Rush University 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

1883

Legal Domicile

Phone

3129425000

Tax Period

2023-07-01 to 2024-06-30

Rush University Medical Center, founded in 1883, is a large national nonprofit in the Health Care sector that reported $3.0B in total revenue in fiscal year 2023. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $2.8B left a modest 7% surplus.

Mission

The mission of Rush is to improve the health of the individuals and diverse communities we serve through the integration of outstanding patient care, education, research and community partnerships.

Program Service Accomplishments

Program 1

Expenses: $2,165,599,328 Revenue: $2,356,784,459

Health Care: Rush University Medical Center (RUMC) is an academic medical center that brings together excellence in clinical care and research to address major health problems. The hospital...

Health Care: Rush University Medical Center (RUMC) is an academic medical center that brings together excellence in clinical care and research to address major health problems. The hospital operations of Rush University Medical Center are licensed by the State of Illinois to operate 678 beds and include the Johnston R. Bowman Health Center, which provides medical and rehabilitative care to older adults and people with short- and long-term disabilities, and Rush University Children's Hospital. According to COMPdata, RUMC is the fifth largest hospital provider in the eight county Chicago metropolitan area as measured by market share. It also includes a faculty practice plan, Rush University Medical Group, which employs more than 700 physicians and 300 advanced practice providers in more than 111 specialties and subspecialties, singularly focused on transforming health care and providing exceptional patient care. In FY2024, RUMC provided patient care to 29,087 inpatients for a total of 176,063 patient days, 10,091 observation cases, 60,422 emergency department visits and 825,553 provider visits. Rush University Medical Center has been named one of the nation's top hospitals, securing a spot on U.S. News & World Report's 2024-2025 Best Hospitals Honor Roll for the fifth straight year. Eleven Rush specialties ranked among the top 50 in the U.S., including six in the top 20. Rush University Medical Center tied for No. 1 as the top hospital in Illinois. The Rush specialties ranked among the top 50 for 2024-2025 include Cancer, Cardiology, Diabetes and Endocrinology, ENT, Gastroenterology and GI Surgery, Geriatrics, Gynecology, Neurology and Neurosurgery, Orthopedics, Pulmonology and Lung Surgery and Urology. Of the nearly 5,000 U.S. hospitals that U.S. News evaluated, Rush is among only 11% that earned a numerical ranking in a state or a medical specialty. Overall, Rush is in the top 1% of hospitals in the country based on its Honor Roll rating. SEE SCHEDULE H FOR A NON-EXHAUSTIVE LIST OF COMMUNITY BENEFIT PROGRAMS AND DESCRIPTIONS.

Program 2

Expenses: $260,583,164 Revenue: $207,382,573

Research: Because Rush is an academic medical center, research and clinical care come together in innovative and inspiring ways that have the power to transform lives. Even if research work starts in a laboratory, it won't stay there. Discoveries in Rush's labs lead to advances in patient care, while observations in clinical settings inspire research studies designed to improve the way we treat patients. This approach, known as translational research, has led to breakthroughs in patient care at Rush throughout the years. Investigators at Rush are involved in more than 500 projects, including hundreds of clinical studies to test the effectiveness and safety of new therapies and medical devices, as well as to expand scientific and medical knowledge. Total research awards in FY2024 topped $113 million.

Program 3

Expenses: $105,310,677 Revenue: $94,754,276

Education: Rush University (RU) is a health sciences university that includes Rush Medical College, the College of Nursing, and the College of Health Sciences. Founded in 1837, Rush Medical College has an acclaimed history as one of the first medical colleges in the Midwest and continues to make major contributions to medical science and education through research and clinical trials. The College of Nursing is one of the nation's top-ranked nursing colleges with a national reputation for clinical excellence that helps make our graduates highly sought after by top health care employers around the country. The College of Health Sciences has been responsible for education and research in the allied health professions. The Medical Center also offers many highly selective residency and fellowship programs in medical and surgical specialties and subspecialties. RU's unique practitioner-teacher model for health sciences education and research provides its students the opportunity to learn from world-renowned instructors who practice what they teach. With more than 40 degree and certificate programs and 60 postgraduate training programs, RU educated 3,043 students in FY2024. Rush University provides outstanding health sciences education and conducts major research in a culture of inclusion, focused on the promotion and preservation of the health and well-being of our diverse communities.

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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 $65,929,236

Program Service Revenue $2,447,910,266

Investment Income $208,731,779

Other Revenue $277,484,469

TOTAL REVENUE $3,000,055,750

Expense Breakdown

Grants Paid $16,908,637

Salaries & Benefits $1,449,831,578

Fundraising Expenses $13,093,735

Program Expenses $2,612,320,720

Other Expenses $1,321,976,866

TOTAL EXPENSES $2,788,845,401

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,000,055,750	$2,664,946,106	+0.1%
Expenses	$2,788,845,401	$2,591,162,936	+0.1%
Net Income	$211,210,349	$73,783,170	+1.9%

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

15426

Volunteers

1870

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

$30,654,169

Total Directors

$207,589

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Susan Crown	Trustee/Chair	2.0	Officer Director	$0	$0	$0
Andrew J Mills	Trustee	1.0	Director	$0	$0	$0
Ann W Cohn EdD	Trustee	1.0	Director	$0	$0	$0
Barbara Jil Wu PhD	Trustee	1.0	Director	$0	$0	$0
Bradley J Henderson	Trustee	1.0	Director	$0	$0	$0
Brian T McCormack	Trustee	1.0	Director	$0	$0	$0
Carl W Stern	Trustee	1.0	Director	$0	$0	$0
Carole Browe Segal	Trustee	1.0	Director	$0	$0	$0
Christine A Edwards	Trustee/Vice Chair (Start 5/24)	1.0	Director	$0	$0	$0
Darrel H Hackett	Trustee	1.0	Director	$0	$0	$0
David C Habiger	Trustee	1.0	Director	$0	$0	$0
David H B Smith Jr	Trustee	1.0	Director	$0	$0	$0
Eric A Reeves	Trustee	1.0	Director	$0	$0	$0
Francis O Idehen Jr	Trustee	1.0	Director	$0	$0	$0
James W DeYoung	Trustee	1.0	Director	$0	$0	$0
Jennifer W Steans	Trustee	1.0	Director	$0	$0	$0
Joan E Steel	Trustee	1.0	Director	$0	$0	$0
Joan S Rubschlager	Trustee	1.0	Director	$0	$0	$0
John J Sabl	Trustee	1.0	Director	$0	$0	$0
John Segreti MD	Trustee/Ex Officio (End 6/24)	1.0	Director	$176,842	$30,747	$207,589
Karen Jaffee Cofsky	Trustee	1.0	Director	$0	$0	$0
Kenneth H M Leet	Trustee	1.0	Director	$0	$0	$0
Kip Kirkpatrick	Trustee	1.0	Director	$0	$0	$0
Matthew J Boler	Trustee	1.0	Director	$0	$0	$0
Nicole J Walker	Trustee (Start 7/23)	1.0	Director	$0	$0	$0
Pamela Forbes Lieberman	Trustee	1.0	Director	$0	$0	$0
Paul W Theiss	Trustee	1.0	Director	$0	$0	$0
Peter M Ellis	Trustee	1.0	Director	$0	$0	$0
Robert A Wislow	Trustee/Ex Officio	1.0	Director	$0	$0	$0
Robert F Finke	Trustee	1.0	Director	$0	$0	$0
Sam Yagan	Trustee	1.0	Director	$0	$0	$0
Sandra P Guthman	Trustee	1.0	Director	$0	$0	$0
Sheila A Penrose	Trustee	1.0	Director	$0	$0	$0
Shundrawn A Thomas	Trustee	1.0	Director	$0	$0	$0
Stephen N Potter	Trustee	1.0	Director	$0	$0	$0
Stephen R Quazzo	Trustee	1.0	Director	$0	$0	$0
Wayne L Moore	Trustee	1.0	Director	$0	$0	$0
Wendy Herb	Trustee/Ex Officio	1.0	Director	$0	$0	$0
William A Mynatt Jr	Trustee	1.0	Director	$0	$0	$0
William J Hagenah	Trustee	1.0	Director	$0	$0	$0
Alex D Wiggins	VP, Chief Investment Officer & Treasurer	40.0	Officer	$650,491	$128,340	$778,831
Andrew Bean PhD	Vice Provost, Research (Acting) (End 10/23)	40.0	Officer	$443,814	$336,432	$780,246
Aney Abraham DNP RN NE-BC	VP Patient Care Services (End 12/23)	40.0	Officer	$335,249	$84,038	$419,287
Angelique Richard PhD RN CENP	SVP Hospital Operations, CNO (End 4/24)	40.0	Officer	$896,171	$856,120	$1,752,291
Brian D Stein MD MS	Chief Quality Officer	28.0	Officer	$608,560	$111,556	$720,116
Carl T Bergetz JD	SVP Legal Affairs & General Counsel	40.0	Officer	$890,137	$169,621	$1,059,758
Charlotte Royeen PhD	VP & Dean College of Health Sciences (End 12/23)	40.0	Officer	$437,598	$90,674	$528,272
Chris Gade	VP Marketing & Engagement (End 12/23)	40.0	Officer	$425,104	$431,431	$856,535
Christine Kennedy PhD RN	VP & Dean College of Nursing	40.0	Officer	$572,020	$97,070	$669,090
Courtney L Kammer MHA	SVP Human Resources	40.0	Officer	$721,300	$161,225	$882,525
Cynthia Brincat MD PhD	Interim Dean, Rush Medical College	40.0	Officer	$1,062,321	$159,808	$1,222,129
Cynthia E Boyd MD	VP and Chief Compliance Officer (End 12/23)	40.0	Officer	$515,920	$76,981	$592,901
Dale Grandlic	VP Facilities Management (End 12/23)	40.0	Officer	$352,365	$86,281	$438,646
David A Ansell MD	SVP Community Health Equity (End 12/23)	40.0	Officer	$862,730	$162,846	$1,025,576
Denise N Szalko	VP Revenue Cycle	40.0	Officer	$576,085	$105,297	$681,382
Deval Daily	VP and Chief Admin Officer, Neuro-Cardiac SL (End 12/23)	40.0	Officer	$402,329	$98,371	$500,700
Dino P Rumoro DO MPH FACEP	President & CEO ROPH (End 12/23)	12.0	Officer	$203,552	$175,701	$935,016
Douglas O'Brien	VP Public Policy (End 12/23)	40.0	Officer	$356,254	$91,223	$447,477
Janet Stifter PhD RN CPHQ	VP Hospital Operations - Periop and Interv (End 12/23)	40.0	Officer	$427,855	$78,260	$506,115
Jason S Turner PhD MAE	Interim Dean, College of Health Sciences (Start 12/23)	40.0	Officer	$273,728	$48,399	$322,127
Jeffrey M Gautney	VP & Chief Information Officer	40.0	Officer	$722,211	$160,712	$882,923
Jeremy E Strong	VP Supply Chain	40.0	Officer	$347,269	$93,143	$440,412
Kathryn H Jones	SVP & Chief Strategy Officer	40.0	Officer	$437,060	$88,311	$525,371
Kelly M Sullivan JD	Deputy General Counsel (End 12/23)	40.0	Officer	$420,167	$58,397	$478,564
Kerem Korkmaz MSN RN CENP	VP Patient Care Services (End 12/23)	40.0	Officer	$329,233	$52,421	$381,654
Larry J Goodman MD	Interim President Rush University (End 3/24)	40.0	Officer	$847,359	$30,695	$878,054
Matt Walsh	System EVP & Chief Operating Officer (Start 1/24)	40.0	Officer	$0	$0	$0
Mitchell Evans	VP Internal Audit (End 12/23)	40.0	Officer	$463,354	$96,328	$559,682
Murray T Ancell MS CFRE	SVP & Chief Development Officer	40.0	Officer	$591,529	$111,775	$703,304
Omar B Lateef DO	President & CEO	40.0	Officer	$3,687,548	$476,520	$4,164,068
Patricia S O'Neil MAE	SVP & System CFO	40.0	Officer	$1,163,275	$208,664	$1,371,939
Paul Casey MD MBA FACEP	SVP & Chief Medical Officer	40.0	Officer	$872,323	$194,641	$1,066,964
Peter Briechle PhD	VP Programs and Services, Philanthropy (End 12/23)	40.0	Officer	$435,779	$84,965	$520,744
Philip Quick	VP RUMG Access Center (End 12/23)	40.0	Officer	$285,221	$80,698	$365,919
Quincy M Stanley	VP Support Services (End 12/23)	40.0	Officer	$399,066	$88,558	$487,624
Richa Gupta MBBS MHSA	SVP & COO, RUMG	40.0	Officer	$665,949	$137,958	$803,907
Robert S D Higgins MD MSHA	President & Chief Academic Officer, Rush University (Start 4/24)	40.0	Officer	$0	$0	$0
Rukiya Curvey Johnson	VP Community Health Equity (End 12/23)	40.0	Officer	$259,089	$43,391	$302,480
Shannon Driscoll	VP RUMG Practice Operations (End 12/23)	40.0	Officer	$283,136	$42,169	$325,305
Sherri Boyle CPA MBA MSF	VP Corporate Finance & Financial Operations (Start 12/23)	40.0	Officer	$243,062	$34,904	$277,966
Shonda Morrow JD MS RN	VP Patient Care Services (End 12/23)	40.0	Officer	$404,744	$74,063	$478,807
Thomas P Wick	VP Individual Giving, Philanthropy (End 12/23)	40.0	Officer	$428,912	$90,550	$519,462
K Ranga Rama Krishnan MB ChB	Executive Vice Chairman & Advisor to CEO	40.0	Highest	$1,866,385	$48,019	$1,914,404
Keith C Hood MD	Physician	40.0	Highest	$1,257,741	$44,939	$1,302,680
Michael Liptay MD	Chairperson Cardiovascular/Thoracic Surgery	40.0	Highest	$1,498,964	$70,624	$1,569,588
Richard Byrne MD	Physician	40.0	Highest	$1,581,311	$60,932	$1,642,243
Robert J March MD	Physician	40.0	Highest	$1,523,781	$0	$1,523,781
Hiten M Patel PhD	Former Officer	0.0		$436,008	$15,979	$451,987
Joshua Jacobs MD	Former Officer	0.0		$595,839	$50,780	$646,619
Sherine E Gabriel MD MSc	Former Officer	0.0		$880,461	$28,846	$909,307
Susan L Freeman MD MS	Former Officer	0.0		$719,604	$120,004	$839,608
Thomas Deutsch MD	Former Officer	0.0		$459,677	$54,384	$514,061
Wayne E Keathley MPH	Former Officer	0.0		$913,818	$136,260	$1,050,078

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	$3,000,055,750	$2,788,845,401	$4,702,251,786	$211,210,349
2023	$2,664,946,106	$2,591,162,936	$4,544,022,146	$73,783,170
2022	$2,591,581,148	$2,388,546,504	$4,341,724,683	$203,034,644
2021	$2,430,858,288	$2,245,348,373	$4,534,803,183	$185,509,915
2020	$2,129,968,938	$2,206,271,524	$4,025,213,121	$-76,302,586
2019	$2,117,967,270	$1,997,276,594	$3,456,334,013	$120,690,676
2018	$1,978,966,560	$1,803,317,731	$3,298,337,910	$175,648,829