VIRGINIA MASON INSTITUTE

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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

2008

Legal Domicile

Principal Officer

INGRID GERBINO

Phone

2063411600

Tax Period

2022-07-01 to 2023-06-30

VIRGINIA MASON INSTITUTE, founded in 2008, is a community nonprofit in the Education sector that reported $2.8M in total revenue in fiscal year 2022. Revenue grew 20% year-over-year, indicating healthy expansion. Expenses of $4.7M exceeded revenue, resulting in a 70% operating deficit.

Mission

VIRGINIA MASON INSTITUTE, A NON-PROFIT EDUCATION AND TRAINING ORGANIZATION, HAS CREATED A VISION TO BECOME THE PRIMARY RESOURCE AND INSPIRATION FOR THOSE WHO SEEK TO TRANSFORM HEALTH CARE AND A MISSION TO RELENTLESSLY PURSUE THE IMPROVEMENT OF PATIENT SAFETY, PATIENT EXPERIENCE AND THE QUALITY AND VALUE OF HEALTH CARE. TO REALIZE ITS GOALS, THE INSTITUTE PREPARES, GUIDES AND INSPIRES HEALTH LEADERS, PROVIDERS AND STAFF TO BELIEVE THAT THE PERFECT PATIENT EXPERIENCE IS POSSIBLE AND EMPOWERS THEM TO DRAMATICALLY IMPROVE THEIR PATIENTS' LIVES. THIS IS ACCOMPLISHED BY EDUCATING OTHER ORGANIZATIONS THROUGH THE SHARING OF KNOWLEDGE AND EXPERIENCE ABOUT THE VIRGINIA MASON PRODUCTION SYSTEM (VMPS), WHICH IS VIRGINIA MASON MEDICAL CENTER'S MANAGEMENT METHODOLOGY THAT FOCUSES ON DELIVERING THE HIGHEST-QUALITY PRODUCTS THROUGH THE ELIMINATION OF WASTE AND DEFECTS. THE INSTITUTE'S EDUCATIONAL ACTIVITIESARE DELIVERED BY A TEAM OF EXPERIENCED PHYSICIANS, NURSES AND OTHER HEALTH CARE LEADERS RIGOROUSLY TRAINED IN THE VIRGINIA MASON PRODUCTION SYSTEM. THESE ACTIVITIES BENEFIT PATIENTS AND THE COMMUNITY WHEN HEALTH CARE PROVIDERS USE THEIR NEW KNOWLEDGE TO ELIMINATE UNNECESSARY WASTE FROM PROCESSES, IMPROVE HEALTH CARE QUALITY AND REDUCE THE COST OF HEALTH CARE DELIVERY TO PATIENTS LOCALLY, NATIONALLY AND INTERNATIONALLY.

Program Service Accomplishments

Program 1

Expenses: $2,637,606 Revenue: $2,165,533

TRANSFORMATION SERVICES: THROUGH THE PROVISION OF TRANSFORMATION SERVICES, VIRGINIA MASON INSTITUTE EDUCATORS WORK ONSITE WITHIN HEALTHCARE ORGANIZATIONS TO HELP THEM BUILD ORGANIZATIONAL CAPABILITY TO CREATE AND SUSTAIN A CULTURE OF CONTINUOUS IMPROVEMENT THROUGH THE PRACTICAL APPLICATION AND EMBEDMENT OF THE TOOLS AND METHODS OF VIRGINIA MASON'S PROPRIETARY MANAGEMENT METHOD, THE VIRGINIA MASON PRODUCTION SYSTEM (VMPS). FROM JULY 1, 2022 - JUNE 30, 2023, VIRGINIA MASON INSTITUTE PARTNERED WITH AND PROVIDED TRANSFORMATION SERVICES TO 13 HEALTHCARE ORGANIZATIONS WORLDWIDE, WITH THE SERVICES DIRECTLY IMPACTING AND INFLUENCING EMPLOYEES AND PATIENTS ACROSS ALL AREAS OF THOSE ORGANIZATIONS.

Program 2

Expenses: $735,927 Revenue: $604,213

EDUCATION SERVICES: THROUGH THE PROVISION OF EDUCATION SERVICES, VIRGINIA MASON INSTITUTE (VMI) DELIVERS LEARNING ACTIVITIES - IN PERSON AT VMI'S TRAINING FACILITY IN SEATTLE, WA, AT OTHER HEALTHCARE ORGANIZATION'S CAMPUSES INTERNATIONALLY AND ONLINE THROUGH VIRTUAL TRAINING PROGRAMS - THAT INSPIRE, ENGAGE AND MOTIVATE INDIVIDUALS TO TRANSFORM HEALTHCARE. USING CASE STUDIES, HANDS-ON EXERCISES, PANELS FEATURING VIRGINIA MASON PRODUCTION SYSTEM (VMPS) PRACTITIONERS AND HEALTHCARE PROVIDERS, MEDICAL FACILITY TOURS THAT SHOWCASE VMPS IN ACTION, SIMULATIONS AND COACHING, VMI'S EDUCATION SERVICES EQUIP PARTICIPANTS WITH NEW SKILLS, NEW IDEAS AND CONTINUING MEDICAL EDUCATION CREDITS. MOST SIGNIFICANTLY, PARTICIPANTS LEARN HOW VIRGINIA MASON CONSISTENTLY PUTS THE PATIENT FIRST IN EVERYTHING IT DOES, AND THEY LEAVE INSPIRED TO CREATE THEIR OWN PATIENT-CENTERED PROCESSES IN THEIR DAILY WORK WITH AND FOR PATIENTS.FROM JULY 1, 2022 - JUNE 30, 2023, THROUGH EDUCATION SERVICES, THE INSTITUTE DELIVERED 354 HOURS OF ACTIVE TRAINING TO 226 PARTICIPANTS.

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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 (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,769,746

Investment Income $5,946

Other Revenue $1,444

TOTAL REVENUE $2,777,136

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,157,226

Fundraising Expenses $0

Program Expenses $3,373,533

Other Expenses $1,555,672

TOTAL EXPENSES $4,712,898

Year-over-Year Comparison

	2022	2021	Change
Revenue	$2,777,136	$2,320,072	+0.2%
Expenses	$4,712,898	$4,138,893	+0.1%
Net Income	$-1,935,762	$-1,818,821	+0.1%

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

N/A

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

$4,327,021

Total Directors

$3,097,504

Key Employees

$281,373

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KETUL PATEL	DIRECTOR\VMFH CEO	4.00	Officer Director	$3,067,968	$29,536	$3,097,504
DAVID NOSACKA	CFO VMFH	4.00	Officer	$679,374	$43,336	$722,710
INGRID GERBINO MD	SECRETARY\VP, CHIEF INNOVATION OFFICER	2.00	Officer	$478,892	$27,915	$506,807
WENDY KORTHUIS-SMITH	EXECUTIVE DIRECTOR	50.00	Key Emp	$246,603	$34,770	$281,373
GORDON SANSAVER	ASSOCIATE EXECUTIVE DIRECTOR	50.00	Highest	$198,407	$40,628	$239,035
BRENDA MCLEOD	SENIOR TRANSFORMATION PARTNER	50.00	Highest	$197,591	$25,869	$223,460
CHRISTOPHER BACKOUS	SENIOR TRANSFORMATION PARTNER	50.00	Highest	$174,093	$22,969	$197,062
ROSE HARRISON	SENIOR TRANSFORMATION PARTNER	50.00	Highest	$179,753	$15,549	$195,302
RHONDA STEWART	SENIOR TRANSFORMATION PARTNER	50.00	Highest	$172,735	$15,117	$187,852
CRAIG GOODRICH	CFO (THRU 8/18/22)	0.00	Officer	$0	$0	$0
LAURA PETERSON	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT WILIAMS	DIRECTOR	2.00	Director	$0	$0	$0
ULI CHI	DIRECTOR/EX-OFFICIO	2.00	Director	$0	$0	$0
DIANN PULS	DIRECTOR	2.00	Director	$0	$0	$0
ROBERT LEMON	DIRECTOR	2.00	Director	$0	$0	$0
CAROLYN CORVI	CHAIR	2.00	Officer Director	$0	$0	$0

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	No data	No data	No data	No data
2023	$2,777,136	$4,712,898	$14,708,850	$-1,935,762
2022	$2,320,072	$4,138,893	$16,568,083	$-1,818,821
2021	$373,725	$1,737,758	$18,346,418	$-1,364,033
2020	$2,382,367	$3,869,715	$19,194,849	$-1,487,348
2019	$4,884,526	$6,260,831	$19,844,727	$-1,376,305
2018	$6,509,858	$6,889,011	$20,590,267	$-379,153