VIRTUA - WEST JERSEY HEALTH SYSTEM… - Form 990 Financial Data

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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

1885

Legal Domicile

Principal Officer

DENNIS W PULLIN

Phone

8563550620

Tax Period

2023-01-01 to 2023-12-31

VIRTUA - WEST JERSEY HEALTH SYSTEM INC, founded in 1885, is a large national nonprofit in the Health Care sector that reported $1.1B in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion. The organization ran a surplus of $222.3M, a strong 20% operating margin.

Mission

WE ARE DEDICATED TO PROVIDING EACH PATIENT AND THEIR FAMILY WITH AN OUTSTANDING EXPERIENCE AND ENSURING THE HIGHEST QUALITY HEALTHCARE FOR THE COMMUNITY. WE ARE COMMITTED TO PROVIDING OUR HEALTHCARE TEAM WITH RESOURCES, TECHNOLOGY AND TRAINING, AS WELL AS WITH OPPORTUNITIES FOR PROFESSIONAL GROWTH.

Program Service Accomplishments

Program 1

Expenses: $172,497,135 Revenue: $104,896,079

UNREIMBURSED MEDICAID - VIRTUA PROVIDED CARE TO MANY COMMUNITY MEMBERS THAT ARE INSURED UNDER MEDICAL ASSISTANCE PROGRAMS, INCLUDING THE STATE ADMINISTERED MEDICAID PROGRAM. REIMBURSEMENT FOR THESE PROGRAMS IS LESS THAN THE COST OF THE SERVICES PROVIDED BY APPROXIMATELY $67 MILLION, AS ESTIMATED BY MANAGEMENT. SERVICES ARE PROVIDED ON BOTH AN INPATIENT AND OUTPATIENT BASIS, INCLUDING THROUGH EMERGENCY DEPARTMENTS AND CLINICS.

Program 2

Expenses: $32,380,630 Revenue: $19,331,715

VIRTUA PROVIDES A WIDE RANGE OF OUTPATIENT SERVICES TO MEET COMMUNITY NEEDS, INCLUDING PRIMARY AND SPECIALTY CARE FOR INFANTS, CHILDREN, TEENS AND ADULTS. VIRTUA SUBSIDIZES WOMEN'S CLINICS FOR...

VIRTUA PROVIDES A WIDE RANGE OF OUTPATIENT SERVICES TO MEET COMMUNITY NEEDS, INCLUDING PRIMARY AND SPECIALTY CARE FOR INFANTS, CHILDREN, TEENS AND ADULTS. VIRTUA SUBSIDIZES WOMEN'S CLINICS FOR GYNECOLOGICAL AND OBSTETRICAL CARE, CHILDREN'S AND NEONATAL INTENSIVE CARE, AS WELL AS BEHAVIORAL HEALTH AND EMERGENCY SERVICES. THE COSTS RELATED TO THESE SERVICES ARE IN EXCESS OF REIMBURSEMENTS TO VIRTUA.

Program 3

Expenses: $15,033,061 Revenue: $2,773,488

IN SUPPORT OF ITS COMMITMENT TO ENSURING THE CONTINUING EDUCATION AND DEVELOPMENT OF MEDICAL PROFESSIONALS, VIRTUA - WEST JERSEY HAS ITS OWN RESIDENCY PROGRAMS AND PARTICIPATES IN PROGRAMS SPONSORED BY OTHER INSTITUTIONS. VIRTUA -WEST JERSEY SPECIFICALLY OFFERS RESIDENCY PROGRAMS TO DEVELOP PHYSICIANS IN FAMILY PRACTICE, DENTAL MEDICINE AND PODIATRIC MEDICINE. VIRTUA -WEST JERSEY PARTICIPATES IN RESIDENCIES THAT SUPPORT THE DEVELOPMENT OF PHYSICIANS PRACTICING OBSTETRICS AND GYNECOLOGY, EMERGENCY MEDICINE, AND SURGERY.

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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 $2,663,558

Program Service Revenue $1,016,667,258

Investment Income $66,152,905

Other Revenue $50,523,527

TOTAL REVENUE $1,136,007,248

Expense Breakdown

Grants Paid $0

Salaries & Benefits $369,741,475

Fundraising Expenses $0

Program Expenses $775,404,754

Other Expenses $543,982,948

TOTAL EXPENSES $913,724,423

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,136,007,248	$1,034,437,707	+0.1%
Expenses	$913,724,423	$878,094,658	+0.0%
Net Income	$222,282,825	$156,343,049	+0.4%

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

5765

Volunteers

239

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

$5,666,093

Total Directors

$6,048,515

Key Employees

$393,034

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENNIS W PULLIN	PRESIDENT/CEO (END 7/31/23)	0.10	Officer Director	$0	$57,766	$3,487,539
STEPHANIE FENDRICK START 823	TRUSTEE - EVP & CHIEF STRATEGY OFF.	0.10	Director	$0	$17,060	$973,993
DR CRAIG ZARETSKY	TRUSTEE - PHYSICIAN (START 8/1/23)	0.10	Director	$0	$60,616	$1,011,930
PAUL MINNICK START 8123	TRUSTEE - SVP & COO VOORH & MARL HOSP	40.10	Director	$528,289	$46,764	$575,053
DENNIS FLANAGAN	CHAIR (START 8/1/23)	0.10	Officer Director	$0	$0	$0
DR STEPHEN GOLDFINE	TRUSTEE (START 8/1/23)	0.10	Director	$0	$0	$0
EDWARD B CLOUES	CHAIR (END 7/31/23)	0.10	Officer Director	$0	$0	$0
JAMES DWYER DO	VICE CHAIR (END 7/31/23)	0.10	Officer Director	$0	$0	$0
PATRICIA CODEY	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
ELAINE DAMM	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
LESLIE DONATO	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
DAMIEN GHEE START 13123	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
GRAYLING JOHNSON	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
SANIAH JOHNSON	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
PRATAP KHEDKAR	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
DAVID KINDLICK	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
GEORGE LYNN	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
FAYE MELOY	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
JOHN PARKER	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
ADOLFO PIPERNO	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
STACY ROBINSON	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
MARVIN SAMSON	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
CHARLES VILA	TRUSTEE (END 7/31/23)	0.10	Director	$0	$0	$0
ROBERT M SEGIN	TREASURER - EVP/CFO (END 7/31/23)	0.10	Officer	$0	$44,861	$1,282,262
LAUREN ROWINSKI END 73123	SECRETARY-SVP & CHIEF LEGAL OFFICER (END 7/31/23)	0.10	Officer	$0	$42,031	$896,292
HEIDI BAUR	VP CNO - VOORH & MARL HOSPITAL	40.00	Key Emp	$362,378	$30,656	$393,034
ERIK N DELUE	VP CMO - VOORH & MARL HOSPITAL	40.00	Highest	$460,248	$16,090	$476,338
RICHARD PALUZZI	MEDICAL DIRECTOR	40.00	Highest	$403,222	$29,796	$433,018
LING QI PAN	REGISTERED NURSE (RN)-JNES	40.00	Highest	$382,873	$0	$382,873
JOSEPH V ABAT	REGISTERED NURSE (RN)-JNES	40.00	Highest	$293,936	$1,150	$295,086
ANGELA BARODY	VP HOME HEALTH	40.00	Highest	$286,184	$50,915	$337,099
JOHN M MATSINGER	EVP/COO (END 7/31/23)	0.00		$0	$56,571	$1,598,426
LISA C FERRARO	SVP-CHIEF QUALITY SFTY RISK OFF. (END 7/31/23)	0.00		$0	$41,798	$479,692

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	$1,136,007,248	$913,724,423	$2,785,741,092	$222,282,825
2022	$1,034,437,707	$878,094,658	$2,427,863,351	$156,343,049
2021	$1,000,808,483	$817,505,493	$2,706,789,713	$183,302,990
2020	$820,106,673	$725,494,129	$2,675,853,208	$94,612,544
2019	$843,116,524	$725,771,251	$2,351,734,292	$117,345,273
2018	$783,628,093	$703,949,992	$2,057,079,866	$79,678,101

VIRTUA - WEST JERSEY HEALTH SYSTEM INC