WakeMed

EIN: 566017737 501(c)(3) Health Care

RALEIGH, NC

Total Revenue
$2,298,360,002
Total Expenses
$2,286,777,227
Total Assets
$1,971,085,645
Net Assets
$885,855,383
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1965
Legal Domicile
NC
Phone
9193500522
Tax Period
2023-10-01 to 2024-09-30

WakeMed, founded in 1965, is a large national nonprofit in the Health Care sector that reported $2.3B in total revenue in fiscal year 2023. Revenue grew 11% year-over-year, indicating healthy expansion.

Mission

THE MISSION OF WAKEMED IS TO IMPROVE THE HEALTH AND WELL-BEING OF OUR COMMUNITY WITH OUTSTANDING AND COMPASSIONATE CARE TO ALL.

Program Service Accomplishments

Program 1
Expenses: $593,427,417 Revenue: $627,048,050

SURGICAL SERVICES - WAKEMED PROVIDES SURGICAL SERVICES IN FIVE LOCATIONS THROUGHOUT THE COUNTY: WAKEMED RALEIGH CAMPUS, WAKEMED CARY HOSPITAL, WAKEMED NORTH, HOLLY SPRINGS SURGICAL VENTURES AND...

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SURGICAL SERVICES - WAKEMED PROVIDES SURGICAL SERVICES IN FIVE LOCATIONS THROUGHOUT THE COUNTY: WAKEMED RALEIGH CAMPUS, WAKEMED CARY HOSPITAL, WAKEMED NORTH, HOLLY SPRINGS SURGICAL VENTURES AND CAPITAL CITY SURGERY CENTER OF WHICH WAKEMED IS A MAJORITY INVESTOR. BY DELIVERING SURGICAL SERVICES TO ALL WHO SEEK CARE REGARDLESS OF THEIR ABILITY TO PAY AND BY HAVING INPATIENT SERVICES IN THREE DISTINCT LOCATIONS THROUGHOUT THE COUNTY, WAKEMED HAS IMPROVED ACCESS TO THESE NEEDED SERVICES. WAKEMED'S WIDE RANGE OF SURGICAL SPECIALTIES INCLUDE BARIATRIC, CARDIOVASCULAR AND THORACIC, ENT, HEAD AND NECK, ADULT AND PEDIATRIC GASTROINTESTINAL, GENERAL, NEUROSURGERY, OBSTETRICS AND GYNECOLOGY, ORTHOPEDICS, PEDIATRIC, UROLOGY, AND VASCULAR. AS WAKE COUNTY'S ONLY STATE DESIGNATED LEVEL 1 TRAUMA CENTER, WAKEMED PROVIDES COMPREHENSIVE TRAUMA SURGERY FOR GENERAL, ORTHOPEDIC, NEUROSURGERY, AND VASCULAR TRAUMA PATIENTS. BECAUSE ACCESS TO SPECIALTY CARE CONTINUES TO BE A KEY HEALTH CONCERN FACING OUR COMMUNITY, WAKEMED HAS EXPANDED ITS NETWORK OF SPECIALISTS THROUGH WAKEMED PHYSICIANS WHO PROVIDE SUBSPECIALTY CARE TO THE UNINSURED AND UNDERINSURED IN OUR COMMUNITY. OUR STAFF WORKS WITH THE PATIENT TO DISCOUNT THEIR FEES BASED ON INDIVIDUAL INCOME AND NEED. MANY PHYSICIANS ON THE MEDICAL STAFF CONTINUE THIS PRACTICE OF PROVIDING QUALITY CARE TO PATIENTS REGARDLESS OF THEIR ABILITY TO PAY. IN FISCAL YEAR 2024, OUR SURGICAL PATIENTS INCLUDED 32.7% WHO WERE INSURED UNDER MEDICARE, 12.5% WHO WERE INSURED UNDER MEDICAID, AND 3.3% WHO WERE UNINSURED (OR "SELF-PAY OR CHARITY CARE").

Program 2
Expenses: $285,857,537 Revenue: $267,791,864

CARDIOVASCULAR - WAKEMED'S HEART AND VASCULAR PROGRAM IS ONE OF THE LARGEST AND MOST COMPREHENSIVE CARDIOVASCULAR PROGRAMS IN THE STATE OF NORTH CAROLINA. THIS YEAR, 18,442 CARDIOVASCULAR PROCEDURES...

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CARDIOVASCULAR - WAKEMED'S HEART AND VASCULAR PROGRAM IS ONE OF THE LARGEST AND MOST COMPREHENSIVE CARDIOVASCULAR PROGRAMS IN THE STATE OF NORTH CAROLINA. THIS YEAR, 18,442 CARDIOVASCULAR PROCEDURES WERE PERFORMED INCLUDING SURGERY, DIAGNOSTIC AND INTERVENTIONAL CARDIAC CATHETERIZATIONS AND ELECTROPHYSIOLOGY STUDIES. THOUSANDS MORE PATIENTS WERE TREATED MEDICALLY AS IN AND OUTPATIENTS THROUGHOUT THE SYSTEM. IN FISCAL YEAR 2024, OUR CARDIAC PATIENTS INCLUDED 61.2% WHO WERE INSURED UNDER MEDICARE, 7.3% WHO WERE INSURED UNDER MEDICAID, AND 2.8% WHO WERE UNINSURED (OR "SELF-PAY OR CHARITY CARE"). WAKEMED HEALTH & HOSPITALS HAS CONSISTENTLY BEEN NATIONALLY RECOGNIZED FOR EXCELLENCE IN BOTH STROKE AND HEART CARE. WAKEMED RALEIGH CAMPUS AND WAKEMED CARY HOSPITAL RECEIVED RECOGNITION FROM THE AMERICAN HEART ASSOCIATION AND THE AMERICAN STROKE ASSOCIATION THROUGH THEIR "GET WITH THE GUIDELINES (GWTG)" AWARDS, EACH EARNING GOLD PLUS ACHIEVEMENT AWARDS FOR BOTH STROKE CARE AND FOR HEART FAILURE CARE. THESE RECOGNITIONS SIGNIFY THAT WAKEMED HAS REACHED AN AGGRESSIVE GOAL OF TREATING BOTH STROKE AND HEART FAILURE PATIENTS ACCORDING TO THE GUIDELINES OF CARE RECOMMENDED BY THE AMERICAN STROKE ASSOCIATION, AMERICAN HEART ASSOCIATION, AND AMERICAN COLLEGE OF CARDIOLOGY. BOTH WAKEMED CARY HOSPITAL AND WAKEMED RALEIGH CAMPUS RECEIVED CHEST PAIN CENTER ACCREDITATION BY THE SOCIETY OF CARDIOVASCULAR PATIENT CARE, AND BOTH RECEIVED THE JOINT COMMISSION ADVANCED CERTIFICATION FOR PRIMARY STROKE CENTER. IN ADDITION, WAKEMED RALEIGH CAMPUS RECEIVED A THREE STAR RATING FROM THE SOCIETY OF THORACIC SURGEONS, IS RATED A TOP 50 CARDIOVASCULAR HOSPITAL BY IBM WATSON HEALTH, AND RECEIVED THE 2021 CIGNA CENTER OF EXCELLENCE DESIGNATION FOR HEART SURGERY & CARDIAC CATHETERIZATION AND ANGIOPLASTY. WAKEMED IS THE FIRST US HEALTH CARE SYSTEM TO IMPLEMENT ENHANCED RECOVERY AFTER CARDIAC SURGERY, WHICH CAUSE IT TO BE THE FIRST HOSPITAL TO BE NAMED A CENTER OF EXCELLENCE BY THE ERAS SOCIETY. A KEY SUPPORT SERVICE FOR OUR COMMUNITY, WAKEMED MOBILE CRITICAL CARE SERVICES IS A COMPREHENSIVE MEDICAL TRANSPORT PROGRAM THAT IMPROVES ACCESS TO ACUTE CARE AND FACILITATES TRANSPORT INTO, OUT OF, AND ACROSS THE HEALTH CARE SYSTEM. WAKEMED MOBILE CRITICAL CARE SERVICES TRANSPORTS PATIENTS THROUGHOUT THE REGION AND STATE. IN FY2024, THE TEAM TRANSPORTED 22,165 PATIENTS. WAKEMED'S HEART CENTER HAS MADE SIGNIFICANT STRIDES IN PROGRAMS AND SERVICES AIMING TO REDUCE HEART DISEASE AND DIABETES, IMPROVE STROKE OUTCOMES AND IMPROVE PATIENTS' UNDERSTANDING OF DISEASE MANAGEMENT. WE KNOW THAT TEACHING PATIENTS ABOUT THEIR RISK FACTORS FOR HEART DISEASE AND ENCOURAGING HEALTHY BEHAVIORS THROUGH LIFESTYLE CHANGES BUILDS A FOUNDATION FOR A HEALTHIER POPULATION. THUS, THE WAKEMED HEART CENTER PROVIDES A COMPREHENSIVE CONTINUUM OF CARE FOR THE CARDIAC PATIENT FROM OUTREACH EDUCATION AND PREVENTION TO DIAGNOSIS, INTERVENTION, SURGERY, CARDIAC REHABILITATION AND ONGOING DISEASE MANAGEMENT FOR HEART FAILURE DIABETES. FREE EDUCATION PROGRAMS ARE OFFERED REGULARLY FOR OUR PATIENTS, THEIR FAMILY MEMBERS AND THE COMMUNITY TO COMPLEMENT OUR COMPREHENSIVE CARE SERVICES. BECAUSE THE FASTEST INTERVENTION PROVIDES THE BEST OUTCOMES, ALL OF WAKEMED'S EMERGENCY DEPARTMENTS ARE CERTIFIED CHEST PAIN CENTERS. WAKEMED RALEIGH CAMPUS AND CARY HOSPITAL ARE DESIGNATED PRIMARY STROKE CENTERS. ADDITIONALLY, WAKEMED'S HEART CENTER PROVIDES FREE HEALTH SCREENINGS THROUGHOUT THE COMMUNITY INCLUDING CHOLESTEROL SCREENINGS, BLOOD PRESSURE CHECKS, VASCULAR SCREENINGS, AND STROKE ASSESSMENTS. THESE SCREENINGS ARE DESIGNED TO BE A SECONDARY PREVENTION ACTIVITY TO DETECT EARLY ONSET OF DISEASE OR ILLNESS. WAKEMED HEART & VASCULAR PROVIDES NUMEROUS OPPORTUNITIES FOR HEART HEALTH EDUCATION AND CPR TRAINING IN THE COMMUITY. ONE OF OUR KEY OUTREACH PROGRAMS IS CPR ANYTIME. THIS PROGRAM IS PROVIDED AT MULTIPLE LOCATIONS IN WAKE COUNTY THROUGHOUT THE YEAR AND THE CPR ANYTIME KITS ARE PROVIDED AT NO COST TO PARTICIPANTS. WAKEMED DOES MAKE THE OPPORTUNITY FOR DONATIONS AVAILABLE TO HELP UNDERWRITE SOME OF THE COST AND ALLOW THE PROGRAM TO CONTINUE TO GROW. DONATIONS COVER LESS THAN 5% OF THE OVERALL COST.

Program 3
Expenses: $180,151,772 Revenue: $322,625,158

EMERGENCY SERVICES - A CRITICAL ISSUE FACING WAKE COUNTY RESIDENTS CONTINUES TO BE ACCESS TO AFFORDABLE HEALTH CARE. TO ADDRESS THIS CHALLENGE, WAKEMED HAS STRATEGICALLY PLACED SIX FULL-SERVICE...

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EMERGENCY SERVICES - A CRITICAL ISSUE FACING WAKE COUNTY RESIDENTS CONTINUES TO BE ACCESS TO AFFORDABLE HEALTH CARE. TO ADDRESS THIS CHALLENGE, WAKEMED HAS STRATEGICALLY PLACED SIX FULL-SERVICE, EMERGENCY DEPARTMENTS IN KEY GEOGRAPHIC AREAS THROUGHOUT THE COUNTY IN RALEIGH, CARY, NORTH RALEIGH, APEX, BRIER CREEK, AND GARNER. LOCATED IN RALEIGH, WAKEMED ALSO OPERATES THE ONLY CHILDREN'S EMERGENCY DEPARTMENT IN THE COUNTY. BECAUSE PHYSICIAN AVAILABILITY IS KEY TO OPENING ACCESS TO CARE, WAKEMED'S PHYSICIAN PRACTICES, HEALTHPLEXES, AND OUTPATIENT SERVICES ARE CONVENIENTLY POSITIONED THROUGH THE AREA. WAKEMED IS AMONG THE TOP THREE VOLUME PROVIDERS OF EMERGENCY CARE IN NORTH CAROLINA. WAKEMED'S RALEIGH CAMPUS IS ALSO HOME TO WAKE COUNTY'S ONLY LEVEL 1 TRAUMA CENTER, THE HIGHEST DESIGNATION AWARDED TO TRAUMA CENTERS IN NORTH CAROLINA. WAKEMED CARY HOSPITAL EMERGENCY DEPARTMENT IS A LEVEL III TRAUMA CENTER. OUR TRAUMA SERVICES INCLUDE A COMPREHENSIVE RESEARCH PROGRAM, INJURY PREVENTION PROGRAMS, FELLOWSHIP TRAINED TRAUMA SURGEONS ON-SITE 24/7, A MULTI-DISCIPLINARY TEAM OF PROFESSIONALS, THE CLINICAL SUPPORT OF SIX ADULT INTENSIVE CARE UNITS AND A PEDIATRIC INTENSIVE CARE UNIT, AS WELL AS A COMPREHENSIVE ACUTE, INPATIENT AND OUTPATIENT PHYSICAL REHABILITATION PROGRAM. WAKEMED'S EMERGENCY AND TRAUMA SERVICES TREAT ALL PATIENTS WHO PRESENT SEEKING MEDICAL CARE, REGARDLESS OF THEIR ABILITY TO PAY. IN FY 24, 15.5% OF OUR TOTAL EMERGENCY PATIENTS WERE INSURED UNDER MEDICARE; 30.7% WERE INSURED UNDER MEDICAID; AND 11.4% WERE UNINSURED SELF-PAY/CHARITY CARE. OVER 42% OF ALL PATIENTS SEEN IN OUR EMERGENCY DEPARTMENTS ARE EITHER MEDICAID OR UNINSURED PATIENT, RESULTING IN WAKEMED PROVIDING CARE OF AN ESTIMATED 70.2% OF WAKE COUNTY'S UNINSURED AND MEDICAID PATIENTS. ALL STAND-ALONE LOCATIONS SERVE AREAS WHICH ARE OTHERWISE UNDERSERVED.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $4,849,160
Program Service Revenue $2,268,304,727
Investment Income $23,071,238
Other Revenue $2,134,877
TOTAL REVENUE $2,298,360,002

Expense Breakdown

Grants Paid $2,249,457
Salaries & Benefits $1,257,451,327
Fundraising Expenses $0
Program Expenses $1,989,875,131
Other Expenses $1,027,076,443
TOTAL EXPENSES $2,286,777,227

Year-over-Year Comparison

2023 2022 Change
Revenue $2,298,360,002 $2,067,993,368 +0.1%
Expenses $2,286,777,227 $2,092,838,776 +0.1%
Net Income $11,582,775 $-24,845,408 -1.5%
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
14
Independent Members
10
Employees
13697
Volunteers
1306

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
$3,643,805
Total Directors
16
$0
Key Employees
20
$8,635,748
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Blount Williams Board Member 2.1
Director
$0 $0 $0
Christina A Shanahan Board Member 1.8
Director
$0 $0 $0
Dan Blue III Board Member 2.1
Director
$0 $0 $0
Henry L Darnell Board Member (Until 5/25/24) 2.3
Director
$0 $0 $0
James Anthony Penry Board Member 1.8
Director
$0 $0 $0
Keemia Shaw Board Member 1.4
Director
$0 $0 $0
Larry Barbour Board Member (until 5/25/24) 2.5
Director
$0 $0 $0
Laura Helton MD Board Member 1.8
Director
$0 $0 $0
Margaret Bratton Vice Chair 2.1
Director
$0 $0 $0
Mary Nash Rusher Secretary 2.1
Director
$0 $0 $0
Michael Painter Board Member 1.8
Director
$0 $0 $0
Peter M Scott III Board Member 1.4
Director
$0 $0 $0
Robert C Rice Jr Board Member 2.1
Director
$0 $0 $0
Satish Garimella Board Member 1.6
Director
$0 $0 $0
Sonia Barnes Board Member 1.8
Director
$0 $0 $0
Thad L McDonald MD Chair 3.2
Director
$0 $0 $0
David Nussman VP, Compliance and Privacy - Interim (From 12/3/23) 55.0
Officer
$135,983 $34,107 $170,090
Dionne Whitaker Officer - Secretary 50.0
Officer
$84,763 $7,994 $92,757
Donald Gintzig President & CEO 80.0
Officer
$1,881,664 $23,518 $1,905,182
Stephanie Sessoms EVP & Chief Financial Officer 65.0
Officer
$354,686 $36,636 $391,322
Theodore Lotchin VP & Chief Compliance & Privacy Officer (Until 2/24) 60.0
Officer
$352,999 $45,991 $398,990
Thomas Gough EVP & Chief Operating Officer 60.0
Officer
$665,364 $20,100 $685,464
Carolyn Knaup SVP - Strategic Ventures & Ambulatory Operations 55.0
Key Emp
$404,239 $39,580 $443,819
Charles Harr Chief Medical Officer, Raleigh 60.0
Key Emp
$452,133 $22,865 $474,998
Christine Craig VP, Governmental Affairs 60.0
Key Emp
$312,198 $47,999 $360,197
Cynthia Alness-Boily SVP - Operations & CNO 60.0
Key Emp
$434,516 $42,430 $476,946
Debra Laughery VP, Marketing and Communications 60.0
Key Emp
$341,675 $20,649 $362,324
Gayla Harvey VP, Payor Strategy & Managed Care Contracting 48.0
Key Emp
$325,256 $30,045 $355,301
Jeff Neisen VP, Revenue Cycle 70.0
Key Emp
$329,110 $36,955 $366,065
Jeronica Goodwin SVP, Human Resources 60.0
Key Emp
$348,755 $28,654 $377,409
John Perry VP, Medical Information 60.0
Key Emp
$393,549 $48,441 $441,990
Karen Bash Chief Medical Officer, North 55.0
Key Emp
$382,508 $29,759 $412,267
Karen Chilton MD SVP & Chief Quality Officer 50.0
Key Emp
$405,466 $19,800 $425,266
Micah Krempasky Chief Medical Officer, Mental Health & Well-Being 60.0
Key Emp
$354,244 $47,911 $402,155
Peter Marks VP & Chief Information Officer 55.0
Key Emp
$427,229 $24,425 $451,654
Rebecca Andrews SVP & Administrator Raleigh 70.0
Key Emp
$516,310 $33,508 $549,818
Rick Shrum VP & Chief Strategy Officer 55.0
Key Emp
$388,475 $43,462 $431,937
Seth Brody EVP, Physician Services 60.0
Key Emp
$643,534 $19,800 $663,334
Susan James VP & Chief Legal Officer (Until 12/1/23) 65.0
Key Emp
$429,287 $47,666 $476,953
Thomas Cavender VP, Facilities & Construction 60.0
Key Emp
$370,225 $31,508 $401,733
Thomas Hughes SVP & Administrator Cary 57.0
Key Emp
$333,070 $22,620 $355,690
Valerie Barlow SVP & Administrator North 60.0
Key Emp
$357,180 $48,712 $405,892
ashish Patel Physician 60.0
Highest
$1,538,517 $48,121 $1,586,638
bryon boulton Physician 62.0
Highest
$1,449,918 $45,591 $1,495,509
gurvinder deol Physician 60.0
Highest
$1,313,264 $50,931 $1,364,195
judson williams Physician 80.0
Highest
$1,301,145 $48,150 $1,349,295
mark graham Physician 60.0
Highest
$1,352,763 $20,301 $1,373,064
Roylyn Johnson Former Secretary (Until 2/7/23) 0.0
$121,785 $16,722 $138,507
Shondra Brink Former VP, WakeMed Physician Practices (until 6/3/23) 0.0
$155,426 $14,667 $170,093
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
2024 $2,298,360,002 $2,286,777,227 $1,971,085,645 $11,582,775
2023 $2,067,993,368 $2,092,838,776 $1,866,139,975 $-24,845,408
2022 $1,905,941,318 $1,907,775,364 $1,739,298,787 $-1,834,046
2021 $1,717,539,715 $1,673,018,960 $1,954,958,944 $44,520,755
2020 $1,501,722,240 $1,458,807,966 $1,843,918,342 $42,914,274
2019 $1,413,415,643 $1,385,455,081 $1,655,160,684 $27,960,562
2018 $1,304,033,475 $1,268,441,698 $1,508,036,898 $35,591,777
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