INSTITUTE FOR SAFE MEDICATION PRACTICES

EIN: 232757559 501(c)(3) Health Care

PLYMOUTH MEETING, PA

Total Revenue
$2,363,371
Total Expenses
$3,975,532
Total Assets
$2,007,773
Net Assets
$26,313
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Financial Trends

Organization Details

Formation Year
1994
Legal Domicile
PA
Principal Officer
RITA JEW
Phone
2159477797
Tax Period
2023-01-01 to 2023-12-31

INSTITUTE FOR SAFE MEDICATION PRACTICES, founded in 1994, is a community nonprofit in the Health Care sector that reported $2.4M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $4.0M exceeded revenue, resulting in a 68% operating deficit.

Mission

THE ORGANIZATION'S MISSION IS TO ADVANCE PATIENT SAFETY WORLDWIDE BY EMPOWERING THE HEALTHCARE COMMUNITY TO PREVENT MEDICATION ERRORS.THE ORGANIZATION ACCOMPLISHES ITS MISSION THROUGH ITS INTERDISCIPLINARY EFFORTS TO:- COLLECT AND ANALYZE REPORTS OF MEDICATION-RELATED HAZARDOUS CONDITIONS, NEAR-MISSES, ERRORS, AND OTHER ADVERSE DRUG EVENTS- DISSEMINATE TIMELY MEDICATION SAFETY INFORMATION, RISK-REDUCTION TOOLS, AND ERROR-PREVENTION STRATEGIES- EDUCATE THE HEALTHCARE COMMUNITY AND CONSUMERS ABOUT SAFE MEDICATION PRACTICES- COLLABORATE WITH OTHER PATIENT SAFETY ORGANIZATIONS, EDUCATIONAL INSTITUTIONS, GOVERNMENTAL AGENCIES AND OTHER HEALTHCARE STAKEHOLDERS- ADVOCATE THE ADOPTION OF SAFE MEDICATION STANDARDS BY ACCREDITING BODIES, MANUFACTURERS, POLICY MAKERS, REGULATORY AGENCIES, AND STANDARDS-SETTING ORGANIZATIONS- CONDUCT RESEARCH TO PROVIDE EVIDENCE-BASED SAFE MEDICATION PRACTICES

Program Service Accomplishments

Program 1
Expenses: $1,162,617 Revenue: $1,024,346

TECHNICAL ASSISTANCE PROGRAMS AND EDUCATION:EDUCATION: ISMP CONSIDERS EDUCATION TO BE A CORE COMPONENT OF ITS MISSION, AND OFFERS A VARIETY OF VALUABLE EDUCATIONAL RESOURCES FOR HEALTHCARE...

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TECHNICAL ASSISTANCE PROGRAMS AND EDUCATION:EDUCATION: ISMP CONSIDERS EDUCATION TO BE A CORE COMPONENT OF ITS MISSION, AND OFFERS A VARIETY OF VALUABLE EDUCATIONAL RESOURCES FOR HEALTHCARE PRACTITIONERS AND CONSUMERS, INCLUDING FREQUENT WEBINARS, CONTINUING EDUCATION SESSIONS AT SOME OF THE NATION'S LARGEST PROFESSIONAL MEETINGS, WORKSHOPS, LECTURES, VIDEOS, AND PATIENT BROCHURES. A WIDE RANGE OF FREE TOOLS FOR HEALTHCARE PRACTITIONERS, SUCH AS LISTS OF HIGH-ALERT DRUGS AND POTENTIALLY DANGEROUS ABBREVIATIONS, ARE AVAILABLE ON WWW.ISMP.ORG. IN ADDITION, ISMP HOSTS MEDICATION SAFETY FELLOWSHIPS.CONSULTS: EACH YEAR, ISMP PROVIDES CONFIDENTIAL CONSULTING SERVICES TO HEALTHCARE FACILITIES ACROSS THE COUNTRY IN A WIDE RANGE OF PRACTICE SETTINGS, INCLUDING HOSPITALS AND COMMUNITY PHARMACIES, TO HELP THEM IMPROVE MEDICATION SAFETY. ONSITE HOSPITAL AND HEALTH SYSTEM RISK ASSESSMENTS BY A MULTIDISCIPLINARY TEAM OF PRACTITIONERS RESULT IN SAFE PRACTICE RECOMMENDATIONS FOR MEDICATION ERROR PREVENTION AND FOLLOW-UP IMPLEMENTATION AND SUPPORT SERVICES. IN ADDITION, ISMP CONSULTANTS PROVIDE SIMILAR ASSESSMENT AND SUPPORT TO OUTPATIENT PHARMACIES NATIONWIDE. UNLIKE OTHER CONSULTANTS, ISMP CONSTANTLY UPDATES ITS EVIDENCED-BASED PREVENTION STRATEGIES WITH REAL-TIME INFORMATION GAINED FROM ONGOING ANALYSIS OF THOUSANDS OF REPORTS SUBMITTED TO ITS NATIONAL VOLUNTARY ERROR REPORTING PROGRAMS.ERROR REPORTING AND ANALYSIS: THE VOLUNTARY ISMP NATIONAL MEDICATION ERRORS REPORTING PROGRAM (ISMP MERP) WAS STARTED IN ORDER TO LEARN ABOUT ERRORS HAPPENING ACROSS THE NATION, UNDERSTAND CAUSES, AND SHARE "LESSONS LEARNED" WITH THE HEALTHCARE COMMUNITY. EACH YEAR, THE PROGRAM RECEIVES A FEW THOUSAND REPORTS FROM HEALTHCARE PRACTITIONERS, AND THAT INFORMATION IS USED TO BRING ABOUT LARGE-SCALE CHANGES IN MEDICATION SAFETY. NATIONAL ALERT NETWORK (NAN) ALERTS BASED ON INFORMATION SUBMITTED TO THE PROGRAM WARN PROVIDERS OF RISK FOR ERRORS THAT HAVE CAUSED SERIOUS HARM OR DEATH. ISMP ALSO ESTABLISHED THE FIRST CONSUMER ERROR REPORTING SYSTEM THROUGH ITS CONSUMER WEBSITE (WWW.CONSUMERMEDSAFETY.ORG) AS WELL AS A NATIONAL VACCINE ERRORS REPORTING PROGRAM (ISMP VERP). RESEARCH AND BEST PRACTICES DEVELOPMENT: IN ADDITION TO DISSEMINATING INFORMATION ON SAFE MEDICATION USE GAINED THROUGH ITS REPORTING PROGRAMS AND OTHER SOURCES, ISMP CONDUCTS ORIGINAL RESEARCH TO HELP PROVIDE EVIDENCE-BASED SOLUTIONS AND DEVELOPS GUIDANCE AND PREVENTION STRATEGIES TO PREVENT ERRORS. ISMP MOST RECENTLY ISSUED THE 2022-2023 TARGETED MEDICATION SAFETY BEST PRACTICES FOR HOSPITALS AND 2023-2024 TARGETED MEDICATION SAFETY BEST PRACTICES FOR COMMUNITY PHARMACY TO IDENTIFY, INSPIRE, AND MOBILIZE NATIONAL ACTION ON RECURRING SAFETY PROBLEMS. ISMP ALSO HAS CONDUCTED NATIONAL MEDICATION SAFETY SELF-ASSESSMENTS FOR ACUTE CARE HOSPITALS IN 2000, 2004, AND 2011, A SELF-ASSESSMENT FOR HIGH-ALERT MEDICATIONS IN 2018 AND A SELF-ASSESSMENT FOR PERIOPERATIVE MEDICATION SAFETY IN 2021. TOPICS THAT OTHER ISMP SELF-ASSESSMENTS HAVE ADDRESSED INCLUDE ONCOLOGY, COMMUNITY/AMBULATORY PHARMACY, AND ANTITHROMBOTIC THERAPY.

Program 2
Expenses: $556,231 Revenue: $922,057

PUBLICATIONS:PUBLICATIONS: ISMP PRODUCES THREE ELECTRONIC NEWSLETTERS THAT COLLECTIVELY REACH MILLIONS OF READERS AND ARE RECOGNIZED AS SOME OF THE MOST TIMELY, COMPREHENSIVE MEDICAL ALERT SYSTEMS IN...

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PUBLICATIONS:PUBLICATIONS: ISMP PRODUCES THREE ELECTRONIC NEWSLETTERS THAT COLLECTIVELY REACH MILLIONS OF READERS AND ARE RECOGNIZED AS SOME OF THE MOST TIMELY, COMPREHENSIVE MEDICAL ALERT SYSTEMS IN THE WORLD. THE BIWEEKLY ISMP MEDICATION SAFETY ALERT! ACUTE CARE EDITION PROVIDES VIRTUALLY EVERY US HOSPITAL WITH VITAL AND LIFE-SAVING INFORMATION ABOUT MEDICATION AND DEVICE ERRORS AND ADVERSE DRUG REACTIONS. THE MONTHLY COMMUNITY/AMBULATORY CARE EDITION AND NURSE ADVISE-ERR NEWSLETTERS GIVE PHARMACISTS, PHARMACY TECHNICIANS, NURSES, PHYSICIANS, AND OTHER HEALTH PROFESSIONALS RECOMMENDATIONS THAT THEY CAN USE IN THEIR OWN PRACTICE SETTINGS. ISMP ALSO PUBLISHES EDUCATIONAL COLUMNS IN SEVERAL HEALTHCARE PROFESSIONAL JOURNALS AND PUBLICATIONS AND COMPREHENSIVE BOOKS ON SAFE MEDICATION USE FOR HEALTHCARE PRACTITIONERS. ISMP'S CONSUMER WEBSITE, WWW.CONSUMERMEDSAFETY.ORG, PROVIDES INDIVIDUALS WITH ADVICE FROM LEADING SAFETY EXPERTS AND INFORMATION AND GUIDELINES ON SAFE MEDICATION USE.MEMBERSHIPS: ISMP OFFERS A MEDICATION SAFETY MEMBERSHIP AND A SPECIALTY PHARMACY MEDICATION SAFETY MEMBERSHIP THAT AIM TO HELP REDUCE THE OCCURRENCE OF MEDICATION ERRORS WITH EVIDENCE-BASED BEST PRACTICES. THE MEMBERSHIP PROVIDES ACTIONABLE GUIDANCE AND PRACTICAL STRATEGIES FOR HEALTHCARE PROFESSIONALS INVOLVED IN MANAGING RISK THROUGHOUT THE ENTIRE MEDICATION-USE PROCESS.

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

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $461,837
Program Service Revenue $1,946,403
Investment Income $0
Other Revenue $-44,869
TOTAL REVENUE $2,363,371

Expense Breakdown

Grants Paid $0
Salaries & Benefits $2,326,476
Fundraising Expenses $28,630
Program Expenses $1,718,848
Other Expenses $1,649,056
TOTAL EXPENSES $3,975,532

Year-over-Year Comparison

2023 2022 Change
Revenue $2,363,371 $2,506,078 -0.1%
Expenses $3,975,532 $2,908,543 +0.4%
Net Income $-1,612,161 $-402,465 +3.0%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
4
Independent Members
1
Employees
18
Volunteers
70

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
6
$2,933,569
Total Directors
4
$2,508,997
Key Employees
2
$374,541
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARCUS SCHABACKER DIRECTOR - CHAIR 2.00
Officer Director
$0 $53,247 $1,547,370
DHEERENDRA KOMMALA DIRECTOR 2.00
Director
$0 $26,402 $508,510
PETER CATALANO DIRECTOR - TREASURER 2.00
Officer Director
$0 $46,742 $453,117
JANICE DUNSAVAGE DIRECTOR 2.00
Director
$0 $0 $0
RANDAL WHITE SECRETARY 2.00
Officer
$0 $48,119 $364,391
RITA JEW PRESIDENT 43.00
Officer
$285,166 $12,277 $297,443
SUSAN PAPARELLA VP, SERVICES 42.00
Officer
$180,538 $7,807 $188,345
MICHAEL COHEN PRESIDENT EMERITUS 16.00
Officer
$79,714 $3,189 $82,903
MICHELLE MANDRACK DIRECTOR, CONSULTING 41.00
Key Emp
$159,464 $30,360 $189,824
CHRISTINA MICHALEK DIRECTOR, MEMBERSHIP AND PSO 49.00
Key Emp
$177,015 $7,702 $184,717
MATTHEW GRISSINGER DIRECTOR, EDUCATION 40.00
Highest
$143,022 $6,244 $149,266
MICHAEL GAUNT SR MGR, ERROR REPORTING 42.00
Highest
$140,838 $6,181 $147,019
SHANNON BERTAGNOLI MED SAFETY SPEC, PUBLICATIONS 40.00
Highest
$132,638 $10,658 $143,296
REBECCA LAMIS MGR, MED SAFETY BOARD 40.00
Highest
$123,828 $15,746 $139,574
ANN SHASTAY SR MANAGER, PUBLICATIONS 45.00
Highest
$124,590 $5,557 $130,147
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 $2,363,371 $3,975,532 $2,007,773 $-1,612,161
2022 $2,506,078 $2,908,543 $2,392,673 $-402,465
2021 $3,094,648 $3,114,391 $2,764,621 $-19,743
2020 $2,379,102 $3,508,891 $3,148,993 $-1,129,789
2019 $2,960,404 $3,828,304 $3,313,976 $-867,900
2018 $3,597,805 $3,044,278 $4,702,969 $553,527
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