HACKENSACK MERIDIAN HEALTH MEDICAL GROUP- SPECIALTY CARE

EIN: 223376459 501(c)(3)

EDISON, NJ

Total Revenue
$720,923,458
Total Expenses
$720,924,396
Total Assets
$39,508,538
Net Assets
$-118,705,342
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1995
Legal Domicile
NJ
Principal Officer
DANIEL VARGA
Phone
9086756572
Tax Period
2023-01-01 to 2023-12-31

HACKENSACK MERIDIAN HEALTH MEDICAL GROUP- SPECIALTY CARE, founded in 1995, is a major nonprofit that reported $720.9M in total revenue in fiscal year 2023. Revenue surged 159% from the prior year, signaling strong growth momentum.

Mission

TO SERVE AS THE PHYSICIAN SERVICES COMPONENT OF A TAX-EXEMPT INTEGRATED HEALTHCARE DELIVERY NETWORK & TO THEREBY PROMOTE, SUPPORT & FURTHER THE CHARITABLE PURPOSES, PROGRAMS & SERVICES OF HMH HOSPITALS CORP.

Program Service Accomplishments

Program 1
Expenses: $691,350,168 Revenue: $390,133,124

PROVIDING MEDICALLY NECESSARY HEALTHCARE SERVICES DIRECTLY TO PATIENTS THROUGH THE PHYSICIANS EMPLOYED BY THE CORPORATION. ALSO, PROVIDING ADMINISTRATIVE, SUPERVISORY, TEACHING, COVERAGE AND RESEARCH...

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PROVIDING MEDICALLY NECESSARY HEALTHCARE SERVICES DIRECTLY TO PATIENTS THROUGH THE PHYSICIANS EMPLOYED BY THE CORPORATION. ALSO, PROVIDING ADMINISTRATIVE, SUPERVISORY, TEACHING, COVERAGE AND RESEARCH SERVICES TO HMH HOSPITALS CORPORATION; A RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION, IN FURTHERANCE OF ITS PRIMARY TAX-EXEMPT PURPOSE IN PROVIDING MEDICALLY NECESSARY HEALTHCARE SERVICES TO ALL INDIVIDUALS IN A NON-DISCRIMINATORY MANNER REGARDLESS OF RACE, COLOR, CREED, SEX, NATIONAL ORIGIN, RELIGION OR ABILITY TO PAY. ACCORDINGLY, THE CORPORATION IS AN INTEGRAL PART OF HACKENSACK MERIDIAN HEALTH; A TAX-EXEMPT INTEGRATED HEALTHCARE DELIVERY NETWORK.

Program 2
Expenses: $5,712,537 Revenue: $5,712,537

PROMOTE A CLINICALLY INTEGRATED NETWORK OF HEALTH CARE PROVIDERS WITH THE GOAL OF IMPROVING HEALTH OUTCOMES, REDUCING HEALTH CARE COSTS, AND ENHANCING PATIENT EXPERIENCE.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $324,576,083
Program Service Revenue $395,845,661
Investment Income $202,184
Other Revenue $299,530
TOTAL REVENUE $720,923,458

Expense Breakdown

Grants Paid $0
Salaries & Benefits $507,960,392
Fundraising Expenses $0
Program Expenses $697,062,705
Other Expenses $212,964,004
TOTAL EXPENSES $720,924,396

Year-over-Year Comparison

2023 2022 Change
Revenue $720,923,458 $278,335,744 +1.6%
Expenses $720,924,396 $278,335,744 +1.6%
Net Income $-938 $0 N/A
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

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Governance

Voting Members
1
Independent Members
N/A
Employees
1531
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
1
$1,946,588
Total Directors
1
$1,946,588
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARK ANDERSON PHYSICIAN 55.00
Highest
$2,233,054 $41,096 $2,274,150
SIMON SALERNO PHYSICIAN 55.00
Highest
$1,889,966 $56,800 $1,946,766
DANIEL VARGA CHIEF PHYSICIAN EXECUTIVE 0.00
Officer Director
$0 $55,669 $1,946,588
GEORGE BATSIDES PHYSICIAN 55.00
Highest
$1,729,800 $53,918 $1,783,718
SHABBAR DANISH PHYSICIAN 55.00
Highest
$1,584,756 $53,674 $1,638,430
ELIE ELMANN PHYSICIAN 55.00
Highest
$1,600,039 $30,591 $1,630,630
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 $720,923,458 $720,924,396 $39,508,538 $-938
2022 $278,335,744 $278,335,744 $222,374,483 No data
2021 $235,450,647 $235,450,647 $10,554,365 No data
2020 $160,707,957 $160,707,844 $15,206,952 $113
2019 $140,453,827 $140,453,826 $9,850,060 $1
2018 $137,663,523 $137,663,523 $9,414,125 No data
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