Lahey Health System 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

2012

Legal Domicile

Principal Officer

TIMOTHY O'CONNOR

Phone

7817445100

Tax Period

2017-10-01 to 2018-09-30

Lahey Health System Inc, founded in 2012, is a mid-sized nonprofit that reported $15.7M in total revenue in fiscal year 2017. Revenue surged 73% from the prior year, signaling strong growth momentum.

Mission

LAHEY HEALTH SYSTEM, INC. ENGAGES IN THE FOLLOWING ACTIVITIES: (I) MAINTAINS AND OPERATES CHARITABLE HOSPITALS FOR THE SURGICAL AND MEDICAL TREATMENT AND CARE OF THE SICK AND INJURED; (II) MAINTAINS AND OPERATES OTHER SERVICES ASSOCIATED WITH CHARITABLE HOSPITALS, INCLUDING BUT NOT LIMITED TO MEDICAL CENTERS, AFFILIATED PHYSICIAN SERVICES ORGANIZATIONS, LABORATORIES, CLINICS, AND OTHER MEDICAL, SURGICAL, DENTAL, EDUCATIONAL, SCIENTIFIC AND RESEARCH FACILITIES AND HOME HEALTH AGENCIES, (III) THE ADVANCEMENT OF THE KNOWLEDGE AND PRACTICE OF, AND EDUCATION AND RESEARCH IN, MEDICINE, SURGERY, NURSING, AND ALL OTHER SUBJECTS RELATING TO THE CARE, TREATMENT, AND HEALING OF HUMANS; AND (IV) THE IMPROVEMENT OF PUBLIC HEALTH IN COOPERATION WITH FEDERAL, STATE, MUNICIPAL, AND OTHER HEALTH DEPARTMENTS AND OFFICERS.

Program Service Accomplishments

Program 1

Expenses: $0 Revenue: $14,284,073

LAHEY HEALTH SYSTEM, INC. (LHS) IS THE SOLE CORPORATE MEMBER OF LAHEY CLINIC FOUNDATION, INC., NORTHEAST HEALTH SYSTEM, INC. and Winchester Healthcare Management, Inc. AS SUCH, LHS IS THE PARENT...

LAHEY HEALTH SYSTEM, INC. (LHS) IS THE SOLE CORPORATE MEMBER OF LAHEY CLINIC FOUNDATION, INC., NORTHEAST HEALTH SYSTEM, INC. and Winchester Healthcare Management, Inc. AS SUCH, LHS IS THE PARENT CORPORATION OF AN AFFILIATED HEALTHCARE SYSTEM CONSISTING OF LAHEY CLINIC HOSPITAL, INC., NORTHEAST HOSPITAL CORPORATION, Winchester hospital AND SEVERAL OTHER AFFILIATED HEALTHCARE AND SUPPORT ORGANIZATIONS. FOR A COMPLETE LIST OF ALL RELATED ORGANIZATIONS PLEASE REFER TO SCHEDULE R.

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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 (2017)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $14,284,073

Investment Income $6,296

Other Revenue $1,360,035

TOTAL REVENUE $15,650,404

Expense Breakdown

Grants Paid $0

Salaries & Benefits $7,824,559

Fundraising Expenses $0

Program Expenses $0

Other Expenses $7,825,845

TOTAL EXPENSES $15,650,404

Year-over-Year Comparison

	2017	2016	Change
Revenue	$15,650,404	$9,040,278	+0.7%
Expenses	$15,650,404	$9,040,278	+0.7%
Net Income	$0	N/A	N/A

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

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

$4,579,007

Total Directors

$4,043,970

Key Employees

$844,020

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
howard r grant jd md	TRUSTEE/OFFICER/PRESIDENT/CEO	50.0	Officer Director	$2,662,373	$64,084	$2,726,457
ann-ellen hornidge jd	TRUSTEE/CHAIR	2.0	Director	$0	$0	$0
Suzanne Graves md	Trustee	1.0	Director	$0	$0	$0
craig r benson	trustee	1.0	Director	$0	$0	$0
joseph c corkery md	TRUSTEE/Chief Inst Adv officer	40.0	Director	$423,993	$62,263	$486,256
Elizabeth Pattullo	Trustee	1.0	Director	$0	$0	$0
Daniel J McCullough MD	TRUSTEE/chief of service	1.0	Director	$0	$35,062	$294,714
thomas grant	trustee/vice-chair	2.0	Director	$0	$0	$0
marc meiches	trustee	1.0	Director	$0	$0	$0
j william poduska	trustee	1.0	Director	$0	$0	$0
Paul Andrews	Trustee	1.0	Director	$0	$0	$0
Robert Fortunato md	Trustee	1.0	Director	$0	$0	$0
Joseph Taylor md	trustee	1.0	Director	$0	$0	$0
Jane Walsh	trustee	1.0	Director	$0	$0	$0
James Conway	Trustee	1.0	Director	$0	$0	$0
Timothy Liesching MD	trustee/Division Chair	1.0	Director	$0	$73,278	$536,543
timothy o'connor	officer/EVP/CFO & TReasurer	50.0	Officer	$651,294	$195,884	$847,178
david G spackman jd	officer/svp gov affairs & gen	50.0	Officer	$414,227	$51,406	$465,633
peter r lloyd	officer/VP CORPORATE finance	1.0	Officer	$0	$61,493	$408,020
MARYELLEN LEAR	officer/director, legal suppor	1.0	Officer	$0	$30,151	$131,719
Richard William Nesto MD	cmo lahey health	40.0	Key Emp	$777,246	$66,774	$844,020
Michael Jellinek md	EVP LHS & CEO LHS COmm network	40.0	Highest	$452,463	$26,390	$478,853
Barbara Lamont	Special Assistant to CEO	40.0	Highest	$105,466	$45,076	$150,542

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
2018	$15,650,404	$15,650,404	$6,291,767	No data