COVENANT HOSPITAL HOBBS

EIN: 844273963 501(c)(3) Health Care

RENTON, WA

Total Revenue
$51,154,488
Total Expenses
$74,114,818
Total Assets
$113,407,068
Net Assets
$-19,767,026
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Financial Trends

Organization Details

Formation Year
2019
Legal Domicile
TX
Principal Officer
RACHEL SLADE
Phone
5754925000
Tax Period
2024-01-01 to 2024-12-31

COVENANT HOSPITAL HOBBS, founded in 2019, is a mid-sized nonprofit in the Health Care sector that reported $51.2M in total revenue in fiscal year 2024. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $74.1M exceeded revenue, resulting in a 45% operating deficit.

Mission

AS EXPRESSIONS OF GOD'S HEALING LOVE, WITNESSED THROUGH THE MINISTRY OF JESUS, WE ARE STEADFAST IN SERVING ALL, ESPECIALLY THOSE WHO ARE POOR AND VULNERABLE.

Program Service Accomplishments

Program 1
Expenses: $71,378,244 Revenue: $48,419,836

AT PROVIDENCE, WE USE OUR VOICE TO ADVOCATE FOR VULNERABLE POPULATIONS AND NEEDED REFORMS IN HEALTH CARE. WE ARE ALSO PURSUING INNOVATIVE WAYS TO TRANSFORM HEALTH CARE BY KEEPING PEOPLE HEALTHY, AND...

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AT PROVIDENCE, WE USE OUR VOICE TO ADVOCATE FOR VULNERABLE POPULATIONS AND NEEDED REFORMS IN HEALTH CARE. WE ARE ALSO PURSUING INNOVATIVE WAYS TO TRANSFORM HEALTH CARE BY KEEPING PEOPLE HEALTHY, AND MAKING OUR SERVICES MORE CONVENIENT, ACCESSIBLE AND AFFORDABLE FOR ALL. IN AN INCREASINGLY UNCERTAIN WORLD, WE ARE COMMITTED TO HIGH-QUALITY, COMPASSIONATE HEALTH CARE FOR EVERYONE - REGARDLESS OF COVERAGE OR ABILITY TO PAY. WE HELP PEOPLE AND COMMUNITIES BENEFIT FROM THE BEST HEALTH CARE MODEL FOR THE FUTURE - TODAY.TOGETHER, OUR 125,000 CAREGIVERS (ALL EMPLOYEES) SERVE IN 51 HOSPITALS, 1,014 CLINICS AND A COMPREHENSIVE RANGE OF HEALTH AND SOCIAL SERVICES ACROSS ALASKA, CALIFORNIA, MONTANA, NEW MEXICO, OREGON, TEXAS AND WASHINGTON. THE PROVIDENCE AFFILIATE FAMILY INCLUDES:-PROVIDENCE ACROSS FIVE WESTERN STATES-COVENANT HEALTH IN WEST TEXAS AND NEW MEXICO-FACEY MEDICAL GROUP IN LOS ANGELES, CA-KADLEC IN SOUTHEAST WASHINGTON-PACIFIC MEDICAL CENTERS IN SEATTLE, WA-SWEDISH HEALTH SERVICES IN SEATTLE, WA IN 2024, PROVIDENCE MINISTRIES AND AFFILIATES PROVIDED $1.9 BILLION IN COMMUNITY BENEFIT PROGRAMS. THIS INCLUDES FREE AND DISCOUNTED CARE, UNCOMPENSATED AND SUBSIDIZED CARE, AND OTHER COMMUNITY HEALTH ACTIVITIES.ONE OF THESE VITAL PROGRAMS, MEDICAID, IS A LIFELINE FOR MILLIONS OF INDIVIDUALS, INCLUDING SENIORS, CHILDREN, PREGNANT PATIENTS, THOSE WITH DISABILITIES AND VETERANS. WE ARE GRATEFUL TO EVERYONE IN OUR COMMUNITIES WHO HAS JOINED US IN ADVOCATING FOR CONTINUED FUNDING AND EXPANSION OF THIS PROGRAM. TOGETHER, WE ARE HELPING TO ENSURE MORE PEOPLE HAVE ACCESS TO NEEDED CARE.FOR MORE INFORMATION GO TO: HTTPS://WWW.PROVIDENCE.ORG/ABOUT/ANNUAL-REPORTTHROUGH OUR COMMUNITY BENEFIT PROGRAMS, WE FOCUS ON MEETING THE DIVERSE NEEDS OF THE PEOPLE WE SERVE BY WORKING TO ENSURE BASIC HEALTH NEEDS ARE MET, REMOVING BARRIERS TO CARE, BUILDING COMMUNITY RESILIENCE AND INNOVATING FOR THE FUTURE. PROVIDENCE CONTINUES TO WORK TOWARDS CARBON NEGATIVE AND IN 2024 DECREASED EMISSIONS BY 19 PERCENT COMPARED TO OUR 2019 BASELINE. OUR EFFORTS EARNED US A SYSTEM RECORD 55 ENVIRONMENTAL EXCELLENCE AWARDS FROM PRACTICE GREENHEALTH AND MADE US THE FIRST LARGE SYSTEM TO RECEIVE THE JOINT COMMISSION'S SUSTAINABLE HEALTHCARE CERTIFICATION IN 2024 FOR EACH OF OUR HOSPITALS.2024 PROGRAM SERVICE ACCOMPLISHMENTSCOVENANT HEALTH MEDICAL CENTER, GRACE SURGICAL HOSPITAL, COVENANT CHILDREN'S, HOSPITAL AND COVENANT SPECIALTY HOSPITAL (JOINT VENTURE) WORK COLLABORATIVELY THROUGH A CENTRALIZED/SHARED SERVICE COMMUNITY BENEFIT/COMMUNITY HEALTH INVESTMENT DEPARTMENT TO MEET THE NEEDS IDENTIFIED IN THE CHNA. THE LUBBOCK BASED FACILITIES ARE REFERRED TO COLLECTIVELY AS COVENANT HEALTH LUBBOCK HOSPITALS AND ALL SERVE THE SAME GEOGRAPHIC SERVICE AREA OF WEST TEXAS AND EASTERN NEW MEXICO. ADDITIONALLY, DUE TO OVERLAPPING SERVICE AREAS, CLOSE GEOGRAPHIC PROXIMITY TO ONE ANOTHER, AND SHARED COMMUNITY BENEFIT OUTREACH PROGRAMS, THE COVENANT HEALTH LUBBOCK HOSPITALS WORKED WITH COVENANT HEALTH PLAINVIEW, COVENANT HEALTH LEVELLAND AND COVENANT HOBBS HOSPITAL TO DEVELOP A REGIONAL APPROACH TO MANY OF THEIR 2021-2023 CHIP'S. WHILE THERE ARE SOME DIFFERENCES IN SELECT STRATEGIES AND COMMUNITY PARTNERS, COVENANT MEDICAL CENTER, COVENANT CHILDREN'S, GRACE SURGICAL HOSPITAL, COVENANT SPECIALTY HOSPITAL, COVENANT HEALTH PLAINVIEW, COVENANT HOBBS HOSPITAL, AND COVENANT HEALTH LEVELLAND SHARE MANY SIMILAR OUTREACH STRATEGIES, WHICH ALLOWS FOR MORE EFFECTIVE LEVERAGING INVESTMENTS IN THE REGION TO MEET COMMUNITY NEEDS. COVENANT HOBBS HOSPITAL'S FIRST CHNA OCCURRED IN 2023 HOWEVER, THEY PARTICIPATED IN MANY OUTREACH ACTIVITIES AND INVESTMENTS IN 2023 PRIOR TO COMPLETION OF THEIR CHNA AND CHIP.COVENANT HEALTH HAS A RICH HISTORY IN THE TEXAS/NEW MEXICO REGION. WHILE HEALTH CARE IN OUR REGION HAS CHANGED OVER THE YEARS, OUR COMMITMENT TO FULFILLING OUR MISSION, VISION, VALUES AND PROMISE HAVE NOT WAIVERED. IN 2024, COVENANT HOBBS PROVIDED $5.9M FINANCIAL ASSISTANCE (FREE AND DISCOUNTED CARE) AND $12.3M UNPAID COST OF MEDICAID AND OTHER MEANS-TESTED GOVERNMENT PROGRAMS. COVENANT HOBBS PARTICIPATED IN MANY OUTREACH ACTIVITIES AND INVESTMENTS. EXAMPLES OF COVENANT HOBBS HOSPITAL OUTREACH INCLUDE: HOSTING COMMUNITY BLOOD DRIVES, FREE COMMUNITY HEALTH EDUCATION EVENTS WITH EMPHASIS ON WOMEN'S HEART HEALTH AND BREAST CANCER PREVENTION, STAFF VOLUNTEERING WITH THE RAMPS PROJECT, AND STAFF PARTICIPATED FUNDING RAISING EVENTS TO CONTRIBUTE TO UNITED WAY. GRANT SUPPORT WAS ALSO PROVIDED TO MY POWER, A LOCAL ORGANIZATION DEDICATED TO EMPOWERING LEA COUNTY'S YOUTH TO REACH THEIR FULL INDIVIDUAL POTENTIAL BY DEVELOPING PERSONAL CONFIDENCE, ACADEMIC EXCELLENCE, AND ENHANCED LIFE SKILLS. COVENANT HOBBS ALSO CONTINUED TO PARTNER WITH FAITH IN ACTION BY ASSISTING PERSONS IN NEED OF PRESCRIPTION ASSISTANCE WITH THE APPLICATION PROCESS.ADDITIONALLY, TO ADDRESS FOOD INSECURITY COVENANT HOBBS HOSTED A FOOD DRIVE BENEFITING LOCAL NON-PROFIT, WHI HOBBS AND STAFF VOLUNTEERED AT ISAIAH'S KITCHEN PROVIDING A TOTAL OF 300 MEALS TO FAMILIES IN NEED. COVENANT HEALTH ALSO PROVIDED SPONSORSHIP SUPPORT TO WHI HOBBS TO HELP ADDRESS FOOD NEEDS IN THE COMMUNITY. COVENANT HEALTH ALONG WITH THE PROVIDENCE WELL-BEING TRUST PROVIDED GRANTS TO ORGANIZATIONS SERVING HOBBS AND THE SURROUNDING AREAS WITH A FOCUS ON MENTAL HEALTH AND SUBSTANCE MISUSE. ORGANIZATIONS RECEIVING THIS FUNDING ALL SUPPORT EXPANDED COMMUNITY-BASED ACCESS TO MENTAL HEALTH SERVICES FOR VULNERABLE POPULATIONS. IN 2024, THE FOLLOWING HOBBS/EASTERN NM BASED ORGANIZATIONS RECEIVED MENTAL HEALTH GRANT FUNDING: PALMER DRUG ABUSE PROGRAM, PERMIAN BASIN COUNSELING AND GUIDANCE CENTER, AND GUIDANCE CENTER OF LEA COUNTY. COVENANT HOBBS PARTNERS WITH THESE AGENCIES THROUGHOUT THE YEAR IN ADDITION TO THE FUNDING SUPPORT.

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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 (2024)

Revenue Breakdown

Contributions & Grants $2,684,430
Program Service Revenue $47,651,119
Investment Income $50,222
Other Revenue $768,717
TOTAL REVENUE $51,154,488

Expense Breakdown

Grants Paid $0
Salaries & Benefits $15,926,054
Fundraising Expenses $0
Program Expenses $71,378,244
Other Expenses $58,188,764
TOTAL EXPENSES $74,114,818

Year-over-Year Comparison

2024 2023 Change
Revenue $51,154,488 $39,769,109 +0.3%
Expenses $74,114,818 $59,813,796 +0.2%
Net Income $-22,960,330 $-20,044,687 +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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Governance

Voting Members
8
Independent Members
6
Employees
227
Volunteers
18

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
$1,031,707
Total Directors
8
$940,114
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
BRUCE WHITE BOARD MEMBER 0.50
Director
$0 $73,911 $514,499
JAMES KELLY FRMR OFF. - VP SENIOR CORP COUNSEL 0.00
$0 $13,669 $509,442
JON LEVIN BOARD MEMBER 0.50
Director
$0 $17,057 $425,615
DYANA KERR FRMR OFF. - REGIONAL CFO 0.00
$0 $38,627 $375,482
DONALD ANDERSON JR ASSISTANT SECRETARY FOR ENROLLMENT 0.50
Officer
$0 $18,932 $335,486
JENNIFER BRYAN FRMR OFF. - LUBBOCK AREA MARKET/CFO 0.00
$0 $28,590 $314,564
RACHEL SLADE CEO 55.00
Officer
$260,146 $22,800 $282,946
CORA RIVERA CFO 18.40
Officer
$0 $24,199 $233,225
KATHLEEN BURRELL SECRETARY/CHIEF GOVERNANCE OFFICER 0.50
Officer
$0 $15,437 $180,050
KIMBERLY MADRID SUPERVISOR CLINICAL PHARMACY 50.00
Highest
$163,304 $10,760 $174,064
STACY VOYLES MANAGER NURSING 50.00
Highest
$144,784 $10,802 $155,586
ALLAN YEH CLINICAL PHARMACIST 50.00
Highest
$148,376 $4,955 $153,331
HAZEL APODACA ACUTE CARE RN 50.00
Highest
$143,192 $8,986 $152,178
BECKY BERG MANAGER NURSING 50.00
Highest
$142,458 $9,278 $151,736
CARABETH GRAY MOORE BOARD MEMBER 0.50
Director
$0 $0 $0
DEBRA HICKS BOARD MEMBER 0.50
Director
$0 $0 $0
JOE COTTON BOARD MEMBER 0.50
Director
$0 $0 $0
JONATHAN SENA BOARD MEMBER/CHAIR 1.00
Director
$0 $0 $0
JOSH GRASSHAM BOARD MEMBER/VICE CHAIR 1.00
Director
$0 $0 $0
ROSA CARILLO BOARD MEMBER 0.50
Director
$0 $0 $0
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 $51,154,488 $74,114,818 $113,407,068 $-22,960,330
2023 $39,769,109 $59,813,796 $126,687,571 $-20,044,687
2022 $48,687,075 $48,672,033 $133,798,245 $15,042
2021 $44,968,348 $46,933,067 $41,744,699 $-1,964,719
2020 No data $107,278 $3,237,580 No data
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