RIDGEVIEW MEDICAL CENTER

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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

1999

Legal Domicile

Principal Officer

MICHAEL PHELPS

Phone

9524422191

Tax Period

2023-01-01 to 2023-12-31

RIDGEVIEW MEDICAL CENTER, founded in 1999, is a major nonprofit in the Health Care sector that reported $333.3M in total revenue in fiscal year 2023.

Mission

RIDGEVIEW MEDICAL CENTER EXISTS TO ENHANCE THE LIFELONG HEALTH OF PEOPLE IT SERVES WITH A CULTURE THAT NURTURES THE WHOLE PERSON: MIND, BODY, AND SPIRIT.

Program Service Accomplishments

Program 1

Expenses: $269,477,638 Revenue: $302,871,244

RIDGEVIEW MEDICAL CENTER ENHANCED AND PROVIDED QUALITY HEALTHCARE SERVICES FOR THE COMMUNITY OF WACONIA AND SURRONDING AREAS. THE HOSPITAL PROVIDED CHARITY CARE AND OTHER UNCOMPENSATED CARE IN THE...

RIDGEVIEW MEDICAL CENTER ENHANCED AND PROVIDED QUALITY HEALTHCARE SERVICES FOR THE COMMUNITY OF WACONIA AND SURRONDING AREAS. THE HOSPITAL PROVIDED CHARITY CARE AND OTHER UNCOMPENSATED CARE IN THE AMOUNT OF $813,727 DURING 2023. THE UNPAID COST FOR SERVICES PROVIDED TO MEDICAID AND MEDICARE PATIENTS WAS $13,027,604 AND $44,510,459. IN 2023, THE HOSPITAL SPENT $9,183,299 ON UNCOMPENSATED COMMUNITY SERVICES INCLUDING TAXES AND FEES. THE HOSPITAL SERVED 8,122 INPATIENTS, 47,625 EMERGENCY CARE VISITS, 50,573 HOME HEALTH VISITS, 6,764 SURGERIES, 1,486 BIRTHS, 17,753 AMBULANCE RUNS, 193,369 PRIMARY AND SPECIALTY CLINIC VISITS. IT INCLUDES TWO ACCUTE CARE HOSPITALS, TWO EMERGENCY LOCATIONS, AND EIGHT MULTI-SPECIALTY CLINIC LOCATIONS THAT INCLUDES THREE URGENT CARES.

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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 $4,537,483

Program Service Revenue $302,871,244

Investment Income $3,465,215

Other Revenue $22,447,358

TOTAL REVENUE $333,321,300

Expense Breakdown

Grants Paid $51,330

Salaries & Benefits $185,682,393

Fundraising Expenses $144,794

Program Expenses $269,477,638

Other Expenses $152,994,249

TOTAL EXPENSES $338,727,972

Year-over-Year Comparison

	2023	2022	Change
Revenue	$333,321,300	$311,550,347	+0.1%
Expenses	$338,727,972	$313,148,663	+0.1%
Net Income	$-5,406,672	$-1,598,316	+2.4%

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

2649

Volunteers

102

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

$5,258,779

Total Directors

$40,050

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THERESA DALEN	BOARD CHAIR	2.00	Officer Director	$4,500	$0	$4,500
BRIAN MARK	BOARD VICE CHAIR	2.00	Officer Director	$3,750	$0	$3,750
VAN COLSON	TREASURER	2.00	Officer Director	$3,750	$0	$3,750
JULIE OSTERBERG	SECRETARY	2.00	Officer Director	$3,750	$0	$3,750
JEFF NELSON	BOARD MEMBER	2.00	Director	$3,750	$0	$5,550
STUART GRONINGA	BOARD MEMBER	2.00	Director	$3,750	$0	$3,750
DAVE KIRSCH	BOARD MEMBER	2.00	Director	$3,750	$0	$3,750
HEATHER REIGHARD	BOARD MEMBER	2.00	Director	$3,750	$0	$3,750
KATE ROEHL	BOARD MEMBER	2.00	Director	$3,750	$0	$3,750
MIKE SCHULER	BOARD MEMBER	2.00	Director	$3,750	$0	$3,750
MICHAEL PHELPS	PRESIDENT/CEO	41.00	Officer	$1,117,159	$89,808	$1,206,967
GORDON GABLENZ	CIO	30.50	Officer	$445,020	$95,049	$540,069
AARON BLOOMQUIST	CFO	30.50	Officer	$606,487	$81,944	$688,431
BENJAMIN NIELSEN	COO	44.00	Officer	$373,549	$17,913	$391,462
ELAINE ARION	VICE PRESIDENT & CNO	50.00	Officer	$339,430	$67,664	$407,094
SARAH URTEL	VP OF SYSTEM SUPPORT	50.00	Officer	$299,319	$63,967	$363,286
PAUL HAM	VP OF SUPPORT SERVICES	50.00	Officer	$293,693	$53,000	$346,693
STACEY LEE	VICE PRESIDENT	50.00	Officer	$298,686	$69,802	$368,488
ANDREW KESTER	CIO	50.00	Officer	$280,382	$53,072	$333,454
DR MATT HEROLD	VP OF MEDICAL AFFAIRS	50.00	Officer	$239,504	$24,127	$263,631
LISA SCHWARTZ	CHRO	50.00	Officer	$280,382	$53,072	$333,454
TYLER JOHNSON	ADVANCED PRACTICE PROVIDER	50.00	Highest	$276,733	$65,059	$341,792
CHRISTOPHER STEFFEN	EXECUTIVE DIRECTOR	50.00	Highest	$253,420	$42,703	$296,123
GREGORY ERICKSON	CRNA	50.00	Highest	$274,421	$63,152	$337,573
JENNIFER CHARBONNET	CRNA	50.00	Highest	$270,544	$44,524	$315,068
JENNIE TOROLA	CRNA	50.00	Highest	$254,149	$58,497	$312,646

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	$333,321,300	$338,727,972	$409,522,555	$-5,406,672
2022	$311,550,347	$313,148,663	$359,852,774	$-1,598,316
2021	$297,208,594	$298,147,240	$339,368,547	$-938,646
2020	$267,805,999	$275,177,395	$309,577,235	$-7,371,396
2019	$278,989,509	$277,571,023	$298,754,086	$1,418,486
2018	$267,167,449	$267,719,938	$292,832,052	$-552,489