY-BASED, ACCESSIBLE CARE AND THE MISSION TO PROVIDE CONSISTENTLY ACCESSIBLE HEALTH SERVICES TO ALL IN NEED OF CARE REGARDLESS OF STATUS AND ABILITY TO PAY. BMC IS THE LARGEST SAFETY NET HOSPITAL IN NEW ENGLAND AND PROVIDES A FULL SPECTRUM OF PEDIATRIC AND ADULT CARE SERVICES FROM PRIMARY TO FAMILY MEDICINE TO ADVANCED SPECIALTY CARE. BOSTON MEDICAL CENTER IS DEDICATED TO PROVIDING ACCESSIBLE HEALTH CARE. NEARLY 75 PERCENT OF BMC'S PATIENTS COME FROM UNDERSERVED POPULATIONS, SUCH AS THE LOW-INCOME AND ELDERLY, WHO RELY ON GOVERNMENT PAYERS SUCH AS MEDICAID, THE HEALTH SAFETY NET, AND MEDICARE FOR THEIR COVERAGE; 27 PERCENT DO NOT SPEAK ENGLISH AS A PRIMARY LANGUAGE. TO ADDRESS THE HEALTH NEEDS OF DIVERSE PATIENT POPULATIONS, BMC PROVIDES A WIDE RANGE OF SERVICES BEYOND THE TRADITIONAL MEDICAL MODEL. THESE PROGRAMS, INCLUDING PATIENT NAVIGATION AND A FOOD PANTRY, HELP TO REDUCE BARRIERS TO ACCESS TO HEALTH SERVICES AND ELIMINATE DISPARITIES IN HEALTH CARE AMONG VARIOUS POPULATIONS THAT BMC SERVES.

Program 2

Expenses: $16,785,466

BOSTON MEDICAL CENTER PROVIDES RESEARCH SUPPORT TO ORGANIZATIONS WITHIN THE UNITED STATES.

Program 3

Expenses: $1,080,692

BOSTON MEDICAL CENTER PROVIDES RESEARCH SUPPORT TO FOREIGN ORGANIZATIONS.

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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 $26,484,573

Program Service Revenue $2,528,877,780

Investment Income $32,645,067

Other Revenue $12,517,960

TOTAL REVENUE $2,600,525,380

Expense Breakdown

Grants Paid $17,866,158

Salaries & Benefits $966,812,413

Fundraising Expenses $9,790,610

Program Expenses $2,328,555,639

Other Expenses $1,656,822,597

TOTAL EXPENSES $2,641,501,168

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,600,525,380	$2,380,282,356	+0.1%
Expenses	$2,641,501,168	$2,418,812,155	+0.1%
Net Income	$-40,975,788	$-38,529,799	+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

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

12872

Volunteers

380

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

$4,768,295

Total Directors

$4,446,654

Key Employees

$2,923,953

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALASTAIR BELL MD	TRUSTEE /INTERIM PRESIDENT(THRU 5/31/24)	50.00	Officer Director	$1,769,199	$180,077	$1,949,276
JENNIFER TSENG MD	TRUSTEE (THRU 1/1/24)	1.00	Director	$0	$41,056	$1,197,283
KAREN ANTMAN MD	TRUSTEE	1.00	Director	$0	$0	$0
ANITA BEKENSTEIN	TRUSTEE	1.00	Director	$0	$0	$0
REV WILLIE BODRICK II	TRUSTEE (AS OF 11/7/23)	1.00	Director	$0	$0	$0
MARY BOYD	TRUSTEE (AS OF 5/14/24)	1.00	Director	$0	$0	$0
RYAN CARROLL	TRUSTEE	1.00	Director	$0	$0	$0
NADINE CHAKAR	TRUSTEE	1.00	Director	$0	$0	$0
ENRIQUE COLBERT	TRUSTEE	1.00	Director	$0	$0	$0
SANDRA COTTERELL	TRUSTEE (THRU 8/21/24)	1.00	Director	$0	$0	$0
TODD COZZENS	TRUSTEE (AS OF 5/14/24)	1.00	Director	$0	$0	$0
PIERRE CREMIEUX	TRUSTEE	1.00	Director	$0	$0	$0
RANDI CUTLER	TRUSTEE	1.00	Director	$0	$0	$0
MANISHI DESAI	TRUSTEE	1.00	Director	$0	$44,175	$335,745
PAUL EGERMAN	TRUSTEE	1.00	Director	$0	$0	$0
RUTH ELLEN FITCH	TRUSTEE (THRU 5/14/24)	1.00	Director	$0	$0	$0
MELANIE FOLEY	TRUSTEE (THRU 5/14/24)	1.00	Director	$0	$0	$0
JOHN T HAILER	TRUSTEE (THRU 5/14/24)	1.00	Director	$0	$0	$0
ANTHONY HOLLENBERG MD	TRUSTEE/PRESIDENT (AS OF 5/31/24)	50.00	Officer Director	$0	$32,363	$964,350
KAREN KAMES	TRUSTEE	1.00	Director	$0	$0	$0
AZRA KANJI	TRUSTEE	1.00	Director	$0	$0	$0
FRED LOWERY	TRUSTEE	1.00	Director	$0	$0	$0
RICHARD MARKS	TRUSTEE	1.00	Director	$0	$0	$0
DEVIN MCCOURTY	TRUSTEE	1.00	Director	$0	$0	$0
MICHELLE NADOW	TRUSTEE	1.00	Director	$0	$0	$0
BISOLA OJIKUTU MD	TRUSTEE	1.00	Director	$0	$0	$0
MARTHA SAMUELSON	TRUSTEE/CHAIR	1.00	Officer Director	$0	$0	$0
CYNTHIA SIERRA	TRUSTEE	1.00	Director	$0	$0	$0
PATRICK SMITH	TRUSTEE (AS OF 5/14/24)	1.00	Director	$0	$0	$0
TED TRUSCOTT	TRUSTEE (AS OF 11/7/23)	1.00	Director	$0	$0	$0
GREGORY WILMOT	TRUSTEE	1.00	Director	$0	$0	$0
ANDREW YOUNISS	TRUSTEE	1.00	Director	$0	$0	$0
TERRI NEWSOM	SVP/CFO/TREASURER (THRU 7/1/24)	50.00	Officer	$809,132	$114,386	$923,518
DAVID BECK	SVP/CHIEF LEGAL COUNSEL/CLERK	50.00	Officer	$681,033	$56,003	$737,036
JESSE SOUWEINE	TREASURER (07/01/24 - 11/12/24)	50.00	Officer	$184,790	$9,325	$194,115
NANCY GADEN	SVP OF CLINICAL OPERATIONS/CNO	50.00	Key Emp	$788,987	$53,276	$842,263
DAVID MCANENY	SVP/CHIEF MEDICAL OFFICER	50.00	Key Emp	$824,004	$40,665	$864,669
LISA KELLY-CROSWELL	SVP/CHIEF HR OFFICER	50.00	Key Emp	$699,041	$111,820	$810,861
RAVIN DAVIDOFF MD	SVP/EXECUTIVE MEDICAL DIRECTOR	50.00	Key Emp	$353,143	$53,017	$406,160
JOE CAMILLUS	SVP AMBULATORY & PRF SVC	50.00	Highest	$760,503	$138,091	$898,594
NICOLE FAUCHER	PRESIDENT, CLEARWAY HEALTH, LLC	0.00	Highest	$798,340	$67,832	$866,172
ARTHUR HARVEY	VP/CIO	50.00	Highest	$645,941	$117,202	$763,143
ROBERT BIGGIO	SVP/CHIEF SUSTAINABILITY/RE OFFICER	50.00	Highest	$604,968	$87,861	$692,829
JODI LARSON	VP, CHIEF QUALITY OFFICER	40.00	Highest	$519,212	$97,876	$617,088
KATHLEEN E WALSH	FORMER PRESIDENT	0.00		$583,594	$5,611	$589,205

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	$2,600,525,380	$2,641,501,168	$2,832,076,979	$-40,975,788
2023	$2,380,282,356	$2,418,812,155	$2,632,199,167	$-38,529,799
2022	$2,141,060,598	$2,128,452,782	$2,456,189,580	$12,607,816
2021	$1,975,432,734	$1,916,457,480	$2,744,742,937	$58,975,254
2020	$1,881,143,991	$1,782,658,647	$2,742,187,000	$98,485,344
2019	$1,746,461,255	$1,649,267,744	$2,427,982,000	$97,193,511
2018	$1,521,162,786	$1,442,991,249	$2,480,375,000	$78,171,537