AVMED 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

1986

Legal Domicile

Principal Officer

COLIN DROZDOWSKI

Phone

7574557020

Tax Period

2023-01-01 to 2023-12-31

AVMED INC, founded in 1986, is a major nonprofit that reported $698.7M in total revenue in fiscal year 2023. Revenue decreased 15% compared to the prior year. Expenses of $809.4M exceeded revenue, resulting in a 16% operating deficit.

Mission

THE MISSION OF AVMED, INC. IS TO HELP OUR MEMBERS LIVE HEALTHIER BY PROVIDING ACCESS TO HIGH QUALITY, AFFORDABLE HEALTH CARE SERVICES THROUGH A NETWORK OF CREDENTIALED HEALTH CARE PROVIDERS LOCATED THROUGHOUT AVMED INC.'S SERVICE AREAS. AVMED, INC. PROVIDES AFFORDABLE, NON-COMMERCIAL-TYPE HEALTH BENEFITS CONTRACTS, EDUCATES ITS ENROLLEES ABOUT HEALTH ISSUES, PROVIDES WELLNESS AND DISEASE PREVENTION PROGRAMS, CONDUCTS HEALTH FAIRS, PROVIDES DISEASE AND CHRONIC CARE MANAGEMENT PROGRAMS, MANAGES COMPLEX CASES, AND PROVIDES PRESCRIPTION DRUGS AND CERTAIN MEDICAL RESEARCH PROGRAMS. AVMED, INC. OFFERS ITS PROGRAM OF SERVICES AT AFFORDABLE FIXED PRICES TO FLORIDA EMPLOYERS AND VULNERABLE POPULATIONS INCLUDING INDIVIDUALS, SMALL EMPLOYER GROUPS AND SENIOR CITIZENS THROUGH THE MEDICARE ADVANTAGE PROGRAM (INCLUDING PRESCRIPTION DRUGS).

Program Service Accomplishments

Program 1

Expenses: $767,881,153 Revenue: $691,697,098

AVMED, INC. PROVIDED HEALTH MAINTENANCE ORGANIZATION SERVICES TO EMPLOYERS AND INDIVIDUALS, INCLUDING SMALL EMPLOYER GROUPS AND SENIOR CITIZENS, REPRESENTING 776,034 MEMBER MONTHS OF NETWORK ACCESS, 899,607 DRUG PRESCRIPTIONS, AND 38,179 DAYS OF INPATIENT CARE. AVMED, INC. ALSO PROVIDED ADMINISTRATIVE SERVICES FOR SELF-FUNDED HEALTH CARE PLANS.SEE SCHEDULE O FOR ADDITIONAL INFORMATION.

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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 $0

Program Service Revenue $691,312,065

Investment Income $7,013,022

Other Revenue $407,705

TOTAL REVENUE $698,732,792

Expense Breakdown

Grants Paid $0

Salaries & Benefits $55,956,408

Fundraising Expenses $0

Program Expenses $767,881,153

Other Expenses $753,470,868

TOTAL EXPENSES $809,427,276

Year-over-Year Comparison

	2023	2022	Change
Revenue	$698,732,792	$823,068,692	-0.2%
Expenses	$809,427,276	$988,921,823	-0.2%
Net Income	$-110,694,484	$-165,853,131	-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

Employees

551

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

$11,567,955

Total Directors

$9,896,060

Key Employees

$4,533,402

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
COLIN DROZDOWSKI	DIRECTOR/PRESIDENT	7.00	Officer Director	$0	$197,193	$1,711,423
DENNIS A MATHEIS	DIRECTOR	1.00	Officer Director	$0	$84,854	$5,808,561
ROBERT C FORT	DIRECTOR/CHAIRMAN	1.00	Officer Director	$0	$0	$0
CATHIE J VICK	DIRECTOR	1.00	Director	$0	$0	$0
FREDERICK C COBLE	DIRECTOR	1.00	Director	$0	$0	$0
G WILKINS HUBBARD II MD	DIRECTOR	1.00	Director	$0	$33,519	$296,997
J LESLIE HALL	DIRECTOR	1.00	Director	$0	$0	$2,077
JEFFERY O SMITH ED D	DIRECTOR	1.00	Director	$0	$0	$44,191
DARYL L JONES	DIRECTOR	1.00	Director	$0	$0	$0
JAMES M REPP	DIRECTOR	40.00	Director	$1,989,348	$43,463	$2,032,811
NANCY R BOTERO	DIRECTOR	1.00	Director	$0	$0	$0
EARL J BARNES II	SECRETARY	1.00	Officer	$0	$143,768	$1,238,374
ROBERT A BROERMANN	TREASURER	1.00	Officer	$0	$135,907	$2,809,597
FRANK IZQUIERDO	SR. VP PROVIDER SOLUTIONS	40.00	Key Emp	$922,383	$47,763	$970,146
CATHERINE A ALLEN	SR. VP CHIEF MARKETING OFFICER	40.00	Key Emp	$939,540	$24,753	$964,293
ERIC D JOHNSON	SR. VP CHIEF ACTUARY, CIO	40.00	Key Emp	$885,592	$42,192	$927,784
CHRISTINE M SHIPLEY	SR. VP CHIEF PEOPLE OFFICER	40.00	Key Emp	$907,133	$27,537	$934,670
PAUL AITKEN MD	SR. VP CMO (THRU 9/8/23)	40.00	Key Emp	$699,947	$36,562	$736,509
TIMOTHY MATSUBARA	VP FINANCE	40.00	Highest	$633,212	$45,083	$678,295
ROBERT D BONNELL MD	REGIONAL MEDICAL DIRECTOR	40.00	Highest	$646,550	$46,163	$692,713
JAVIER MENDOZA	VP PRODUCT PORTFOLIO MGMT	40.00	Highest	$590,683	$37,970	$628,653
ANDRES GONZALEZ	VP DEPUTY GENERAL COUNSEL	40.00	Highest	$581,752	$13,085	$594,837
IAN M ANDES	VP PROVIDER CONTRACT & SVS	40.00	Highest	$539,406	$26,432	$565,838

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	No data	No data	No data	No data
2023	$698,732,792	$809,427,276	$536,967,116	$-110,694,484
2022	$823,068,692	$988,921,823	$378,952,909	$-165,853,131
2021	$800,159,081	$821,686,669	$315,740,193	$-21,527,588
2020	$708,415,108	$692,467,099	$369,005,031	$15,948,009
2019	$765,436,449	$743,783,476	$315,636,347	$21,652,973
2018	$991,428,569	$974,599,080	$282,263,907	$16,829,489