Seton Medical Group Inc

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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

Phone

3147338000

Tax Period

2023-07-01 to 2024-06-30

Seton Medical Group Inc, founded in 2008, is a mid-sized nonprofit in the Health Care sector that reported $26.0M in total revenue in fiscal year 2023. Revenue decreased 6% compared to the prior year. Expenses of $41.4M exceeded revenue, resulting in a 59% operating deficit.

Mission

ROOTED IN THE LOVING MINISTRY OF JESUS AS HEALER, WE COMMIT OURSELVES TO SERVING ALL PERSONS WITH SPECIAL ATTENTION TO THOSE WHO ARE POOR AND VULNERABLE. OUR CATHOLIC HEALTH MINISTRY IS DEDICATED TO SPIRITUALLY-CENTERED, HOLISTIC CARE WHICH SUSTAINS AND IMPROVES THE HEALTH OF INDIVIDUALS AND COMMUNITIES. WE ARE ADVOCATES FOR A COMPASSIONATE AND JUST SOCIETY THROUGH OUR ACTIONS AND OUR WORDS.

Program Service Accomplishments

Program 1

Expenses: $38,464,378 Revenue: $25,833,260

THE FILING ORGANIZATION IS A PART OF THE ASCENSION CATHOLIC HEALTH MINISTRY. ASCENSION IS A FAITH-BASED HEALTHCARE ORGANIZATION THAT DELIVERS PERSONALIZED, COMPASSIONATE CARE TO ALL, ESPECIALLY TO...

THE FILING ORGANIZATION IS A PART OF THE ASCENSION CATHOLIC HEALTH MINISTRY. ASCENSION IS A FAITH-BASED HEALTHCARE ORGANIZATION THAT DELIVERS PERSONALIZED, COMPASSIONATE CARE TO ALL, ESPECIALLY TO THOSE WHO NEED IT THE MOST. SETON MEDICAL GROUP, INC. PROVIDES A VARIETY OF HEALTHCARE SERVICES INCLUDING PRIMARY CARE, FAMILY MEDICINE, PEDIATRIC, OBSTETRICS, AND GYNECOLOGY SERVICES. SETON MEDICAL GROUP, INC. SERVES PATIENTS IN SOUTHWEST BALTIMORE AND HAS THIRTEEN OFFICE LOCATIONS IN BALTIMORE CITY, BALTIMORE COUNTY AND HOWARD COUNTY. DURING THE FISCAL YEAR ENDED JUNE 30, 2024, SETON MEDICAL GROUP, INC. PHYSICIANS PROVIDED 142,754 OFFICE VISITS.

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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 $174,015

Program Service Revenue $25,833,401

Investment Income $0

Other Revenue $42,050

TOTAL REVENUE $26,049,466

Expense Breakdown

Grants Paid $0

Salaries & Benefits $28,067,456

Fundraising Expenses $0

Program Expenses $38,464,378

Other Expenses $13,302,256

TOTAL EXPENSES $41,369,712

Year-over-Year Comparison

	2023	2022	Change
Revenue	$26,049,466	$27,848,372	-0.1%
Expenses	$41,369,712	$39,329,214	+0.1%
Net Income	$-15,320,246	$-11,480,842	+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

N/A

Employees

303

Volunteers

N/A

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

$3,099,208

Total Directors

$5,915,123

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ASHLEY KINDER MD	CHAIR/PHYSICIAN	50.0	Officer Director	$286,353	$18,038	$304,391
JOHN T ANTONIADES MD	VICE CHAIR	0.0	Officer Director	$0	$56,763	$746,773
JONATHAN CONRAD D'SOUZA MD	SECRETARY	0.0	Officer Director	$0	$38,429	$538,180
JOSEPH W COOK IV MD	PRESIDENT (END 9/2023)/CMO, EMPLOYED CLINICIAN NETWORK (START 9/2023)	50.0	Officer Director	$509,637	$42,978	$552,615
WILLIAM B HIGGINBOTHAM	DIRECTOR/PRESIDENT & CEO (START 9/2023)	0.0	Officer Director	$0	$51,050	$503,708
JENNIFER MERRILL WARNE MD	DIRECTOR	0.0	Director	$0	$20,446	$267,289
KENNETH H WILLIAMS MD	DIRECTOR/PHYSICIAN	50.0	Director	$501,854	$54,304	$556,158
MARY ANN SORRA MD	DIRECTOR/PHYSICIAN	50.0	Director	$263,843	$37,392	$301,235
MERCY P JACKSON MD	DIRECTOR/PHYSICIAN	50.0	Director	$253,161	$48,547	$301,708
MICHAEL PAUL VIETZ MD	DIRECTOR	0.0	Director	$0	$41,427	$577,075
SAIRA AHMED MD	DIRECTOR	0.0	Director	$0	$23,925	$380,102
SHADI BARAKAT MD	DIRECTOR	0.0	Director	$0	$50,426	$345,075
SHIRALI PATEL MD	DIRECTOR	0.0	Director	$0	$34,033	$540,814
MITCHELL G LOMAX	CFO, MINISTRY MARKET	0.0	Officer	$0	$50,896	$453,541
ADAKU MBAGWU EZEIKE MD	PHYSICIAN	50.0	Highest	$401,096	$20,496	$421,592
DOUGLAS L PINTO MD	PHYSICIAN	50.0	Highest	$459,799	$47,870	$507,669
JOYCE A BONSU MD	PHYSICIAN	50.0	Highest	$383,724	$42,839	$426,563
MARY R RIFINO MD	PHYSICIAN	50.0	Highest	$490,809	$44,510	$535,319
ROBERT VANDENBOSCHE MD	PHYSICIAN	50.0	Highest	$404,419	$47,682	$452,101
EDWARD R LOVERN	FORMER BOARD OFFICER (END 5/2023)	0.0		$0	$24,114	$284,555
SCOTT M FURNISS	FORMER OFFICER (END 1/2020)	0.0		$0	$50,662	$478,895

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	$26,049,466	$41,369,712	$39,439,333	$-15,320,246
2023	$27,848,372	$39,329,214	$32,453,757	$-11,480,842
2022	$26,825,476	$37,227,839	$13,676,209	$-10,402,363
2021	$27,206,078	$36,722,884	$14,923,551	$-9,516,806
2020	$22,681,174	$34,533,031	$14,461,853	$-11,851,857
2019	$24,733,765	$34,424,046	$14,547,780	$-9,690,281
2018	$23,472,729	$30,088,206	$9,183,517	$-6,615,477