RIVERBEND MEDICAL GROUP INC

EIN: 811807730 501(c)(3) Health Care

HARTFORD, CT

Total Revenue
$75,039,175
Total Expenses
$94,607,161
Total Assets
$44,506,949
Net Assets
$-13,229,204
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2016
Legal Domicile
MA
Principal Officer
DEBORAH BITSOLI
Phone
8607144000
Tax Period
2022-07-01 to 2023-06-30

RIVERBEND MEDICAL GROUP INC, founded in 2016, is a mid-sized nonprofit in the Health Care sector that reported $75.0M in total revenue in fiscal year 2022. Expenses of $94.6M exceeded revenue, resulting in a 26% operating deficit.

Mission

TO PROVIDE HEALTH CARE SERVICES

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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 (2022)

Revenue Breakdown

Contributions & Grants $76,000
Program Service Revenue $71,712,600
Investment Income $0
Other Revenue $3,250,575
TOTAL REVENUE $75,039,175

Expense Breakdown

Grants Paid $0
Salaries & Benefits $72,926,536
Fundraising Expenses $0
Program Expenses $87,325,297
Other Expenses $21,680,625
TOTAL EXPENSES $94,607,161

Year-over-Year Comparison

2022 2021 Change
Revenue $75,039,175 $77,757,403 0.0%
Expenses $94,607,161 $96,083,522 0.0%
Net Income $-19,567,986 $-18,326,119 +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

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Governance

Voting Members
3
Independent Members
N/A
Employees
809
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
2
$1,288,652
Total Directors
3
$1,887,065
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
FREDERIK PENNINGS MD NEUROSURGEON 50.00
Highest
$1,095,143 $45,405 $1,140,548
NATASHA MCKAY MD NEUROSURGEON 50.00
Highest
$670,764 $43,493 $900,212
LAKI ROUSOU MD THORACIC SURGEON 50.00
Highest
$823,171 $38,912 $862,083
ELIE SEMAAN MD VASCULAR SURGEON 50.00
Highest
$809,624 $44,224 $853,848
DEBORAH BITSOLI DIRECTOR; PRESIDENT; CHAIR 1.00
Officer Director
$0 $143,204 $839,145
MARK SPRAGUE MD MEDICAL DIRECTOR - ORTHOPEDICS 50.00
Highest
$763,188 $39,413 $802,601
UGO UWAOMA MD FORMER OFFICER 0.00
$0 $19,166 $644,134
ROBERT ROOSE MD DIR; MERCY HOSPITAL CHIEF ADMIN OFFR 1.00
Director
$0 $52,001 $598,413
ANNE SHAIN MD FORMER OFFICER; PHYSICIAN 0.00
$447,811 $49,585 $497,396
MIKE RYAN DIR, SEC, TREAS; REG VP OF FINANCE 1.00
Officer Director
$0 $47,016 $449,507
DANIEL KEENAN FORMER OFFICER; SVP GOV'T RELATIONS 0.00
$0 $55,840 $378,599
JAMES HARRIS FMR OFFICER; TH OF NE DIR OF REIMB 0.00
$0 $45,875 $272,017
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 No data No data No data No data
2023 $75,039,175 $94,607,161 $44,506,949 $-19,567,986
2022 $77,757,403 $96,083,522 $24,586,371 $-18,326,119
2021 $79,136,348 $85,848,954 $29,434,507 $-6,712,606
2020 $66,323,317 $83,829,056 $33,011,946 $-17,505,739
2019 $81,191,006 $96,670,337 $24,571,121 $-15,479,331
2018 $77,683,161 $92,591,637 $22,534,917 $-14,908,476
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