MHS PRIMARY CARE INC (EIN 061472743) - Form 990 Financial Analysis & Trantor Score

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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

1997

Legal Domicile

Principal Officer

VINCENT CAPECE JR

Phone

8603586395

Tax Period

2023-10-01 to 2024-09-30

MHS PRIMARY CARE INC, founded in 1997, is a mid-sized nonprofit in the Health Care sector that reported $40.2M in total revenue in fiscal year 2023. Expenses of $59.6M exceeded revenue, resulting in a 48% operating deficit.

Mission

TO PROVIDE PATIENT-CENTERED COMPASSIONATE CARE TO ALL MEMBERS OF OUR COMMUNITY (SEE SCHEDULE O)ALL MHSPC PROVIDERS ARE DEDICATED COMMUNITY HEALTHCARE PROFESSIONALS WHOSE TOP PRIORITY IS PROVIDING PATIENTS AND THEIR FAMILIES WITH THE VERY BEST CARE POSSIBLE WITH MANY PHYSICIANS WITH UNIQUE SPECIALTIES.WE BELIEVE THAT OUR PATIENTS DESERVE COORDINATED CARE, AND WE ARE PROUD TO BE A PART OF MIDDLESEX HEALTH WHICH GIVES OUR PATIENTS ACCESS TO SOME OF CONNECTICUT'S TOP SPECIALISTS AND FACILITIES.OUR MISSION IS TO PROVIDE AN EXCEPTIONAL, SAFE, HIGH-QUALITY PRIMARY CARE EXPERIENCE AS THE CORNERSTONE OF MIDDLESEX HEALTH. OUR VISION IS TO BE THE CLEAR, FIRST CHOICE FOR PRIMARY CARE IN THE COMMUNITIES WE SERVE.WE PROVIDE ALL OUR SERVICES BASED ON OUR CORE VALUES:-CARING: DELIVER TEAM-BASED, COMPASSIONATE CARE THAT EXCEEDS EXPECTATIONS.-ACCESS: FULFILL PATIENT AND FAMILY NEEDS.-RESPECT: VALUE OUR PATIENTS AND STAFF.-EXCELLENCE: PURSUE CLINICAL AND SERVICE EXCELLENCE.

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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 $40,238,902

Investment Income $-80,234

Other Revenue $15,626

TOTAL REVENUE $40,174,294

Expense Breakdown

Grants Paid $0

Salaries & Benefits $46,437,298

Fundraising Expenses $0

Program Expenses $50,575,652

Other Expenses $13,173,340

TOTAL EXPENSES $59,610,638

Year-over-Year Comparison

	2023	2022	Change
Revenue	$40,174,294	$37,329,000	+0.1%
Expenses	$59,610,638	$57,175,887	+0.0%
Net Income	$-19,436,344	$-19,846,887	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

478

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

$2,557,704

Total Directors

$1,792,786

Key Employees

$427,805

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID C BENOIT	DIRECTOR	1.00	Director	$0	$0	$0
VINCENT CAPECE JR	PRESIDENT/CEO/DIRECTOR	1.00	Officer Director	$0	$327,312	$1,792,786
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	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 6/2024)	1.00	Director	$0	$0	$0
SUSAN MARTIN	TREASURER	1.00	Officer	$0	$68,827	$764,918
DAVID GLADSTONE	PRESIDENT OF MMG	40.00	Key Emp	$349,163	$78,642	$427,805
JONATHAN ARANOW	SURGEON	40.00	Highest	$666,001	$59,742	$725,743
DANA KIVLIN	PHYSICIAN	40.00	Highest	$498,853	$55,223	$554,076
RICHARD FRINK	PHYSICIAN	40.00	Highest	$539,618	$50,358	$589,976
EDWARD MYER	UROLOGIST	40.00	Highest	$535,525	$53,592	$589,117
TIMOTHY SIEGRIST	UROLOGIST	40.00	Highest	$514,312	$59,092	$573,404

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	$40,174,294	$59,610,638	$18,066,090	$-19,436,344
2023	$37,329,000	$57,175,887	$14,118,894	$-19,846,887
2022	$34,450,564	$52,090,036	$12,918,351	$-17,639,472
2021	$33,843,223	$48,048,046	$15,353,098	$-14,204,823
2020	$26,486,520	$44,021,408	$7,814,881	$-17,534,888
2019	$28,660,348	$41,593,204	$9,551,663	$-12,932,856

MHS PRIMARY CARE INC