Lahey Clinic Inc
- Assets
- $218.9m
- Revenue
- $291.2m
- Investments
- $7.8m
- Employees
- 1,505
- Location
- Burlington, MA
- Founding
- 10/1994
- Data as of
- 09/2020
- EIN
- 04-2704683
Organization Overview
Lahey Clinic Inc is located in Burlington, MA. The organization was established in 1994. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. As of 09/2021, Lahey Clinic Inc employed 1,505 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lahey Clinic Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2020, Lahey Clinic Inc generated $291.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $389.9m during the year ending 09/2020. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLINIC - SPECIALTY SERVICES
CLINIC - PRIMARY CARE
OTHER
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ghogawala Zoher Division Chair, Neurosurgery & Physician | 55 | $970,629 | |
Marx MD Jeffrey L Interim Department Chair | Officer | 55 | $959,173 |
Whitmore Robert Neurosurgeon | 55 | $856,963 | |
Kasparyan MD Nurhan G Division Chair, Former Key Employee | 55 | $786,164 | |
Moinzadeh Alireza Urologist | 55 | $749,778 | |
Magge Subu Neurosurgeon | 55 | $749,651 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quest Healthcare Solutions Llc Contract Labor | 9/29/21 | $768,287 |
Optumhealth Care Solutions Llc Patient Helpline | 9/29/21 | $569,750 |
Medicus Anesthesia Services Llc Physician Coverage Services | 9/29/21 | $563,947 |
Beth Israel Lahey Health Inc (R) Beth Israel Lahey Health Professional Se | 9/29/21 | $5,507,634 |
Radiation Oncology Associates Pa Physician Coverage Services | 9/29/21 | $398,888 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,264,603 |
| Investment income | $1,220,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$344,017 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $291,194,396 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $6,095,117 |
| Compensation to disqualified persons | $3,677,857 |
| Other salaries and wages | $275,522,409 |
| Pension plan accruals and contributions | $8,274,097 |
| Other employee benefits | $15,133,534 |
| Payroll taxes | $13,015,575 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $5,845,401 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,499,758 |
| Advertising and promotion | $43,200 |
| Office expenses | $1,422,043 |
| Information technology | $35,175 |
| Royalties | $0 |
| Occupancy | $4,102,139 |
| Travel | $1,093,649 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,703,630 |
| Insurance | $1,443,677 |
| All other expenses | $0 |
| Total functional expenses | $389,866,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,939 |
| Savings and temporary cash investments | $26,088,161 |
| Pledges and grants receivable | $10,920,963 |
| Accounts receivable, net | $21,592,118 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,605,804 |
| Investments—publicly traded securities | $62,816,223 |
| Investments—other securities | $7,806,796 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $88,086,924 |
| Total assets | $218,926,928 |
| Accounts payable and accrued expenses | $114,416,021 |
| Grants payable | $0 |
| Deferred revenue | $5,703,094 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,306,319 |
| Total liabilities | $153,425,434 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $65,501,494 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Lahey Clinic Inc has recieved totaling $109,200.
| Awarding Organization | Amount |
|---|---|
Nancy Sayles Day Foundation Boston, MA PURPOSE: RESEARCH AND EDUCATION | $50,000 |
Amyotrophic Lateral Sclerosis Assn Arlington, VA PURPOSE: ANNUAL GRANT PAYMENT FY22 CENTER OF EXCELLENCE/RESEARCH | $25,000 |
Reed Family Charitable Foundation Boston, MA PURPOSE: UNRESTRICTED GIFT | $20,000 |
John And Judith Nelson Family Foundation Boston, MA PURPOSE: GENERAL PURPOSE | $10,000 |
Shane Foundation Boston, MA PURPOSE: GENERAL | $3,000 |
Hy And Greta Berkowitz Foundation Dedham, MA PURPOSE: ANNUAL SUPPORT | $1,200 |
Endowment Analysis
| Beg. Balance | $70,623,018 |
| Earnings | $18,255,689 |
| Admin Expense | $35,425 |
| Net Contributions | $18,970,479 |
| Other Expense | $14,943,875 |
| Ending Balance | $92,869,886 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harvard Medical Faculty Phys At Beth Israel Deaconess Med Ctr Inc Boston, MA | $333,623,970 | $615,180,366 |
Lahey Clinic Inc Burlington, MA | $218,926,928 | $291,194,396 |
Physicians Of University Hospital Pc Westbury, NY | $91,787,225 | $282,594,740 |
Western New York Medical Practice Pc Rochester, NY | $26,530,939 | $128,934,853 |
Trinity Health Of New England Provider Network Organization Inc Hartford, CT | $70,146,578 | $134,472,081 |
Stamford Health Medical Group Inc Stamford, CT | $92,505,083 | $118,533,430 |
St Josephs Medical Pc Syracuse, NY | $40,455,825 | $136,268,897 |
Mount Sinai Health System Self Insurance Trust New York, NY | $337,636,938 | $98,428,023 |
Core Physicians Llc Exeter, NH | $19,371,760 | $100,280,879 |
Fenway Community Health Center Inc Boston, MA | $98,106,829 | $102,495,347 |
Lawrence Medical Associates Pc Bronxville, NY | $43,959,801 | $93,174,617 |
Thundermist Health Center Woonsocket, RI | $55,440,960 | $90,981,582 |