LAKE HOSPITAL SYSTEM INC

EIN: 341425870 501(c)(3) Health Care

SHAKER HEIGHTS, OH

Total Revenue
$475,459,739
Total Expenses
$434,180,154
Total Assets
$631,158,601
Net Assets
$509,393,007
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1983
Legal Domicile
OH
Principal Officer
ROBERT TRACZ
Phone
4403541991
Tax Period
2021-01-01 to 2021-12-31

LAKE HOSPITAL SYSTEM INC, founded in 1983, is a major nonprofit in the Health Care sector that reported $475.5M in total revenue in fiscal year 2021. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $434.2M left a modest 9% surplus.

Mission

IT IS THE MISSION OF LAKE HOSPITAL SYSTEM TO PROVIDE COMPREHENSIVE HEALTH CARE SERVICES TO THE RESIDENTS OF LAKE COUNTY AND NEIGHBORING COMMUNITIES IN PARTNERSHIP WITH THOSE WHO SHARE A COMMITMENT TO LOCAL ACCESS, HEALING WITH COMPASSION, AND SUPERIOR QUALITY.

Program Service Accomplishments

Program 1
Expenses: $359,562,227 Revenue: $418,863,977

LAKE HOSPITAL SYSTEM, INC., IS A 120-YEAR-OLD HEALTH CARE INSTITUTION THAT HAS PRIMARILY SERVED THE HEALTH CARE NEEDS OF RESIDENTS IN LAKE COUNTY AND THE SURROUNDING COMMUNITIES SINCE 1902. LAKE...

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LAKE HOSPITAL SYSTEM, INC., IS A 120-YEAR-OLD HEALTH CARE INSTITUTION THAT HAS PRIMARILY SERVED THE HEALTH CARE NEEDS OF RESIDENTS IN LAKE COUNTY AND THE SURROUNDING COMMUNITIES SINCE 1902. LAKE HEALTH HAS HAD A LONG-STANDING TRADITION OF PROVIDING SERVICES AND PROGRAMS BASED ON THE HEALTH CARE NEEDS OF THE COMMUNITIES THAT WE SERVE. WE HAVE BEEN GUIDED BY OUR MISSION TO PROVIDE LOCAL ACCESS, HEALING WITH COMPASSION AND SUPERIOR QUALITY AND OUR CORE VALUES - RESPECT, INNOVATION, TEAMWORK, STEWARDSHIP, AND INTEGRITY. WE HAVE BEEN GUIDED BY A COLLABORATIVE HEALTH NEEDS ASSESSMENT CONDUCTED IN COOPERATION WITH THE LAKE COUNTY GENERAL HEALTH DISTRICT, LAKE HEALTH HAS DEVELOPED PROGRAMS, SERVICES AND PARTNERSHIPS TO ADDRESS THE MOST PRESSING HEALTH ISSUES. THE HIGH PRIORITY AREAS INCLUDE COVID 19, DIABETES, CHRONIC DISEASE, BEHAVIORAL HEALTH, AND ACCESS TO CARE. IN APRIL 2021, LAKE HEALTH JOINED UNIVERSITY HOSPITALS. AS SUCH, LAKE HEALTH'S TAX ID REMAINS THE SAME, AND IT FILES ITS TAX RETURN INDEPENDENTLY FROM UH.LAKE HEALTH IS COMPRISED OF 11 FACILITIES IN LAKE, GEAUGA, AND CUYAHOGA COUNTIES, AND WHICH INCLUDE THE FOLLOWING:1. TRIPOINT MEDICAL CENTER (FULL-SERVICE, ACUTE CARE HOSPITAL)2. LAKE WEST MEDICAL CENTER (FULL-SERVICE, ACUTE CARE HOSPITAL)3. BEACHWOOD MEDICAL CENTER (FULL-SERVICE ACUTE CARE HOSPITAL)4. MENTOR HEALTH CENTER (OUTPATIENT LAB AND DIAGNOSTICS, PHYSICIAN OFFICES, OUTPATIENT SURGERY, CANCER SERVICES)5. BRUNNER, SANDEN DEITRICK WELLNESS CENTER (URGENT CARE, OUTPATIENT LAB AND DIAGNOSTICS, PHYSICIAN OFFICES, PHYSICAL THERAPY, OCCUPATIONAL HEALTH SERVICES AND A MEDICALLY BASED FITNESS CENTER)6. MADISON HEALTH CENTER (OUTPATIENT LAB AND DIAGNOSTICS, PHYSICIAN OFFICES, PHYSICAL THERAPY)7. WILLOWICK HEALTH CENTER (URGENT CARE, OUTPATIENT LAB AND DIAGNOSTICS, PHYSICIAN OFFICES)8. CHARDON HEALTH CENTER (, OUTPATIENT LAB AND DIAGNOSTICS, PHYSICIAN OFFICES)9. PERRICO HEALTH CENTER (PHYSICIAN OFFICES, PHYSICAL THERAPY, OUTPATIENT LAB AND DIAGNOSTICS)10. LAKE SOM HEALTH CENTER (PHYSICIAN OFFICES, LAB, AND DIAGNOSTICS)11. LAKE CONTINUING CARE CENTER (COMPREHENSIVE, INPATIENT REHABILITATION; GERIATRIC PSYCHIATRY)ACCESSIBILITY IS KEY TO OUR MISSION. WE HAVE CONTRACTED WITH MOST INSURANCE PROVIDERS TO ENSURE A VAST ARRAY OF PRIMARY CARE PHYSICIANS AND SPECIALISTS. LAKE HEALTH ALSO OPERATES THREE FULL-SERVICE EMERGENCY DEPARTMENTS INCLUDING: TRIPOINT MEDICAL CENTER IN CONCORD TOWNSHIP, LAKE WEST MEDICAL CENTER IN WILLOUGHBY AND BEACHWOOD MEDICAL CENTER IN BEACHWOOD. THESE EMERGENCY DEPARTMENTS ARE OPEN TO ALL PERSONS, REGARDLESS OF ABILITY TO PAY.OUR GROWTH AS A HOSPITAL SYSTEM REFLECTS THE MANY WAYS WE ARE BUILDING ON OUR MISSION AND HOW WE ASPIRE TO BE MORE THAN YOUR TYPICAL COMMUNITY HOSPITAL. WE WANT OUR PATIENTS TO RECEIVE SUPERIOR PATIENT CARE WITHOUT HAVING TO LEAVE THE COMMUNITY, AND THAT'S WHY WE ARE COMMITTED TO BRINGING THE BEST RESOURCES TOGETHER TO PROVIDE AN EXPANDED LEVEL OF COMMUNITY CARE.LAKE HEALTH PROVIDES SERVICES AND PROGRAMS BASED ON THE HEALTH CARE NEEDS OF THE COMMUNITIES WE SERVE. IN FACT, TAKING HEALTH EDUCATION PROGRAMS AND SCREENINGS TO WHERE PEOPLE LIVE, WORK AND PLAY IS FUNDAMENTAL TO OUR MISSION. IN 2021, WE CONTINUED OUR MISSION OF HELPING TO CARE AND EDUCATE OUR COMMUNITIES REGARDING COVID-19. WE ALSO PUT A FOCUS ON HELPING PATIENTS FEEL COMFORTABLE TO RETURN FOR HEALTH CARE IN OUR COMMUNITIES AND PROVIDING ADDITIONAL ACCESS FOR PATIENTS.IN 2021, LAKE HEALTH PROVIDED APPROXIMATELY $450,000 IN COMMUNITY BENEFIT THROUGH HEALTH EDUCATION, WHICH CONTINUED TO FOCUS ON LAKE HEALTH CONTRIBUTED APPROXIMATELY $8.5 MILLION IN 2021 IN CASH AND IN-KIND DONATIONS TO CIVIC AND COMMUNITY PROGRAMS AND PARTNERSHIPS WITH A HEALTH AND WELLNESS FOCUS. SOME OF THE PROGRAMS AND EVENTS ARE HIGHLIGHTED BELOW.COMMUNITY PROGRAMS AND EVENTS:LAKE HEALTH CONTINUED TO BE AN ANCHOR INSTITUTE IN COMMUNITY BY SUPPORTING OVER 50 LOCAL ORGANIZATION WITH AN EMPHASIS ON SUPPORTING ORGANIZATIONS THAT ALIGNED WITH PROVIDING SUPPORT AS IDENTIFIED IN OUR COMMUNITY HEALTH NEEDS ASSESSMENT. INCLUDING, LAKE COUNTY FREE MEDICAL CLINIC, LAKE COUNTY COUNCIL ON AGING, AND FORBES HOUSE. WE ALSO CONTINUED TO PROVIDING COMMUNITY PROGRAMS INCLUDING: INFANT AND CHILDBIRTH PROGRAMS INCLUDING CHILDBIRTH PREPARATION, INFANT CARE, BREASTFEEDINGPROGRAM, SIBLING PROGRAM, INFANT AND CHILD CPR, AND CAR SEAT CHECKS.SUPPORT GROUPS, INCLUDING BREASTFEEDING, BREAST CANCER, DIABETES, STROKE, AND AMPUTEE UNITED WAY DAY OF CARING AND HARVEST FOR HUNGERSCHOOL PARTNERSHIPSBREAST HEALTH FOR HISPANIC WOMENINTEGRATIVE HEALTH AND WELLNESS

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Trantor Score

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

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Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $15,516,333
Program Service Revenue $385,477,854
Investment Income $36,603,703
Other Revenue $37,861,849
TOTAL REVENUE $475,459,739

Expense Breakdown

Grants Paid $0
Salaries & Benefits $165,947,185
Fundraising Expenses $0
Program Expenses $359,562,227
Other Expenses $268,232,969
TOTAL EXPENSES $434,180,154

Year-over-Year Comparison

2021 2020 Change
Revenue $475,459,739 $411,102,558 +0.2%
Expenses $434,180,154 $401,470,558 +0.1%
Net Income $41,279,585 $9,632,000 +3.3%
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
11
Independent Members
11
Employees
3320
Volunteers
450

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
$4,024,120
Total Directors
11
$0
Key Employees
4
$1,855,802
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
THOMAS P JUBECK CHAIR 5.00
Officer Director
$0 $0 $0
BRETT HIMES VICE CHAIR 5.00
Officer Director
$0 $0 $0
DAWN GUBANC-ANDERSON SECRETARY 2.00
Officer Director
$0 $0 $0
ADAM SANDEN TREASURER 2.00
Officer Director
$0 $0 $0
MICHAEL E MAYHER TRUSTEE 2.00
Director
$0 $0 $0
RAYMOND PAGANINI TRUSTEE 1.00
Director
$0 $0 $0
CHETAN PATEL MD TRUSTEE 1.00
Director
$0 $0 $0
DAVID ROLLINS MD TRUSTEE 1.00
Director
$0 $0 $0
RAYMOND SINES TRUSTEE 1.00
Director
$0 $0 $0
DAVID STEIGER MD TRUSTEE 1.00
Director
$0 $0 $0
KEITH ZIEGLER TRUSTEE 1.00
Director
$0 $0 $0
CYNTHIA MOORE-HARDY PRESIDENT AND CEO 55.00
Officer
$3,284,651 $18,431 $3,303,082
ROBERT TRACZ SR. VP/CFO 50.00
Officer
$694,972 $26,066 $721,038
JOHN BANIEWICZ MD SR VP, MEDICAL AFFAIRS 45.00
Key Emp
$694,597 $23,813 $718,410
RICHARD D CICERO SR VP, MARKETING & BUSINESS 45.00
Key Emp
$444,530 $23,201 $467,731
ADETINUKE TADESE CHIEF MEDICAL INFORMATICS OFFICER 40.00
Key Emp
$348,804 $31,219 $380,023
BILL OSTERMAN VP, ACUTE CARE SERVICES 40.00
Key Emp
$281,475 $8,163 $289,638
MICHELE PIRC PRIMARY NURSE PRACTITIONER 40.00
Highest
$280,248 $0 $280,248
DAVID HERMAN VP, FINANCE 40.00
Highest
$271,483 $27,923 $299,406
JOYCE A TAYLOR VP, QUALITY SERVICES, CQO 40.00
Highest
$251,540 $11,603 $263,143
JERROLD PETERS VP, CIO 40.00
Highest
$235,631 $11,672 $247,303
CYNTHIA J RACER VP, CLINICAL SERVICES 40.00
Highest
$230,078 $19,626 $249,704
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
2021 $475,459,739 $434,180,154 $631,158,601 $41,279,585
2020 $411,102,558 $401,470,558 $660,977,812 $9,632,000
2020 $411,102,558 $401,470,558 $660,977,812 $9,632,000
2019 $420,108,889 $410,674,873 $620,500,630 $9,434,016
2018 $414,515,979 $405,062,442 $532,511,689 $9,453,537
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