MERITUS MEDICAL CENTER 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

1904

Legal Domicile

Principal Officer

MAULIK JOSHI DRPH

Phone

3077908872

Tax Period

2023-07-01 to 2024-06-30

MERITUS MEDICAL CENTER INC, founded in 1904, is a major nonprofit in the Health Care sector that reported $633.6M in total revenue in fiscal year 2023. Revenue grew 12% year-over-year, indicating healthy expansion. Expenses of $591.2M left a modest 7% surplus.

Mission

MISSION: TO IMPROVE THE HEALTH OF OUR COMMUNITY. VISION: TO BE THE BEST HEALTH SYSTEM. OUR VALUES: AT MMC, WE EACH SUPPORT OUR MISSION AND VISION BY LIVING OUR VALUES EACH AND EVERY DAY. BY FOLLOWING OUR PLEDGE, "I ACT", WE EACH SUPPORT MMC WITH: I=INTEGRITY - WE DO THE RIGHT THING, NO MATTER WHAT. A=ALL IN FOR QUALITY OUTCOMES - QUALITY IMPROVEMENT ISN'T JUST SOMETHING WE TALK ABOUT, IT'S A COMMITMENT WE EACH LIVE. C=COMMUNITY OBSESSED - WE ARE OUR COMMUNITY AND WE ARE HERE TO TAKE CARE OF OUR NEIGHBORS. THIS ISN'T JUST ABOUT MEDICAL CARE, IT'S ABOUT CARING FOR THE WHOLE PERSON. T=TEAMWORK - NOBODY CAN DO IT ALONE. AT MMC, WE ARE ONE TEAM THAT IS DIVERSE AND INCLUSIVE, AND WE SUPPORT ONE ANOTHER AND OUR GOALS.

Program Service Accomplishments

Program 1

Expenses: $496,686,908 Revenue: $590,611,587

MMC IS AN ACUTE CARE HOSPITAL LOCATED IN HAGERSTOWN, MARYLAND AND SERVES THE RESIDENTS OF WESTERN MARYLAND, SOUTHERN PENNSYLVANIA, AND THE EASTERN PANHANDLE OF WEST VIRGINIA. DURING FY24, MMC'S...

MMC IS AN ACUTE CARE HOSPITAL LOCATED IN HAGERSTOWN, MARYLAND AND SERVES THE RESIDENTS OF WESTERN MARYLAND, SOUTHERN PENNSYLVANIA, AND THE EASTERN PANHANDLE OF WEST VIRGINIA. DURING FY24, MMC'S PATIENT DAYS TOTALED 74,144, ADMISSIONS TOTALED 17,472, ER VISITS TOTALED 71,281, AND APPROXIMATELY 2 MILLION LABORATORY PROCEDURES WERE PERFORMED. IN ADDITION, THERE WERE 20,421 HOME HEALTH, 74,634 OUTPATIENT REHAB, 12,086 OUTPATIENT BEHAVIORAL HEALTH, AND 23,825 CANCER CENTER VISITS. MMC'S PHYSICIAN PRACTICES COMPLETED 167,326 PRIMARY CARE, 241,961 SPECIALTY CARE, AND 37,063 URGENT CARE VISITS. THE MMC STRATEGIC PLAN HAS BOLD GOALS TO BE ACHIEVED BY 2030. UTILIZING THE QUADRUPLE AIM FRAMEWORK, THE 2030 BOLD GOALS CONSIST OF THE FOLLOWING PILLARS OF SUCCESS: IMPROVE HEALTH IN OUR COMMUNITY, IMPROVE HEALTHCARE, HAVE JOY AT WORK, PROVIDE MEDICAL CARE THAT IS AFFORDABLE FOR OUR COMMUNITY. LISTED BELOW ARE THE ACCOMPLISHMENTS UNDER EACH PILLAR. HEALTH -OVER 149,000 POUNDS LOST AND OVER 7,500 REGISTERED USERS AND 50 EMPLOYERS. -$100K OF FOOD SUPPORT ANNUALLY. -15K+ FREE TRIPS ANNUALLY WITH MPC. -CONTINUED MERITUS CARE CALLER PROGRAM. HEALTHCARE -FOUR HARMS A MONTH, A 33% REDUCTION OVER 3 YEARS. -TRANSPARENT HEALTH EQUITY REPORT AND IMPROVEMENT. -HAPPY TO HELP CULTURE. JOY AT WORK -LEADERSHIP DIVERSITY. -IMPLEMENTED $20/HR MINIMUM WAGE. -RANKED AS A TOP EMPLOYER IN MARYLAND FOR THE 2ND TIME IN 3 YEARS. AFFORDABILITY -NUMBER 5 IN THE STATE IN EFFICIENCY. -SOLAR ENERGY AND COMBINED HEAT AND POWER - $12M COST AND 3.3MW PRODUCED.

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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 $10,516,540

Program Service Revenue $592,233,255

Investment Income $12,888,489

Other Revenue $17,951,193

TOTAL REVENUE $633,589,477

Expense Breakdown

Grants Paid $10,156

Salaries & Benefits $299,156,629

Fundraising Expenses $0

Program Expenses $496,686,908

Other Expenses $292,040,758

TOTAL EXPENSES $591,207,543

Year-over-Year Comparison

	2023	2022	Change
Revenue	$633,589,477	$563,370,299	+0.1%
Expenses	$591,207,543	$523,726,941	+0.1%
Net Income	$42,381,934	$39,643,358	+0.1%

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

4129

Volunteers

209

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

$3,550,649

Total Directors

$2,382,678

Key Employees

$1,813,212

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT GOETZ JR	CHAIRMAN	5.00	Officer Director	$0	$0	$0
KENT REYNOLDS	VICE CHAIR	3.00	Officer Director	$0	$0	$0
TOM AMALFITANO MD	DIRECTOR (THRU 9/2023)	20.00	Director	$25,000	$0	$25,000
ERIN HERSHEY	DIRECTOR	3.00	Director	$0	$0	$0
SHAHEEN IQBAL MD	DIRECTOR	20.00	Director	$21,242	$0	$21,242
BARBARA JACOBS RN	DIRECTOR	3.00	Director	$0	$0	$0
MAULIK JOSHI DR PH	PRESIDENT & CEO	50.00	Officer Director	$1,235,915	$1,066,354	$2,302,269
JAMES KERCHEVAL	DIRECTOR	3.00	Director	$0	$0	$0
AL MARTIN	DIRECTOR	3.00	Director	$0	$0	$0
JAMES STOJAK	DIRECTOR	3.00	Director	$0	$0	$0
WILLIAM SU MD	DIRECTOR	3.00	Director	$0	$0	$0
SCOTT WORRELL MD	DIRECTOR	3.00	Director	$0	$0	$0
KALIM AHMED MD	DIRECTOR (AS OF 10/2023)	20.00	Director	$34,167	$0	$34,167
JOSHUA REPAC	CFO/TREASURER	50.00	Officer	$445,608	$421,222	$866,830
LYNN HAINES	VP, LEGAL SERVICES/SECRETARY	50.00	Officer	$314,984	$66,566	$381,550
CARRIE ADAMS	CHIEF OPERATING OFFICER	50.00	Key Emp	$487,972	$371,921	$859,893
DAVID LEHR	CHIEF STRATEGY OFFICER	50.00	Key Emp	$480,723	$472,596	$953,319
VICTORIA GIFFI MD	PHYSICIAN	50.00	Highest	$831,366	$27,035	$858,401
GENTIAN TOSHKEZI MD	PHYSICIAN	50.00	Highest	$641,489	$15,099	$656,588
KIRANPREET KHOSA MD	PHYSICIAN	50.00	Highest	$838,318	$11,960	$850,278
IJEOMA IFEANYI-NWANZE MD	PHYSICIAN	50.00	Highest	$580,869	$40,989	$621,858
MAHINUR KHAN MD	PHYSICIAN	50.00	Highest	$850,870	$31,056	$881,926
THOMAS T CHAN	FORMER CFO/TREASURER	50.00		$158,346	$26,574	$184,920

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	$633,589,477	$591,207,543	$911,559,587	$42,381,934
2023	$563,370,299	$523,726,941	$836,085,210	$39,643,358
2022	$532,373,187	$496,167,812	$783,798,667	$36,205,375
2021	$498,108,726	$428,317,007	$801,968,935	$69,791,719
2020	$410,126,603	$409,109,624	$696,768,766	$1,016,979
2019	$404,942,155	$411,779,989	$607,113,019	$-6,837,834
2018	$411,987,777	$395,477,861	$611,483,521	$16,509,916