Healthfirst PHSP Inc

🔒

Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

Sign in with your work email to view Tuckman-Chang indicators

Financial Trends

Organization Details

Formation Year

1994

Legal Domicile

Principal Officer

PATRICIA J WANG

Phone

2128016000

Tax Period

2023-01-01 to 2023-12-31

Healthfirst PHSP Inc, founded in 1994, is a large national nonprofit in the Health Care sector that reported $12.1B in total revenue in fiscal year 2023.

Mission

TO IMPROVE THE HEALTH AND WELL-BEING OF UNDERSERVED POPULATIONS BY PROVIDING COMPREHENSIVE PREPAID HEALTHCARE COVERAGE TO MEDICAID, MANAGED LONG TERM CARE (MLTC), ESSENTIAL PLAN, HARP, QUALIFIED HEALTH PLAN AND CHILD HEALTH PLUS RECIPIENTS.

Program Service Accomplishments

Program 1

Expenses: $7,481,708,303 Revenue: $7,719,501,114

MEDICAID MANAGED CARE: HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE...

MEDICAID MANAGED CARE: HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. PHSP HAS PARTICIPATED IN NEW YORK'S MEDICAID PROGRAM SINCE OCTOBER 1994. FOR 2023 THERE WERE 1,501,974 MEMBERS ENROLLED IN PHSP'S MEDICAID PLAN.

Program 2

Expenses: $1,027,226,557 Revenue: $1,091,016,947

HEALTH AND RECOVERY PLAN (HARP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO MEDICAID ELIGIBLE INDIVIDUALS...

HEALTH AND RECOVERY PLAN (HARP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO MEDICAID ELIGIBLE INDIVIDUALS THAT HAVE SERIOUS BEHAVIORAL HEALTH DIAGNOSES. THE HARP PROGRAM WAS INTRODUCED IN 2015 AND IS A MANAGED CARE PROGRAM WITHIN MEDICAID. FOR 2023 THERE WERE 38,111 MEMBERS ENROLLED IN PHSP'S HARP PROGRAM.

Program 3

Expenses: $1,928,454,099 Revenue: $2,044,340,680

ESSENTIAL PLAN (EP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE...

ESSENTIAL PLAN (EP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. EP IS A PROGRAM WHICH COVERS INDIVIDUALS WHO WOULD OTHERWISE BE ELIGIBLE FOR EITHER CERTAIN CATEGORIES OF EXPANDED MEDICAID COVERAGE OR SIGNIFICANT SUBSIDIES FOR QUALIFIED HEALTH PLAN (QHP) FOR LITTLE OR NO MEMBER CONTRIBUTION. FOR 2023 THERE WERE 389,630 MEMBERS ENROLLED IN PHSP'S EP PLAN.

🔒

Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

Sign in to view Trantor Score and financial metrics

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $11,964,710,733

Investment Income $120,966,706

Other Revenue $0

TOTAL REVENUE $12,085,677,439

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $11,467,817,213

Other Expenses $11,924,402,575

TOTAL EXPENSES $11,924,402,575

Year-over-Year Comparison

	2023	2022	Change
Revenue	$12,085,677,439	$11,273,526,910	+0.1%
Expenses	$11,924,402,575	$11,216,726,379	+0.1%
Net Income	$161,274,864	$56,800,531	+1.8%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

🔒

Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

Sign in to view all financial metrics

Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

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

$9,083,803

Total Directors

$4,561,034

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
PATRICIA J WANG	PRESIDENT AND CEO	1.0	Officer	$0	$525,317	$4,821,128
JOHN J BERMEL	CHIEF FINANCIAL OFFICER	1.0	Officer	$0	$37,654	$2,020,312
GERALD T SWEENEY	SVP CHIEF INFORMATION OFFICER	1.0	Highest	$0	$186,137	$1,693,437
LINDA TIANO	CLO/SECRETARY ENDING 6/2023	1.0	Officer Director	$0	$52,444	$1,462,057
SEAN KANE	CHIEF HR OFFICER	1.0	Highest	$0	$164,050	$1,425,978
JAY A SCHECHTMAN	CHIEF MEDICAL OFFICER	1.0	Director	$0	$155,676	$1,422,822
STEVEN H BLACK	COO END 3/2022	0.0		$0	$0	$1,235,794
BARBARA MONTRESOR	SVP Comm & Marketing	1.0	Highest	$0	$124,773	$1,188,400
KAREN WEINSEISS	SVP Operations	1.0	Highest	$0	$155,758	$1,171,056
ERROL PIERRE	SVP State Programs	1.0	Director	$0	$117,095	$1,057,140
SHERYL MARKOWITZ	SVP Clinical Operations	1.0	Highest	$0	$5,029	$957,041
ROBERT P BLANCHARD	Treasurer	1.0	Officer	$0	$47,075	$405,868
KATHRYN HOWELL	CLO/SECRETARY BEGINNING 7/2023	1.0	Officer Director	$0	$71,250	$374,438
DEREK LAM	VP DSI Beginning 7/2023	1.0	Director	$0	$23,286	$244,577
STEPHEN ROSENTHAL	DIRECTOR	1.0	Director	$0	$0	$0
David Evangelista	DIRECTOR	1.0	Director	$0	$0	$0

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	No data	No data	No data	No data
2023	$12,085,677,439	$11,924,402,575	$4,369,670,653	$161,274,864
2022	$11,273,526,910	$11,216,726,379	$3,335,789,304	$56,800,531
2021	$10,588,698,647	$10,515,289,387	$3,321,440,434	$73,409,260
2020	$8,806,000,909	$8,708,873,824	$2,870,766,607	$97,127,085
2019	$8,698,913,059	$8,678,457,116	$2,305,850,904	$20,455,943
2018	$8,158,924,588	$8,075,037,421	$2,243,449,792	$83,887,167