Paramount Advantage
- Assets
- $610.0m
- Revenue
- $1.6b
- Investments
- $0.0
- Employees
- 0
- Location
- Maumee, OH
- Founding
- 02/2016
- Data as of
- 12/2021
- EIN
- 20-3376102
Organization Overview
Paramount Advantage is located in Maumee, OH. The organization was established in 2016. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Paramount Advantage 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 12/2021, Paramount Advantage generated $1.6b in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.5% each year . All expenses for the organization totaled $1.5b during the year ending 12/2021. While expenses have increased by 29.2% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PARAMOUNT ADVANTAGE ADMINISTERS OHIO MEDICAID HEALTH CARE COVERAGE TO ELIGIBLE OHIO RESIDENTS. PARAMOUNT ADVANTAGE WORKS IN CLOSE COLLABORATION WITH PHYSICIANS AND OTHER PROVIDERS TO MONITOR AND IMPROVE PERFORMANCE IN CLINICAL OUTCOMES, MEDICAL AND BEHAVIORAL SERVICES, AND PATIENT SAFETY. TO SUPPORT THIS COMMITMENT, PARAMOUNT DEVOTED A RANGE OF RESOURCES TO CLINICAL QUALITY IMPROVEMENT, PARTICULARLY CASE MANAGEMENT. PARAMOUNT ADVANTAGE HAS ESTABLISHED THREE STRATEGIC FOCUS AREAS TO IDENTIFY HIGH RISK PATIENTS, IMPROVE CARE, AND IMPROVE QUALITY OF LIFE AND DEVOTES FURTHER RESOURCES TO IMRPOVING CARE IN THE AREAS OF DIABETES CARE, MATERNAL & NEWBORN HEALTH, AND BEHAVIORAL HEALTH SERVICES. THE ADVANTAGE NETWORK IS A STATEWIDE, COMPREHENSIVE PANEL OF PROVIDERS THAT PROVIDES ACUTE, PREVENTATIVE, BEHAVIORAL HEALTH, PHARMACY, DENTAL AND VISION CARE THROUGHOUT THE STATE. OUR PANEL CURRENTLY EXCEEDS 48,000 PROVIDERS AND EXCEEDS STATE MINIMUM REQUIREMENTS FOR THE NUMBERS OF PCPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARAMOUNT ADVANTAGE ADMINISTERS OHIO MEDICAID HEALTH CARE COVERAGE TO ELIGIBLE OHIO RESIDENTS. - SEE SCHEDULE O.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James F White Jr Chairman | OfficerTrustee | 1 | $0 |
Lori A Johnston Pres., Ex Officio | OfficerTrustee | 1 | $0 |
Randall Oostra Phs Pres. & CEO | Officer | 1 | $0 |
Jeffrey C Kuhn Secretary, Chief Legal Officer | Officer | 1 | $0 |
Steven M Cavanaugh Treasurer, CFO | Officer | 1 | $0 |
Jeffrey Martin Cfo, Promedica Insurance Corp | Officer | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cvs Caremark Prescription Benefit Management | 12/30/18 | $387,489,330 |
Dentaquest Dental Benefits Administration | 12/30/18 | $36,529,144 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,568,084,578 |
| Investment income | $4,437,144 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$582,388 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,571,939,334 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $41,605,418 |
| Pension plan accruals and contributions | $13,070 |
| Other employee benefits | $122,415 |
| Payroll taxes | $175,395 |
| Fees for services: Management | $1,374 |
| Fees for services: Legal | $65,066 |
| Fees for services: Accounting | $39,883 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $386,797 |
| Fees for services: Other | $53,785,663 |
| Advertising and promotion | $262,420 |
| Office expenses | $604,058 |
| Information technology | $1,714,968 |
| Royalties | $0 |
| Occupancy | $127,072 |
| Travel | $3,940,004 |
| 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 | $2,293,969 |
| Insurance | $8,738 |
| All other expenses | $551,921 |
| Total functional expenses | $1,494,020,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $317,763,109 |
| Savings and temporary cash investments | $221,622,992 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $66,990,690 |
| 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 | $14,497 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $169,673 |
| Other assets | $3,399,800 |
| Total assets | $609,960,761 |
| Accounts payable and accrued expenses | $163,710,261 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $172,159,836 |
| Total liabilities | $335,870,097 |
| Net assets without donor restrictions | $274,090,664 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $609,960,761 |
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