Garnet Health Medical Center

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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

1908

Legal Domicile

Phone

8453331000

Tax Period

2023-01-01 to 2023-12-31

Garnet Health Medical Center, founded in 1908, is a major nonprofit in the Health Care sector that reported $586.2M in total revenue in fiscal year 2023. Expenses of $653.3M exceeded revenue, resulting in a 11% operating deficit.

Mission

GARNET HEALTH MEDICAL CENTER WILL IMPROVE THE HEALTH OF OUR COMMUNITY BY PROVIDING EXCEPTIONAL HEALTHCARE OVER A BROAD RANGE OF QUALITY HEALTHCARE SERVICES. WE WILL PURSUE EXCELLENCE IN ALL WE DO WITH A GOAL OF BECOMING THE PROVIDER OF CHOICE FOR OUR COMMUNITY, THE EMPLOYER OF CHOICE FOR OUR STAFF, AND THE WORKPLACE OF CHOICE FOR OUR DOCTORS. GARNET HEALTH MEDICAL CENTER BELIEVES STRONGLY THAT THE FEAR OF NOT BEING ABLE TO PAY FOR HEALTHCARE SHOULD NOT BE A DETERRENT IN SEEKING HEALTHCARE SERVICES. THEREFORE, WE WORK HARD TO ENSURE THAT HEALTHCARE REMAINS ACCESSIBLE AND AVAILABLE FOR ANY MEMBER OF THE COMMUNITY IN NEED.

Program Service Accomplishments

Program 1

Expenses: $361,698,282 Revenue: $343,339,080

INPATIENT CARE: GARNET HEALTH MEDICAL CENTER IS CURRENTLY LICENSED FOR 383 BEDS AT ITS LOCATION AT 707 EAST MAIN ST, MIDDLETOWN, NY AND PROVIDES A FULL RANGE OF ADULT MEDICAL/SURGICAL INTENSIVE CARE, PEDIATRIC, OBSTETRICAL, REHABILITATION AND BEHAVIORAL HEALTH SERVICES. DURING 2023, GHMC HAD 21,734 INPATIENT DISCHARGES AND PERFORMED 912,406 OUTPATIENT PROCEDURES. IN ADDITION TO PROVIDING INPATIENT CARE, GHMC ALSO OPERATES A NETWORK OF OFF-SITE FACILITIES WHICH PROVIDE A FULL RANGE OF OUTPATIENT DIAGNOSTIC, THERAPEUTIC AND COMMUNITY EDUCATION SERVICES. THROUGHOUT THE YEAR, GHMC ALSO CONDUCTS AND COORDINATES A BROAD RANGE OF COMMUNITY OUTREACH PROGRAMS. THESE PROGRAMS INCLUDE HEALTH TRADE EXPOSITIONS, FACILITY TOURS, SPEAKERS BUREAU, EDUCATIONAL SEMINARS AND LECTURES, SCHOOL CAREER DAYS, COMMUNITY HEALTH SCREENINGS AND SUPPORT.

Program 2

Expenses: $205,803,379 Revenue: $195,357,141

PROVIDING OUTPATIENT, EMERGENCY ROOM, AND REFERRED AMBULATORY SERVICES TO PATIENTS IN THE SURROUNDING COMMUNITY.

Program 3

Expenses: $16,872,220 Revenue: $16,015,814

PROVIDING REHAB SERVICES TO 530 PATIENTS IN THE SURROUNDING COMMUNITY.

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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 $6,697,032

Program Service Revenue $564,950,890

Investment Income $5,424,723

Other Revenue $9,171,479

TOTAL REVENUE $586,244,124

Expense Breakdown

Grants Paid $1,050,445

Salaries & Benefits $343,196,049

Fundraising Expenses $0

Program Expenses $599,635,422

Other Expenses $309,010,692

TOTAL EXPENSES $653,257,186

Year-over-Year Comparison

	2023	2022	Change
Revenue	$586,244,124	$615,559,035	0.0%
Expenses	$653,257,186	$616,001,316	+0.1%
Net Income	$-67,013,062	$-442,281	+150.5%

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

3907

Volunteers

221

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

$3,846,721

Total Directors

$733,497

Key Employees

$722,210

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
N/A	BOARD MEMBER, VICE CHAIR	1.0	Officer Director	$0	$0	$0
N/A	TREASURER UNTIL APRIL, 2023	1.0	Officer Director	$0	$0	$0
N/A	TREASURER AS OF DECEMBER, 2023	1.0	Officer Director	$0	$0	$0
N/A	TREASURER AS OF MAY, 2023 / UNTIL DEC, 2023	1.0	Officer Director	$0	$49,967	$733,497
N/A	CHAIR & SECRETARY	1.0	Officer Director	$0	$0	$0
N/A	BOARD MEMBER UNTIL APRIL, 2023	1.0	Director	$0	$0	$0
N/A	GH INTERM PRESIDENT/CEO UNTIL MAY, 2023 / CEO GHMC-C AS OF JUNE, 2023	10.0	Officer	$0	$67,119	$825,947
N/A	CHIEF FINANCIAL OFFICER	25.0	Officer	$0	$27,992	$1,009,487
N/A	GH PRESIDENT/CEO AS OF JUNE, 2023	40.0	Officer	$0	$34,615	$634,150
N/A	CHIEF MEDICAL OFFICER	10.0	Officer	$0	$38,396	$643,640
N/A	CHIEF HUMAN RESOURCES OFFICER	40.0	Key Emp	$280,291	$41,478	$423,954
N/A	CHIEF NURSING OFFICER	40.0	Key Emp	$96,133	$49,557	$298,256
N/A	VP NURSING	40.0	Highest	$271,292	$47,261	$318,553
N/A	VP OF CLINICAL OPERATIONS	40.0	Highest	$277,210	$36,365	$313,575
N/A	CHIEF PHYSICIST	40.0	Highest	$295,336	$59,251	$354,587
N/A	VP FINANCIAL PLANNING	40.0	Highest	$294,841	$47,972	$342,813
N/A	ASSOC COUNSEL/VP ENTERPRISE RISK MGMT	40.0	Highest	$348,644	$53,717	$402,361
N/A	FORMER GH PRESIDENT/CEO	0.0		$0	$1,435	$1,033,864

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	$586,244,124	$653,257,186	$556,304,991	$-67,013,062
2023	$577,744,124	$654,261,010	$547,804,991	$-76,516,886
2022	$615,559,035	$616,001,316	$596,500,971	$-442,281
2021	$586,339,514	$581,179,061	$656,957,744	$5,160,453
2020	$581,444,421	$574,626,164	$698,966,826	$6,818,257
2018	$523,547,706	$486,877,311	$597,024,116	$36,670,395