Indian River Memorial Hospital Inc
- Assets
- $225.9m
- Revenue
- $322.2m
- Investments
- $0.0
- Employees
- 2,384
- Location
- Vero Beach, FL
- Founding
- 03/1985
- Data as of
- 09/2018
- EIN
- 59-2496294
Organization Overview
Indian River Memorial Hospital Inc, operating under the name Indian River Medical Center, is located in Vero Beach, FL. The organization was established in 1985. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 12/2021, Indian River Medical Center employed 2,384 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Indian River Medical Center 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 09/2018, Indian River Medical Center generated $322.2m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $316.9m during the year ending 09/2018. While expenses have increased by 4.9% per year over the past 4 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
IRMC SERVES AS THE AREA'S LEADING PROVIDER OF COMPREHENSIVE HIGH QUALITY HEALTH AND MEDICAL SERVICES, AND IMPROVES THE HEALTH AND WELL-BEING OF THE PEOPLE AND COMMUNITIES WE SERVE.
Describe the Organization's Program Activity:
INDIAN RIVER MEDICAL CENTER IS A 332-BED HOSPITAL IN VERO BEACH, FLORIDA. IN FISCAL YEAR 2017, THE HOSPITAL ADMITTED 14,666 PATIENTS. SERVICES WERE PROVIDED FOR 58,926 PATIENT DAYS. THE HOSPITAL HAD 519 VOLUNTEERS WHO WORKED 75,227 HOURS DURING THE YEAR. MORE THAN 61,200 PEOPLE WERE SEEN THIS YEAR IN THE HOSPITAL'S STATE-OF-THE-ART EMERGENCY DEPARTMENT. THE MEDICAL CENTER'S THREE LARGEST PROGRAM SERVICES ARE HEART, CANCER AND ORTHOPEDICS. THE HEART CENTER, AFFILIATED WITH DUKE UNIVERSITY HEALTH SYSTEMS, OPENED IN 2006 AND TREATED OVER 1,500 PATIENTS DURING THE YEAR. ITS OUTSTANDING SURGICAL OUTCOMES HAVE EARNED IT TOP RECOGNITION FROM THE SOCIETY OF THORACIC SURGEONS, WHO NAMED IT ONE OF THE BEST CARDIAC SURGERY PROGRAMS IN AMERICA. DR. CARY STOWE, MEDICAL DIRECTOR OF CARDIOVASCULAR SURGERY SERVICES, IS RECOGNIZED AS ONE OF THE TOP 1% OF THORACIC SURGEONS IN THE UNITED STATES. THE CANCER PROGRAM AFFILIATED WITH DUKE UNIVERSITY HEALTH SYSTEMS IN 2012 WITH THE GOAL OF BRINGING WORLD CLASS CANCER TREATMENT CLOSE TO THE HOME OF PATIENTS WE SERVE. THE AFFILIATION WITH DUKE ALSO PROVIDES ACCESS TO SECOND OPINIONS FROM RECOGNIZED EXPERTS WHEN NEEDED. DURING THE YEAR, THE CANCER CENTER PERFORMED 21,950 PROCEDURES. THE ORTHOPEDIC PROGRAM PROVIDED MAJOR JOINT REPLACEMENTS TO MORE THAN 1,000 PATIENTS DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Franco MD Physician | 50 | $1,205,406 | |
George Nichols MD Physician | 50 | $937,341 | |
Jeffrey L Susi President/ceo | Officer | 50 | $935,344 |
Fabio Roberti MD Physician | 50 | $910,168 | |
Cary Stowe MD Physician | 50 | $799,555 | |
Diego Maldonado MD Physician | 50 | $773,697 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brasfield & Gorrie Llc General Contractors | 9/29/17 | $11,503,279 |
Weatherby Locums Inc Physician Services | 9/29/17 | $1,119,690 |
Mckesson Tech Relay Health Ahi Parent Software & Consulting | 9/29/17 | $3,686,679 |
Proctor Construction Co General Contractors | 9/29/17 | $1,970,161 |
Pinnacle Locum Tenens Llc Physician Services | 9/29/17 | $1,143,508 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,623,355 |
| Investment income | $769,438 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $63,012 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $322,244,882 |
| 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. | $3,003,103 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $139,393,858 |
| Pension plan accruals and contributions | $3,996,456 |
| Other employee benefits | $9,235,750 |
| Payroll taxes | $8,712,687 |
| Fees for services: Management | $1,070,724 |
| Fees for services: Legal | $492,331 |
| Fees for services: Accounting | $281,985 |
| Fees for services: Lobbying | $112,091 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,810,693 |
| Advertising and promotion | $859,797 |
| Office expenses | $588,360 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,201,426 |
| Travel | $204,355 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $323,387 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,396,885 |
| Insurance | $7,503,533 |
| All other expenses | $9,972,969 |
| Total functional expenses | $316,903,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,604,567 |
| Savings and temporary cash investments | $16,126,662 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $41,602,884 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,214,207 |
| Prepaid expenses and deferred charges | $2,784,588 |
| Investments—publicly traded securities | $5,855,549 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $6,279,375 |
| Other assets | $27,876,549 |
| Total assets | $225,918,514 |
| Accounts payable and accrued expenses | $30,551,477 |
| 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 | $9,646,707 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,347,015 |
| Total liabilities | $70,545,199 |
| Net assets without donor restrictions | $155,373,315 |
| 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 | $155,373,315 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Indian River Memorial Hospital Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Webster U Walker Jr Foundation Inc Philadelphia, PA PURPOSE: OPERATING | $1,000 |
Endowment Analysis
| Beg. Balance | $2,111,662 |
| Earnings | $231,887 |
| Net Contributions | $37,136 |
| Other Expense | $15,475 |
| Ending Balance | $2,365,210 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Community Hospital Inc Tampa, FL | $1,235,213,568 | $915,701,443 |
Morton Plant Hospital Association Inc Clearwater, FL | $1,389,589,934 | $934,836,650 |
Mount Sinai Medical Center Of Florida Inc Miami Beach, FL | $992,427,664 | $901,856,611 |
Shands Jacksonville Medical Center Inc Jacksonville, FL | $750,537,278 | $894,366,475 |
Lakeland Regional Medical Center Inc Lakeland, FL | $799,528,886 | $860,757,084 |
Tallahassee Memorial Healthcare Inc Tallahassee, FL | $1,130,180,703 | $783,859,263 |
Baptist Hospital Inc Pensacola, FL | $1,048,797,666 | $758,112,762 |
Medical Center Of Central Georgia Inc Macon, GA | $1,397,526,718 | $800,413,800 |
Holmes Regional Medical Center Rockledge, FL | $903,830,612 | $776,752,725 |
Phoebe Putney Memorial Hospital Inc Albany, GA | $729,879,818 | $712,342,689 |
Cobb Hospital Marietta, GA | $403,732,052 | $857,038,951 |
South Miami Hospital Inc Miami, FL | $413,367,432 | $763,720,505 |