HARVARD PILGRIM HEALTH CARE OF CONNECTICUT INC (EIN 461681667) - Form 990 Financial Analysis & Trantor Score

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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

2012

Legal Domicile

Principal Officer

MICHAEL A CARSON

Phone

7812636000

Tax Period

2020-01-01 to 2020-06-30

HARVARD PILGRIM HEALTH CARE OF CONNECTICUT INC, founded in 2012, is a mid-sized nonprofit that reported $21.1M in total revenue in fiscal year 2020. Revenue fell 43% from the prior year — a significant decline worth monitoring. Expenses of $26.4M exceeded revenue, resulting in a 25% operating deficit.

Mission

ORGANIZATION'S MISSION HARVARD PILGRIM HEALTH CARE OF CONNECTICUT, INC. ("HPHC OF CT") OPERATES AS A NOT-FOR-PROFIT HEALTH PLAN, PROVIDING COMPREHENSIVE HEALTH INSURANCE, ACCESS TO HEALTH CARE, AND OTHER RELATED SERVICES IN CONNECTICUT PRIMARILY TO EMPLOYER GROUPS THROUGH CONTRACTS WITH PHYSICIANS, ESTABLISHED PRIMARY GROUP AND MULTI-SPECIALTY PHYSICIAN GROUPS, HOSPITALS, AND OTHER HEALTH CARE PROVIDERS. OUR MISSION IS TO IMPROVE THE QUALITY AND VALUE OF HEALTH CARE FOR THE PEOPLE AND THE COMMUNITIES WE SERVE. HPHC OF CT HAS BUILT A REPUTATION FOR EXCEPTIONAL CLINICAL QUALITY, PREVENTIVE CARE, DISEASE MANAGEMENT, AND MEMBER SATISFACTION. WE REMAIN AN INDUSTRY LEADER BY CONTINUING TO DEVELOP NEW WAYS TO IMPROVE UPON HOW WE CARE FOR OUR MEMBERS. HPHC OF CT DISSOLVED AS OF JUNE 30, 2020 AND ITS ASSETS WERE TRANSFERRED TO HARVARD PILGRIM HEALTH CARE, INC. ("HPHC, INC."), A RELATED, IRC SECTION 501(C)(3) ORGANIZATION. PART VI, LINE 2: BUSINESS RELATIONSHIP - THE FOLLOWING INDIVIDUALS SERVE AS OFFICERS AND/OR ARE ON THE BOARD OF ONE OR MORE FOR PROFIT ORGANIZATIONS RELATED TO HPHC OF CT, AND/OR ARE EMPLOYED BY AN ORGANIZATION (OTHER THAN THE FILING ORGANIZATION), FOR WHICH ANOTHER PERSON LISTED SERVES AS AN OFFICER OR DIRECTOR. MICHAEL A. CARSON - PRESIDENT AND DIRECTOR BETH ANN ROBERTS - VICE PRESIDENT AND DIRECTOR CHARLES R. GOHEEN - TREASURER/CFO MICHELLE CLAYMAN - ASSISTANT TREASURER THOMAS F. MALONEY - SECRETARY MICHAEL S. SHERMAN, MD - DIRECTOR JASON MADRAK - VICE PRESIDENT AND DIRECTOR (UNTIL 3/20)

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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 (2020)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $20,674,415

Investment Income $443,581

Other Revenue $0

TOTAL REVENUE $21,117,996

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $25,908,910

Other Expenses $4,189,924

TOTAL EXPENSES $26,414,734

Year-over-Year Comparison

	2020	2019	Change
Revenue	$21,117,996	$37,221,147	-0.4%
Expenses	$26,414,734	$44,030,127	-0.4%
Net Income	$-5,296,738	$-6,808,980	-0.2%

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

$3,969,691

Total Directors

$3,161,446

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL A CARSON	PRESIDENT/DIRECTOR	2.0	Officer Director	$0	$247,290	$1,901,183
CHARLES R GOHEEN	TREASURER	2.0	Officer	$0	$102,845	$796,034
TISA K HUGHES	FORMER SECRETARY	2.0		$0	$104,517	$605,201
MICHAEL S SHERMAN MD	DIRECTOR	2.0	Director	$0	$103,911	$569,611
BETH A ROBERTS	VICE PRESIDENT/DIRECTOR	2.0	Officer Director	$0	$89,969	$497,895
MICHELLE J CLAYMAN	ASSISTANT TREASURER	2.0	Officer	$0	$36,644	$338,879
THOMAS F MALONEY	SECRETARY	2.0	Officer	$0	$29,658	$243,943
JASON MADRAK	VP/DIRECTOR (UNTIL 03/20)	10.0	Officer Director	$0	$11,151	$191,757
RAYMOND LAWRENCE DMD	DIRECTOR	2.0	Director	$0	$0	$500
JOHN E CALKINS	DIRECTOR	2.0	Director	$0	$0	$500
DAVID W MCFADDEN MD	DIRECTOR	2.0	Director	$0	$0	$0
ANDREA BARTON-REEVES	DIRECTOR	2.0	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
2020	$21,117,996	$26,414,734	No data	$-5,296,738
2019	$37,221,147	$44,030,127	$48,267,624	$-6,808,980
2018	$12,453,601	$13,696,855	$18,199,021	$-1,243,254

HARVARD PILGRIM HEALTH CARE OF CONNECTICUT INC