INDIANA HEALTHCARE PHYSICIAN SERVI… - 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

2000

Legal Domicile

Principal Officer

STEPHEN A WOLFE

Phone

7243577008

Tax Period

2023-07-01 to 2024-06-30

INDIANA HEALTHCARE PHYSICIAN SERVICES INC, founded in 2000, is a mid-sized nonprofit in the Health Care sector that reported $33.8M in total revenue in fiscal year 2023. Expenses of $52.8M exceeded revenue, resulting in a 56% operating deficit.

Mission

PREVENTIVE HEALTH SERVICES, GENERAL/OTHER: INDIANA HEALTHCARE PHYSICIAN SERVICES, INC IS A NON-PROFIT HOSPITAL-OWNED GROUP OF PRACTICES OWNED AND OPERATED TO SERVE THE RURAL AREAS OF INDIANA COUNTY AND SURROUNDING COMMUNITIES. CONTINUED ON SCHEDULE "O".ITS MISSION IS TO SUPPORT THE MISSIONS AND VALUES OF INDIANA REGIONAL MEDICAL CENTER IN PROVIDING HEALTH CARE AND EDUCATIONAL SERVICES TO ALL WHO SEEK HEALTHCARE WITHOUT DISCRIMINATION. WE PROVIDE ACCESSIBLE, COST EFFECTIVE, QUALITY HEALTHCARE WITHIN THE RURAL COMMUNITIES OF INDIANA AND SURROUNDING COUNTIES.

Program Service Accomplishments

Program 1

Expenses: $41,679,414 Revenue: $28,882,136

PREVENTATIVE HEALTH SERVICES, GENERAL/OTHER:INDIANA HEALTHCARE PHYSICIAN SERVICES, INC. ("IHPS") IS A NON-PROFIT HOSPITAL OWNED GROUP OF PRACTICES OWNED AND OPERATED TO SERVE THE RURAL AREAS OF...

PREVENTATIVE HEALTH SERVICES, GENERAL/OTHER:INDIANA HEALTHCARE PHYSICIAN SERVICES, INC. ("IHPS") IS A NON-PROFIT HOSPITAL OWNED GROUP OF PRACTICES OWNED AND OPERATED TO SERVE THE RURAL AREAS OF INDIANA AND SURROUNDING COMMUNITIES. ITS MISSION IS TO SUPPORT THE MISSIONS AND VALUES OF INDIANA REGIONAL MEDICAL CENTER IN PROVIDING HEALTH CARE AND EDUCATIONAL SERVICES TO ALL WHO SEEK HEALTHCARE WITHOUT DISCRIMINATION. WE PROVIDE ACCESSIBLE, COST EFFECTIVE QUALITY HEALTHCARE WITHIN THE RURAL COMMUNITIES OF INDIANA AND SURROUNDING COUNTIES. CHARITY CARE PROVIDED DURING THE FISCAL YEAR ENDED JUNE 30, 2024 WAS $172,332. CONTINUED ON SCHEDULE O.OWNERSHIP OF PHYSICIAN OFFICES - IHPS FOCUSES ON REBUILDING THE REVENUE CYCLE AND COST STRUCTURE OF PHYSICIAN OFFICES WITHIN THE COMUNITY. IHPS ALSO FOCUSES OF RECRUITING PHYSICIANS THAT OFFER A NEW OR NEEDED SERVICES WITHIN THE COMMUNITY.WE SUPPORT AND WORK COLLABORATIVELY WITH OTHER NON-PROFIT AGENCIES WITHIN OUR COMMUNITY AND SURROUNDING COUNTIES. SOME OF THE COLLABORATIONS ARE LISTED BELOW, BUT ARE NOT LIMITED TO:-(MOMS) MATERNAL OPIOID MEDICATION SUPPORT AND MEDICATION ASSISTED TREATMENT CLINIC - CARE FOR PREGNANT MOTHERS AND INDIVIDUALS IMPACTED BY SUBSTANCE USE DISORDER.-ACCESS TO OUTPATIENT MENTAL HEALTH CARE-PRIMARY CARE SOCIAL WORK SERVICES TO ADDRESS SOCIAL DETERMINANTS OF HEALTH AND COORDIATE PATIENT CARE FOR CHRONIC ILLNESS.-ACCESS TO HEALTH CARE FOR INDIVIDUALS AND FAMILIES BASED ON INCOME THROUGH THE IRMC FINANCIAL AID PROGRAM.-INTERNSHIP HOST SITE FOR STUDENTS PURSUING HEALTH RELATED DEGREES.-SATELLITE PRIMARY CARE LOCATIONS TO ENABLE RURAL HEALTH ACCESS.-IHPS STAFF ARE ACTIVE MEMBERS ON LOCAL TASKFORCES AND COMMUNITY BOARDS WORKING TO IMPROVE COMMUNITY HEALTH OUTCOMES.-SPEAKING ENGAGEMENTS AND COMMUNITY PROGRAMS RELATED TO HEALTH ISSUES OR WELLNESS TO ANY AND ALL COMMUNITY GROUPS, CHURCHES, AND OR OTHER NON-PROFIT ORGANIZATIONS.-ACTIVE PARTICIPATION IN HEALTH PROGRAMS WITHIN THE SCHOOLS.-FREE PARKING FOR PATIENTS AND EMPLOYEES.-HEALTH SCREENING PARTICIPATION WITH LOCAL AGENCIES AND NON-PROFIT FUNDRAISING EVENTS WITHIN THE COMMUNITY.-STAFF PARTICIPATES IN THE UNITED WAY CAMPAIGN.-EMPLOYEE/TIMESHARE SERVICES - IHPS FOCUSES ON PROVIDING QUALITY WELL-TRAINED SUPPORT STAFF TO MULTIPLE INDEPENDENT PHYSICIANS WITHIN THE COMMUNITY.-PHYSICIAN BILLING SERVICES - IHPS FOCUSES ON PROVIDING QUALITY BILLING SERVICES THAT MAXIMIZES REIMBURSEMENT TO MULTIPLE INDEPENDENT PHYSICIANS WITHIN THE COMMUNITY-THORACIC 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 $0

Program Service Revenue $28,882,136

Investment Income $809

Other Revenue $4,965,838

TOTAL REVENUE $33,848,783

Expense Breakdown

Grants Paid $0

Salaries & Benefits $17,285,504

Fundraising Expenses $0

Program Expenses $41,679,414

Other Expenses $35,541,980

TOTAL EXPENSES $52,827,484

Year-over-Year Comparison

	2023	2022	Change
Revenue	$33,848,783	$32,434,639	+0.0%
Expenses	$52,827,484	$47,441,331	+0.1%
Net Income	$-18,978,701	$-15,006,692	+0.3%

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

436

Volunteers

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

$1,488,153

Total Directors

$1,660,751

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NATHAN KOVALCHICK	CHAIR	1.00	Officer Director	$0	$0	$0
T MICHAEL PRICE	VICE CHAIR	1.00	Officer Director	$0	$0	$0
RUSSELL A DROZDIAK MD	BOARD MEMBER/PHYSICIAN	40.00	Director	$166,992	$5,461	$172,453
BECKY STAPLETON	TREASURER	1.00	Officer Director	$0	$0	$0
STEPHEN A WOLFE	PRESIDENT & CEO	1.00	Officer Director	$0	$46,655	$933,558
EDWARD MCDOWELL MD	BOARD MEMBER/PHYSICIAN	40.00	Director	$485,746	$31,074	$516,820
CHRISTINA LUBOLD MD	BOARD MEMBER/PHYSICIAN	1.00	Director	$0	$0	$37,920
FRANK ROBERTS	SECRETARY	1.00	Officer Director	$0	$0	$0
ROBERT A GONGAWARE	CHIEF FINANCIAL OFFICER	1.00	Officer	$0	$48,510	$361,048
MICHAEL F ICKOWSKI	CHIEF FINANCIAL OFFICER	1.00	Officer	$0	$0	$193,547
NIHAR GHATE DPM	PHYSICIAN	40.00	Highest	$657,032	$33,392	$690,424
BERJESH SHARDA MD	PHYSICIAN	40.00	Highest	$546,780	$21,398	$568,178
DANIEL CLARK MD	PHYSICIAN	40.00	Highest	$546,189	$34,050	$580,239
LEONARD MALIVER MD	PHYSICIAN	40.00	Highest	$634,553	$19,087	$653,640
JOSEPH BUZOGANY MD	PHYSICIAN	40.00	Highest	$546,769	$34,244	$581,013

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
2025	No data	No data	No data	No data
2024	$33,848,783	$52,827,484	$7,739,000	$-18,978,701
2023	$32,434,639	$47,441,331	$5,645,593	$-15,006,692
2022	$33,361,308	$42,804,537	$7,153,039	$-9,443,229
2021	$37,059,686	$42,822,067	$5,686,973	$-5,762,381
2021	$37,059,686	$42,822,067	$5,686,973	$-5,762,381
2020	$29,710,547	$38,659,791	$5,430,202	$-8,949,244
2019	$29,063,316	$37,418,436	$3,751,706	$-8,355,120

INDIANA HEALTHCARE PHYSICIAN SERVICES INC