Tufts Medical Center Parent Inc
- Assets
- $1.2b
- Revenue
- $1.1b
- Investments
- $7.9m
- Employees
- 7,008
- Location
- Boston, MA
- Founding
- 05/2008
- Data as of
- 09/2020
- EIN
- 27-0440772
Organization Overview
Tufts Medical Center Parent Inc is located in Boston, MA. The organization was established in 2008. According to its NTEE Classification (E20) the organization is classified as: Hospitals, under the broad grouping of Health Care and related organizations. As of 09/2020, Tufts Medical Center Parent Inc employed 7,008 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes.
For the year ending 09/2020, Tufts Medical Center Parent Inc generated $1.1b in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.0b during the year ending 09/2020. While expenses have increased by 5.3% per year over the past 5 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
WE STRIVE TO HEAL, TO COMFORT, TO TEACH, TO LEARN, AND TO SEEK THE KNOWLEDGE TO PROMOTE HEALTH AND TO PREVENT DISEASE. OUR PATIENTS AND THEIR FAMILIES ARE AT THE CENTER OF EVERYTHING WE DO. SEE PART III.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TUFTS MEDICAL CENTER, INC. LOCATED IN BOSTON, MA OPERATES A 415 BED ACUTE-CARE GENERAL HOSPITAL ESTABLISHED TO PROVIDE HEALTHCARE SERVICES PRIMARILY IN THE GREATER BOSTON AREA, WHICH ALSO ATTRACTS PATIENTS FROM ELSEWHERE IN NEW ENGLAND AND BEYOND.NEW ENGLAND LONG-TERM CARE, INC. OPERATES AN 80 BED NURSING HOME SPECIALIZING IN THE CARE OF CHILDREN WHO ARE SEVERELY MENTALLY HANDICAPPED AND/OR MULTIPLY PHYSICALLY HANDICAPPED.NEW ENGLAND QUALITY CARE ALLIANCE, INC. OPERATES FOR THE PURPOSE OF SUPPORTING ACTIVITIES OF TUFTS MEDICAL CENTER PARENT, INC. AND ITS AFFILIATES. NEQCA INTEGRATES COMMUNITY AND ACADEMIC PHYSICIANS DEDICATED TO PROVIDING COMPREHENSIVE, INNOVATIVE, HIGH QUALITY AFFORDABLE HEALTH CARE THAT BRINGS VALUE TO THEIR PATIENTS AND THE COMMUNITY, AND EXPANDS THE TEACHING AND RESEARCH MISSION OF TUFTS MEDICAL CENTER, INC.NEW ENGLAND QUALITY CARE ALLIANCE ACCOUNTABLE CARE, INC. IS A NONPROFIT ACCOUNTABLE CARE ORGANIZATION FORMED TO IMPROVE THE HEALTH OF PATIENTS, AND TO ENHANCE THE PATIENT'S EXPERIENCE OF CARE AND THE REDUCTION OF THE PER CAPITA COST OF CARE, THROUGH INTEGRATED CARE COORDINATION, SHARED SAVINGS, AND QUALITY INCENTIVES.
TUFTS MEDICAL CENTER, INC. ADMINISTERS PROGRAMS FOR APPROXIMATELY 284 RESIDENTS, 76 INTERNS AND 103 FELLOWS IN 44 SPECIALTIES AND SUBSPECIALTIES WHO ROTATE TO APPROXIMATELY 54 HOSPITALS AND OTHER ORGANIZATIONS LOCATED PRIMARILY IN THE GREATER BOSTON AREA.
TUFTS MEDICAL CENTER, INC. ENGAGES IN RESEARCH ACTIVITIES FUNDED BY GRANTS AND CONTRACTS FOR U.S. GOVERNMENT AGENCIES AND OTHER PRIVATE SOURCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Apkon Trustee/ceo/president (until 09/20) | OfficerTrustee | 39 | $1,587,424 |
Joseph Frolkis MD Trustee/president/ceo | OfficerTrustee | 40 | $703,512 |
Kristine M Hanscom Senior Vp/treasurer/cfo/trustee | OfficerTrustee | 39 | $640,175 |
Therese Hudson-Jinks Senior VP And Cno | Officer | 40 | $551,641 |
Maura Lynch VP For Development | Officer | 40 | $436,418 |
Jatin Dave MD Trustee (until 06/20) | Trustee | 40 | $436,311 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pratt Medical Group Inc Physician Services | 9/29/20 | $12,151,910 |
Medical Solutions Nursing Services | 9/29/20 | $11,220,466 |
Pratt Anesthesiology Association Inc Physician Services | 9/29/20 | $9,647,687 |
Cardiovascular Center At Tufts Medical C Physician Services | 9/29/20 | $5,516,350 |
Pratt Pediatric Associates Physician Services | 9/29/20 | $6,351,705 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $431,500 |
| Related organizations | $0 |
| Government grants | $85,949,789 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,118,771 |
| Noncash contributions included in lines 1a–1f | $159,536 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,500,060 |
| Total Program Service Revenue | $942,862,573 |
| Investment income | $3,611,615 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $272,389 |
| Net Rental Income | $967,939 |
| Net Gain/Loss on Asset Sales | $12,369,132 |
| Net Income from Fundraising Events | -$88,323 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,060,495,385 |
| 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. | $7,804,650 |
| Compensation of current officers, directors, key employees. | $6,275,991 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $387,195,409 |
| Pension plan accruals and contributions | $9,445,779 |
| Other employee benefits | $50,717,455 |
| Payroll taxes | $33,731,123 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,083,181 |
| Fees for services: Accounting | $406,820 |
| Fees for services: Lobbying | $517,000 |
| Fees for services: Fundraising | $3,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $86,534,928 |
| Advertising and promotion | $4,444,087 |
| Office expenses | $7,424,308 |
| Information technology | $2,192,307 |
| Royalties | $0 |
| Occupancy | $37,064,046 |
| Travel | $1,462,146 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,435 |
| Interest | $19,222,057 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,816,977 |
| Insurance | $4,340,223 |
| All other expenses | $18,656,158 |
| Total functional expenses | $1,020,720,026 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,032,971 |
| Savings and temporary cash investments | $109,019,689 |
| Pledges and grants receivable | $11,232,424 |
| Accounts receivable, net | $88,806,637 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $17,245,413 |
| Prepaid expenses and deferred charges | $9,825,572 |
| Net Land, buildings, and equipment | $197,516,497 |
| Investments—publicly traded securities | $564,376,976 |
| Investments—other securities | $7,936,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $225,976,889 |
| Total assets | $1,246,969,068 |
| Accounts payable and accrued expenses | $112,249,711 |
| Grants payable | $0 |
| Deferred revenue | $23,714,509 |
| Tax-exempt bond liabilities | $300,758,516 |
| 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 | $563,222,921 |
| Total liabilities | $999,945,657 |
| Net assets without donor restrictions | $235,241,128 |
| Net assets with donor restrictions | $11,782,283 |
| 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 | $1,246,969,068 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Tufts Medical Center Parent Inc has recieved totaling $155,132.
| Awarding Organization | Amount |
|---|---|
Rodman Ride For Kids Inc Foxborough, MA PURPOSE: TO BENEFIT DISADVANTAGED YOUTHS | $48,208 |
One Mission Inc Newton, MA PURPOSE: CARE FOR PEDIATRIC CANCER PATIENTS | $40,000 |
New York Medical College Valhalla, NY PURPOSE: RESEARCH RESEARCH RESEARCH | $36,421 |
Northwestern University Evanston, IL PURPOSE: Support of research activities | $30,503 |
Endowment Analysis
| Beg. Balance | $6,667,000 |
| Earnings | $47,000 |
| Net Contributions | $118,000 |
| Ending Balance | $6,832,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southcoast Hospitals Group Inc New Bedford, MA | $1,213,595,255 | $936,796,802 |
Physician Affiliate Group Of New York Pc New York, NY | $43,916,366 | $787,911,025 |
South Shore University Hospital Westbury, NY | $465,657,019 | $728,270,879 |
Svmc Holdings Inc Bridgeport, CT | $272,750,174 | $429,886,007 |
St Barnabas Hospital Bronx, NY | $390,221,434 | $434,526,701 |
Richmond Medical Center Staten Island, NY | $296,789,651 | $359,868,185 |
Winchester Hospital Winchester, MA | $449,193,408 | $287,832,966 |
St Catherine Of Siena Medical Center Smithtown, NY | $195,571,732 | $280,926,875 |
Plainview Hospital Westbury, NY | $87,084,707 | $234,135,134 |
Lrghealthcare Manchester, NH | $149,103,564 | $184,765,489 |
Stony Brook Internists P C Stony Brook, NY | $4,575,316 | $146,928,194 |
Glen Cove Hospital Westbury, NY | $129,256,435 | $143,332,356 |