DEACONESS SPECIALTY PHYSICIANS 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

2018

Legal Domicile

Principal Officer

CHERYL WATHEN

Phone

8124503296

Tax Period

2023-10-01 to 2024-09-30

DEACONESS SPECIALTY PHYSICIANS INC, founded in 2018, is a mid-sized nonprofit in the Health Care sector that reported $21.1M in total revenue in fiscal year 2023. Expenses of $39.5M exceeded revenue, resulting in a 87% operating deficit.

Mission

DEACONESS SPECIALTY PHYSICIANS WAS ORGANIZED EXCLUSIVELY FOR CHARITABLE, EDUCATION, AND SCIENTIFIC PROGRAM PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE IRS CODE WHICH INCLUDE (AMONG OTHERS): TO DELIVER HEALTH CARE AND MEDICAL SERVICES TO THE PUBLIC; TO CARRY OUT SCIENTIFIC RESEARCH AND RESEARCH PROJECTS IN THE PUBLIC INTEREST IN THE FIELDS OF MEDICAL SCIENCES, MEDICAL ECONOMICS, PUBLIC HEALTH, SOCIOLOGY, AND RELATED AREAS; TO IMPROVE AND DEVELOP THE CAPABILITIES OF INDIVIDUALS AND INSTITUTIONS STUDYING, TEACHING, AND PRACTICING MEDICINE AND OTHER HEALTH CARE OCCUPATIONS; TO PROVIDE HEALTH CARE, MEDICAL SERVICES AND HEALTH-RELATED EDUCATION FOR THE BENEFIT OF THE COMMUNITY IN A SYSTEMATIC, INTEGRATED AND COORDINATED FASHION WITH THE DEACONESS HEALTH SYSTEM AND DEACONESS HOSPITAL, INC. AND THEIR AFFILIATES; TO ENGAGE IN THE INSTRUCTION OF THE GENERAL PUBLIC IN THE AREA OF MEDICAL SCIENCE, PUBLIC HEALTH, AND HYGIENE AND RELATED INSTRUCTION USEFUL TO THE INDIVIDUAL AND BENEFICIAL TO THE COMMUNITY; TO CONDUCT OTHER ACTIVITIES USEFUL OR APPROPRIATE TO THE ACCOMPLISHMENT OF THE FOREGOING PURPOSES OR AS OTHERWISE PERMITTED BY LAW.

Program Service Accomplishments

Program 1

Expenses: $35,082,531 Revenue: $21,000,567

PATIENT SERVICE REVENUE - DEACONESS SPECIALTY PHYSICIANS (DSP) IS A MAJOR SOURCE OF MEDICAL SERVICE WITH THE EXPERTISE OF HEART CARE. DEACONESS SPECIALTY PHYSICIANS EMPLOYS 24 PHYSICIANS, 22...

PATIENT SERVICE REVENUE - DEACONESS SPECIALTY PHYSICIANS (DSP) IS A MAJOR SOURCE OF MEDICAL SERVICE WITH THE EXPERTISE OF HEART CARE. DEACONESS SPECIALTY PHYSICIANS EMPLOYS 24 PHYSICIANS, 22 MID-LEVEL PROVIDERS, AND 120 FULL-TIME NURSING AND ADMINISTRATIVE FULL-TIME EQUIVALENTS. DEACONESS SPECIALTY PHYSICIANS SERVES A 25-COUNTY TRISTATE AREA IN SOUTHWESTERN INDIANA, WESTERN KENTUCKY, AND SOUTHEASTERN ILLINOIS. DSP AND ITS FACILITIES HAVE LOCATIONS IN EVANSVILLE, NEWBURGH, PRINCETON, VINCENNES, AND JASPER IN INDIANA. DSP AND ITS FACILITIES ALSO HAVE LOCATIONS IN HENDERSON AND OWENSBORO IN KENTUCKY, AND RURAL UNDERSERVED COMMUNITIES OF CARMI, ELDORADO, FAIRFIELD, MCLEANSBORO, OLNEY, AND MT. CARMEL IN ILLINOIS. THE LOCATIONS SERVED 184,960 PATIENT VISITS FROM OCTOBER 1, 2023 THROUGH SEPTEMBER 30, 2024.

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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 $21,000,567

Investment Income $111,840

Other Revenue $0

TOTAL REVENUE $21,112,407

Expense Breakdown

Grants Paid $0

Salaries & Benefits $34,178,796

Fundraising Expenses $0

Program Expenses $35,082,531

Other Expenses $5,307,058

TOTAL EXPENSES $39,485,854

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,112,407	$21,200,472	0.0%
Expenses	$39,485,854	$36,712,092	+0.1%
Net Income	$-18,373,447	$-15,511,620	+0.2%

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

N/A

Employees

272

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

$3,358,263

Total Directors

$3,839,909

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR BRADLEY SCHEU	PRESIDENT	5.00	Officer Director	$0	$139,321	$767,058
DR JAMES PORTER	VICE PRESIDENT	5.00	Officer Director	$0	$199,566	$1,205,745
CHERYL WATHEN	SECRETARY	1.00	Officer Director	$0	$224,614	$1,385,460
JULIE DINGMAN	BOARD MEMBER (BEG FY 24)	5.00	Director	$0	$22,105	$300,076
KYLE DILLMAN	BOARD MEMBER (BEG FY 24)	5.00	Director	$0	$42,051	$181,570
HOANG TRAN MD	PHYSICIAN	50.00	Highest	$1,313,874	$28,184	$1,490,158
CAI YUAN MD	PHYSICIAN	50.00	Highest	$2,001,794	$48,122	$2,049,916
CHANDRASHEKAR KUMBAR MD	PHYSICIAN	50.00	Highest	$1,195,084	$18,221	$1,213,305
LEE WAGMEISTER MD	PHYSICIAN	50.00	Highest	$1,246,293	$22,071	$1,268,364
MANGA KODALI	PHYSICIAN	50.00	Highest	$1,728,257	$19,617	$1,747,874
LYNN LINGAFELTER	FORMER COO	5.00		$0	$192,400	$1,151,223

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	$21,112,407	$39,485,854	$18,762,795	$-18,373,447
2023	$21,200,472	$36,712,092	$14,628,208	$-15,511,620
2022	$19,381,399	$32,210,344	$5,696,427	$-12,828,945
2021	$18,046,667	$29,842,487	$8,399,720	$-11,795,820
2020	$16,209,744	$30,278,464	$7,248,115	$-14,068,720