INDIANA HEALTHCARE PHYSICIAN SERVICES INC (EIN 251842046) - Form 990 Financial Analysis & Trantor Score

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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

PROVIDE HEALTH SERVICES.

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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