Cobre Valley Regional Medical Center

EIN: 860732836 501(c)(3) Health Care

Globe, AZ

Total Revenue
$103,795,634
Total Expenses
$89,784,044
Total Assets
$157,588,831
Net Assets
$93,630,061
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
AZ
Principal Officer
Neal Jensen CEO
Phone
9284253261
Tax Period
2023-01-01 to 2023-12-31

Cobre Valley Regional Medical Center, founded in 1988, is a major nonprofit in the Health Care sector that reported $103.8M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $89.8M left a modest 13% surplus.

Mission

The mission of our Hospital is to develop and maintain a local health care delivery system that serves the region with quality, efficiency and compassion.

Program Service Accomplishments

Program 1
Expenses: $51,801,745 Revenue: $98,448,243

FOR THE YEAR ENDED 12/31/2023, COBRE VALLEY REGIONAL MEDICAL CENTER (CVRMC) CARRIED OUT 147,727 PATIENT VISITS, COMPRISED AS: 67,180 HOSPITAL OUTPATIENT, 15,578 OUTPATIENT EMERGENCY VISITS, 63,000...

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FOR THE YEAR ENDED 12/31/2023, COBRE VALLEY REGIONAL MEDICAL CENTER (CVRMC) CARRIED OUT 147,727 PATIENT VISITS, COMPRISED AS: 67,180 HOSPITAL OUTPATIENT, 15,578 OUTPATIENT EMERGENCY VISITS, 63,000 CLINIC OUTPATIENT, AND 1969 HOSPITAL INPATIENT.ALONG WITH PROVIDING ACUTE HEALTHCARE SERVICES TO THE COMMUNITY AS A NON-PROFIT ENTITY, CVRMC IS COMMITTED TO THE MANY COMMUNITIES WE SERVE. SEVERAL MEMBERS OF OUR ADMINISTRATION, DIRECTORS, MANAGERS, AND STAFF SERVE ON VARIOUS COMMUNITY ASSOCIATIONS INCLUDING: CHAMBERS OF COMMERCE, ROTARY, WORK FORCE DEVELOPMENT, ECONOMIC DEVELOPMENT, CANCER AWARENESS COMMITTEES, DIABETES EDUCATION, GRIEF SUPPORT TEAMS, SCHOLARSHIP COMMITTEES, AQUATIC CENTER, HOUSING COMMITTEES, COMMUNITY DEVELOPMENT, AND YOUTH ATHLETIC PROGRAMS, TO NAME JUST A FEW. CVRMC HAS ITS FINGER ON THE PULSE OF THE COMMUNITY, PROVIDES CHARITABLE CARE WITH PURPOSE, AND OFFERS EDUCATIONAL SERVICES AND PROGRAMS FOR THE GOOD OF OUR PUBLIC.THE COMMUNITY HEALTH NEED ASSESSMENT (CHNA) WAS MADE PUBLICLY AVAILABLE IN 2023. AS WE EVALUATE THE RECENTLY COMPLETED CHNA AND WORK OUR COMMUNITY HEALTH IMPLEMENTATION PLAN (CHIP), CVRMC WILL CONTINUE TO ACTIVELY WORK WITH OTHER HEALTHCARE ORGANIZATIONS, BE INVOLVED WITH STATE AND FEDERAL LEGISLATION INITIATIVES, AND CONTINUE TO CONNECT TO THE COMMUNITIES WE SERVE TO ADDRESS HEALTH PRIORITIES. CHNA IMPLEMENTATION PROGRESS THROUGH 2023 INCLUDES:PRIORITY 1: CHRONIC DISEASE OBESITY, HEART, DIABETES, CANCER CVRMC WILL SEEK THE FOLLOWING ACTIONS TO ADDRESS THIS NEED: CHRONIC CARE MANAGEMENT, UTILIZE INTERNAL AND EXTERNAL DATA TO IMPROVE PATIENT CHRONIC CARE MANAGEMENT, CONTINUE AND DEVELOP HEALTH AND WELLNESS EDUCATION AND COMMUNITY OUTREACH, AND CONTINUE TO DEVELOP COMMUNITY WELLNESS OPPORTUNITIES AND FACILITIES.PRIORITY 2: BEHAVIORAL/MENTAL HEALTH CVRMC WILL SEEK THE FOLLOWING ACTIONS TO ADDRESS THIS NEED: MITIGATE THE MENTAL HEALTH STIGMA THROUGH EDUCATION AND AWARENESS AND INCREASE ACCESS TO MENTAL HEALTH SERVICES IN THE COMMUNITIES WE SERVE. PRIORITY 3: SUBSTANCE/DRUG/OPIOID/ALCOHOL ABUSE CVRMC WILL SEEK THE FOLLOWING ACTIONS TO ADDRESS THIS NEED: Expand access to Narcan at CVRMC locations AND PARTNER WITH COUNTY AND SCHOOLS TO INCREASE AWARENESS.POPULATION CVRMC COUNTINUES TO DEVELOP ITS COLLABORATION WITH THE VARIOUS PROVIDERS AND AGENCIES FOCUSED ON SERVICES TO THE ELDERLY. ALSO, SPECIALTY SERVICE LINES OF CARDIOLOGY AND ORTHOPEDICS HAVE ENHANCED SERIVCES FOR HEALTH CONDITIONS PROMINENT IN AN AGING POPULATION. CONTINUED AWARENESS TRAINING HAS BEEN PROVIDED TO HOSPITAL LEADERSHIP AND STAFF ON COMMUNICATING AVAILABLE SERVICES TO THE COMMUNITY, PARTICULARLY THE SENIOR POPULATION.AS WE CELEBRATE OVER 100 YEARS OF SERVICE TO THE GLOBE-MIAMI AND SURROUNDING COMMUNITIES, CVRMC CONTINUES TO EVOLVE WITH THE CHANGING NEEDS OF OUR POPULATION BASE. HEALTHCARE IS EVER MOVING AND ADVANCING AND CVRMC IS PROGRESSING WITH THE DEMANDS OF OUR TARGET MARKETS. THROUGH THE DURATION OF THE Public Health Emergency (PHE), WHICH CONTINUED THROUGH mid-2023, CVRMC PROVIDED A COMMUNITY HEALTH LEADERSHIP ROLE TO SUPPORT THE COMMUNITY EFFORTS AND RESPONSE TO THE PHE. THE INTENSE FOCUS REQUIRED OF OPERATIONS AND RESOURCES TO PROVIDE AND MAINTAIN THE COMMUNITY PHE RESPONSE LEADERSHIP HAD SEVERE NEGATIVE IMPACT ON CVRMCS ABILITY TO ADVANCE THE PRIORITIES OF THE CHNA IMPLEMENTATION PLAN. HOWEVER, THROUGH THE CVRMCS PHE RESPONSE, OUR ORGANIZATION WAS ONCE AGAIN PROFOUNDLY REMINDED THAT THE CONTINUED ACCOMPLISHMENTS WE HAVE MADE ARE A DIRECT RESULT OF A DEDICATED AND COMPASSIONATE WORKFORCE, A STEADFAST BOARD OF DIRECTORS, AND STRONG SUPPORTING MANAGEMENT TEAM WHICH IS FOCUSED ON ONE MISSION THE MISSION OF HEALTH WITH HIGH QUALITY, EFFICIENT AND COMPASSIONATE CARE. CVRMCS STRATEGIC PLAN FOCUS CONTINUES TO BE THE FOLLOWING AREAS:THE PATIENT EXPERIENCE (QUALITY AND CUSTOMER SERVICE)PEOPLEGROWTHCOMMUNITYFINANCIAL STEWARDSHIPOUR COMMUNITIES DESERVE ACCOUNTABILITY AND COMPASSION. WE STRIVE TO RESPECT AND COLLABORATE WITH ALL WHO SURROUND US. WE HAVE AN EARNEST RESPONSIBILITY TO RECOGNIZE THE NEEDS OF OUR POPULATION AND TO RESPOND TO THE HEALTH PRIORITIES FACING OUR POPULATION. CVRMC IS COMMITTED TO OUR COMMUNITIES WITH AN UNWAVERING DEDICATED SPIRIT.

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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 (2023)

Revenue Breakdown

Contributions & Grants $2,749,640
Program Service Revenue $98,272,954
Investment Income $1,892,466
Other Revenue $880,574
TOTAL REVENUE $103,795,634

Expense Breakdown

Grants Paid $126,375
Salaries & Benefits $40,723,632
Fundraising Expenses $0
Program Expenses $51,801,745
Other Expenses $48,934,037
TOTAL EXPENSES $89,784,044

Year-over-Year Comparison

2023 2022 Change
Revenue $103,795,634 $94,951,858 +0.1%
Expenses $89,784,044 $82,964,708 +0.1%
Net Income $14,011,590 $11,987,150 +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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Governance

Voting Members
10
Independent Members
9
Employees
557
Volunteers
30

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
0
$0
Total Directors
10
$12,363
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Patrick Law Physician 40.00
$588,169 $0 $588,169
Scott Croft Physician 40.00
$560,543 $0 $560,543
Scott Revell Physician 40.00
$555,859 $0 $555,859
Peter Seipel Physician 40.00
$506,917 $0 $506,917
Karen Gremminger Physician 40.00
$440,800 $0 $440,800
Dr Alan Osumi Trustee 1.00
Director
$0 $12,363 $12,363
Robert Hollis Chair 1.00
Director
$0 $0 $0
Jendean Sartain Vice Chair 1.00
Director
$0 $0 $0
Ed Carpenter Treasurer 1.00
Director
$0 $0 $0
Janice Cook Secretary 1.00
Director
$0 $0 $0
Fernando Shipley Trustee 1.00
Director
$0 $0 $0
Judy Bessee Trustee 1.00
Director
$0 $0 $0
James B Rasmussen Trustee 1.00
Director
$0 $0 $0
Carolyn Mawson Haro Trustee 1.00
Director
$0 $0 $0
Jack Bradford Trustee 1.00
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 No data No data No data No data
2023 $103,795,634 $89,784,044 $157,588,831 $14,011,590
2022 $94,951,858 $82,964,708 $136,541,711 $11,987,150
2021 $89,226,703 $76,284,062 $131,779,953 $12,942,641
2020 $70,072,854 $65,712,464 $106,774,506 $4,360,390
2019 $63,908,496 $59,643,773 $89,057,165 $4,264,723
2018 $55,734,383 $52,827,883 $81,050,182 $2,906,500
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