MIDDLESEX HOSPITAL

EIN: 060646718 501(c)(3) Health Care

MIDDLETOWN, CT

Total Revenue
$539,655,486
Total Expenses
$493,737,848
Total Assets
$614,139,759
Net Assets
$467,563,644
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1895
Legal Domicile
CT
Principal Officer
VINCENT CAPECE JR
Phone
8603586395
Tax Period
2023-10-01 to 2024-09-30

MIDDLESEX HOSPITAL, founded in 1895, is a major nonprofit in the Health Care sector that reported $539.7M in total revenue in fiscal year 2023. Expenses of $493.7M left a modest 9% surplus.

Mission

MIDDLESEX HOSPITAL EXISTS TO PROVIDE THE SAFEST, HIGHEST-QUALITY HEALTH CARE AND THE BEST EXPERIENCE POSSIBLE FOR OUR COMMUNITY. (CONTINUED ON SCHEDULE O)

Program Service Accomplishments

Program 1
Expenses: $441,919,291 Revenue: $511,455,341

IN MARCH OF 2020, MIDDLESEX HOSPITAL AS PART OF MIDDLESEX HEALTH'S COMMUNITY HEALTH AND WELL-BEING BASED WORK SHIFTED DRAMATICALLY TO ADDRESS THE COVID-19 PANDEMIC AND RESPOND TO COMMUNITY LEVEL...

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IN MARCH OF 2020, MIDDLESEX HOSPITAL AS PART OF MIDDLESEX HEALTH'S COMMUNITY HEALTH AND WELL-BEING BASED WORK SHIFTED DRAMATICALLY TO ADDRESS THE COVID-19 PANDEMIC AND RESPOND TO COMMUNITY LEVEL NEEDS. MIDDLESEX HOSPITAL CONTINUES TO GO ABOVE AND BEYOND TO PROVIDE THE SAFEST POSSIBLE CARE TO ALL PATIENTS, WHETHER OR NOT THEIR ILLNESS IS RELATED TO THE CORONAVIRUS. MIDDLESEX HOSPITAL CONTINUES TO PROVIDE UPDATES AND ACCESS TO RESOURCES TO HELP MEMBERS OF THE COMMUNITY STAY SAFE AND HEALTHY DURING THESE CHALLENGING TIMES. ARMED WITH SKILLED STAFF, PROGRESSIVE DIAGNOSTIC TOOLS AND ADVANCED SURGICAL TECHNIQUES, THE HOSPITAL WAS WELL POSITIONED TO ENSURE A COMFORTABLE, SAFE ENVIRONMENT FOR EXCEPTIONAL MEDICAL TREATMENT AND RECOVERY. (CONTINUED ON SCHEDULE O)IN THE FISCAL YEAR ENDING 9/30/24, INPATIENT CARE REPRESENTED 11,455 DISCHARGES AND 54,274 PATIENT CARE DAYS. INPATIENT CARE FROM REGISTRATION THROUGH DISCHARGE IS CAREFULLY MANAGED TO EXCEED REGULATORY REQUIREMENTS AND ENSURE QUALITY, PATIENT SATISFACTION, AND BEST PRACTICE WITH EACH ASPECT OF THE INPATIENT EXPERIENCE, INCLUDING ALL ELEMENTS OF CARE FROM NURSING COMPETENCY AND COMPASSION, TO MEAL QUALITY, LAB AND DIAGNOSTIC TESTING, SAFE AND SECURE PHYSICAL SURROUNDINGS TO PATIENT EDUCATION. MIDDLESEX HOSPITAL, LICENSED FOR 275 BEDS AND 22 BASSINETS, PROVIDES ACUTE CARE FROM DEDICATED HEALTH CARE TEAMS WHICH INCLUDE SURGEONS, HOSPITALISTS, FAMILY PRACTITIONERS AND RESIDENTS, MEDICAL STAFF PHYSICIANS, MAGNET NURSES, PHYSICIAN ASSISTANTS, PATIENT CARE TECHNOLOGISTS, DIAGNOSTIC TECHNICIANS, PATHOLOGISTS, ADMINISTRATORS, ENVIRONMENTAL SERVICES, SECURITY, ENGINEERING AND A HOST OF OTHERS WORKING TOGETHER TO ENABLE THE ORGANIZATION'S SUCCESS.THE HOSPITAL UNITS INCLUDING INTENSIVE AND CRITICAL CARE, MEDICAL SURGICAL, ONCOLOGY, ORTHOPEDIC, PULMONOLOGY, VASCULAR AND CARDIOLOGY, GASTROINTESTINAL, MATERNITY, A 20-BED PSYCHIATRIC FLOOR, AND HOSPICE SERVICES SPECIALIZE IN THE SPECIFIC NEEDS OF THEIR PATIENTS AND ARE STAFFED TO ACCOMMODATE THE UNIQUE TREATMENT REQUIREMENTS OF EACH. ALL ANCILLARY SERVICES INCLUDING LABS, RADIOLOGY, FOOD SERVICES, PATHOLOGY, PHARMACY, MEDICAL TRANSCRIPTION AND INFORMATION SERVICES TOO ARE A PART OF THE HOSPITAL TEAM. PATIENT CARE IS DEVELOPED WITH FULL CONSIDERATION OF THE WHOLE INDIVIDUAL, AS THEY ARE ASSIGNED TO CONDITION SPECIFIC CARE PATHWAYS AND SERVICES TO SECURE BEST TREATMENT AND RECOVERY.

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Trantor Score

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $4,909,299
Program Service Revenue $505,943,479
Investment Income $21,589,831
Other Revenue $7,212,877
TOTAL REVENUE $539,655,486

Expense Breakdown

Grants Paid $167,590
Salaries & Benefits $286,737,465
Fundraising Expenses $995,357
Program Expenses $441,919,291
Other Expenses $206,832,793
TOTAL EXPENSES $493,737,848

Year-over-Year Comparison

2023 2022 Change
Revenue $539,655,486 $512,639,238 +0.1%
Expenses $493,737,848 $485,711,932 +0.0%
Net Income $45,917,638 $26,927,306 +0.7%
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
13
Independent Members
12
Employees
3749
Volunteers
294

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
6
$2,557,704
Total Directors
13
$1,792,786
Key Employees
9
$4,616,273
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
VINCENT CAPECE JR PRESIDENT/CEO 40.00
Officer Director
$1,465,474 $327,312 $1,792,786
DAVID C BENOIT DIRECTOR 1.00
Director
$0 $0 $0
JEAN M D'AQUILA DIRECTOR 1.00
Director
$0 $0 $0
JOHN J GAUTHIER DIRECTOR 1.00
Director
$0 $0 $0
ROBERT C HINTON DIRECTOR 1.00
Director
$0 $0 $0
CHANDLER J HOWARD VICE CHAIRMAN 1.00
Officer Director
$0 $0 $0
JONATHAN D LEVINE MD SECRETARY 1.00
Officer Director
$0 $0 $0
MARK D LORENZE MD ASST SECRETARY 1.00
Officer Director
$0 $0 $0
DARRELL G PATASKA CHAIRMAN 1.00
Officer Director
$0 $0 $0
CHRISTINE H REPASY DIRECTOR 1.00
Director
$0 $0 $0
GARY M WALLACE DIRECTOR 1.00
Director
$0 $0 $0
MARK BERTOLAMI DIRECTOR 1.00
Director
$0 $0 $0
ELIZABETH G JUDD DIRECTOR (JOINED 10/1/23) 1.00
Director
$0 $0 $0
SUSAN MARTIN VP FINANCE/TREASURER 40.00
Officer
$696,091 $68,827 $764,918
JONATHAN BANKOFF CHAIRMAN EMERGENCY MEDICINE 40.00
Key Emp
$501,396 $56,892 $558,288
TODD BISCHOP CHIEF DEPT OF MED 40.00
Key Emp
$440,341 $25,440 $465,781
DAVID GIUFFRIDA VP FACILITIES AND SUPPORT SVCS 40.00
Key Emp
$516,951 $51,049 $568,000
EVAN JACKSON VP & CIO 40.00
Key Emp
$529,738 $100,074 $629,812
DONNA STRONESKI VP HUMAN RESOURCES 40.00
Key Emp
$421,429 $64,139 $485,568
DAVID COSENTINO VP QUALITY & PATIENT SAFETY 40.00
Key Emp
$571,059 $108,448 $679,507
KELLY HAECKEL VP PATIENT CARE SVCS/CNO 40.00
Key Emp
$391,175 $84,578 $475,753
LELAND MCKENNA VP PLANNING & EXTERNAL AFFAIRS 40.00
Key Emp
$322,825 $51,891 $374,716
JUSTIN DREW VP AMBULATORY & CLINICAL SVCS 40.00
Key Emp
$322,658 $56,190 $378,848
JEFFREY SHELTON CHAIRMAN DEPT PSYCH 40.00
Highest
$457,001 $44,208 $501,209
THEODORE HARTENSTEIN MED DIRECTOR, UTILIZATION 40.00
Highest
$506,696 $56,442 $563,138
JUSTIN GORALNIK PULMONOLOGIST 40.00
Highest
$470,423 $34,861 $505,284
RICARDO PEREZ PULMONOLOGIST 40.00
Highest
$504,207 $50,292 $554,499
BRIAN MCGUIRE PHYSICIAN 40.00
Highest
$423,850 $60,949 $484,799
JESSE WAGNER MD FORMER KEY EMPLOYEE 40.00
$206,816 $4,136 $210,952
LAURA MARTINO LEFT 122022 FORMER KEY EMPLOYEE 40.00
$370,265 $151,713 $521,978
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 $539,655,486 $493,737,848 $614,139,759 $45,917,638
2023 $512,639,238 $485,711,932 $557,504,992 $26,927,306
2022 $484,471,218 $455,782,472 $546,749,767 $28,688,746
2021 $466,024,134 $440,368,727 $628,027,463 $25,655,407
2020 $444,816,688 $419,235,331 $619,190,364 $25,581,357
2019 $452,671,267 $410,004,757 $528,880,049 $42,666,510
2018 $451,390,925 $403,345,263 $508,825,625 $48,045,662
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