Concord Hospital Inc

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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

1944

Legal Domicile

Principal Officer

Robert P Steigmeyer

Phone

6032284677

Tax Period

2023-10-01 to 2024-09-30

Concord Hospital Inc, founded in 1944, is a major nonprofit in the Health Care sector that reported $710.6M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $661.8M left a modest 7% surplus.

Mission

Concord Hospital is a charitable organization which exists to meet the health needs of individuals within the communities it serves.

Program Service Accomplishments

Program 1

Expenses: $550,925,796 Revenue: $673,089,510

Various hospital services; see Schedule H.In FYE 2024, Concord Hospital invested over $83 million in community benefit programs, services, and other expenses. The largest areas of support were...

Various hospital services; see Schedule H.In FYE 2024, Concord Hospital invested over $83 million in community benefit programs, services, and other expenses. The largest areas of support were charitable care services, medical education and subsidized programs and services. Our investment enhances the Hospital's ability to provide quality patient care, respond to identified community health needs and address the Hospital's charitable mission overall.

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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 $7,932,551

Program Service Revenue $675,297,135

Investment Income $26,338,540

Other Revenue $1,028,314

TOTAL REVENUE $710,596,540

Expense Breakdown

Grants Paid $0

Salaries & Benefits $393,281,497

Fundraising Expenses $1,152,519

Program Expenses $550,925,796

Other Expenses $268,545,901

TOTAL EXPENSES $661,827,398

Year-over-Year Comparison

	2023	2022	Change
Revenue	$710,596,540	$623,479,394	+0.1%
Expenses	$661,827,398	$595,874,619	+0.1%
Net Income	$48,769,142	$27,604,775	+0.8%

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

5420

Volunteers

213

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

$2,749,404

Total Directors

$2,444,739

Key Employees

$1,844,858

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Christopher Allen MD	Trustee (end 1/2024)	1.00	Director	$381,844	$71,594	$453,438
Robert Steigmeyer	President & CEO, Member Ex-Officio	56.00	Officer Director	$1,585,081	$316,861	$1,901,942
Joseph Meyer MD	Trustee	1.00	Director	$64,359	$0	$64,359
Ari Salis MD	Trustee	1.00	Director	$25,000	$0	$25,000
Frederick Briccetti MD	Trustee	1.00	Director	$0	$0	$0
Philip Emma	Trustee	1.00	Director	$0	$0	$0
Jeanie Forrester	Trustee	1.00	Director	$0	$0	$0
Lucy Karl Esq	Trustee	1.00	Director	$0	$0	$0
Linda Lorden	Trustee	1.00	Director	$0	$0	$0
Matthew Nadeau	Trustee	1.00	Director	$0	$0	$0
Peter Noordsij MD	Trustee	1.00	Director	$0	$0	$0
Katherine Saunders	Trustee	1.00	Director	$0	$0	$0
Robert Segal	Trustee	1.00	Director	$0	$0	$0
Jeffrey Towle	Trustee (end 1/2024)	1.00	Director	$0	$0	$0
Don Welford	Trustee	1.00	Director	$0	$0	$0
David Weiss	Trustee	1.00	Director	$0	$0	$0
Manisha Patel DDS	Chair	1.00	Officer Director	$0	$0	$0
Charles Fanaras	Vice Chair	1.00	Officer Director	$0	$0	$0
Lucy Hodder Esq	Secretary	1.00	Officer Director	$0	$0	$0
William Chapman Esq	Secretary (end 1/2024)	1.00	Officer Director	$0	$0	$0
Scott Sloane	Senior VP, CFO, & Treasurer	56.00	Officer	$693,400	$154,062	$847,462
Mary Bakken	System Chief Operating Officer	50.00	Key Emp	$702,300	$145,242	$847,542
Matthew Gibb MD	Chief Clinical Officer	50.00	Key Emp	$871,082	$126,234	$997,316
Louis Russo MD	Physician	50.00	Highest	$799,976	$53,704	$853,680
Nicola Francalancia MD	Physician	50.00	Highest	$798,313	$54,719	$853,032
Shahab Moossavi MD	Physician	50.00	Highest	$656,843	$73,165	$730,008
Patrick Magnus MD	Physician	50.00	Highest	$586,349	$72,881	$659,230
Burr Loew MD	Physician	50.00	Highest	$592,726	$66,601	$659,327

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	$710,596,540	$661,827,398	$969,779,290	$48,769,142
2023	$623,479,394	$595,874,619	$819,519,638	$27,604,775
2022	$640,674,263	$605,888,014	$692,144,264	$34,786,249
2021	$622,809,517	$582,956,006	$790,822,441	$39,853,511
2020	$555,720,109	$539,497,172	$697,377,820	$16,222,937
2019	$539,126,069	$531,978,827	$620,279,215	$7,147,242
2018	$537,246,593	$515,716,749	$636,262,707	$21,529,844