Lakeland Regional Medical Center Inc
- Assets
- $799.5m
- Revenue
- $860.8m
- Investments
- $17.4m
- Employees
- 6,457
- Location
- Lakeland, FL
- Founding
- 07/1986
- Data as of
- 09/2020
- EIN
- 59-2650456
Organization Overview
Lakeland Regional Medical Center Inc is located in Lakeland, FL. The organization was established in 1986. 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 09/2021, Lakeland Regional Medical Center Inc employed 6,457 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeland Regional Medical Center 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, Lakeland Regional Medical Center Inc generated $860.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $788.3m during the year ending 09/2020. While expenses have increased by 1.9% per year over the past 6 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
SEE SCHEDULE OLAKELAND REGIONAL HEALTH'S STRATEGIC IMPERATIVE IS TO DEVELOP AS A NATIONALLY RECOGNIZED, FISCALLY STRONG AND GROWING COLLABORATIVE REGIONAL HEALTH SYSTEM THAT IMPROVES LIVES BY OFFERING SAFE, HIGH QUALITY, EQUITABLE AND AFFORDABLE HEALTHCARE, WHILE DEMONSTRATING AN EQUAL COMMITMENT TO THE PROMOTION OF INDIVIDUAL AND COMMUNITY HEALTH, WELLNESS AND DISEASE PREVENTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O FOR PROGRAM SERVICES STATEMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elaine Thompson PHD President/chief Executive | Officer | 50 | $3,428,386 |
Danielle Drummond President/chief Exec. Offi | Officer | 50 | $861,703 |
Timothy Regan President/chief Medical Of | Officer | 50 | $735,444 |
Jonn Hoppe Evp - Chief Legal Officer | Officer | 50 | $572,510 |
Terry Hamilton Evp - Chief Operating Officer | Officer | 50 | $553,775 |
Lance Green Evp - Chief Financial Offi | Officer | 50 | $471,891 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cerner Corporation Software Maintenance & Support | 9/29/21 | $13,350,768 |
University Medical Services Neuro Professional Services | 9/29/21 | $4,223,577 |
Nemours Foundation Professional Services | 9/29/21 | $5,981,578 |
Peterson & Myers Pa Legal And Collection Services | 9/29/21 | $2,635,235 |
Creative Contractors Inc Construction Contractor | 9/29/21 | $4,090,834 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,371,452 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $30,080 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $860,757,084 |
| 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. | $7,850,715 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $269,712,060 |
| Pension plan accruals and contributions | $10,330,237 |
| Other employee benefits | $43,581,455 |
| Payroll taxes | $19,373,451 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,676,054 |
| Fees for services: Accounting | $108,544 |
| Fees for services: Lobbying | $294,336 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,873,515 |
| Advertising and promotion | $447,494 |
| Office expenses | $6,929,052 |
| Information technology | $25,967,091 |
| Royalties | $0 |
| Occupancy | $8,180,065 |
| Travel | $209,942 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $26,291,767 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $60,309,936 |
| Insurance | $8,653,207 |
| All other expenses | $0 |
| Total functional expenses | $788,256,373 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,047 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $81,632,868 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $20,882,319 |
| Prepaid expenses and deferred charges | $11,654,597 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,373,885 |
| Investments—program-related | $42,202,656 |
| Intangible assets | $0 |
| Other assets | $115,008,485 |
| Total assets | $799,528,886 |
| Accounts payable and accrued expenses | $25,046,846 |
| Grants payable | $250,000 |
| Deferred revenue | $12,200,000 |
| Tax-exempt bond liabilities | $317,101,512 |
| 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 | $178,842,273 |
| Total liabilities | $533,440,631 |
| 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 | $266,088,255 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakeland Regional Medical Center Inc has recieved totaling $27,338.
| Awarding Organization | Amount |
|---|---|
West Central Florida Disasterservices Incorporated Saint Petersburg, FL PURPOSE: FUND FOR EMERGENCIES | $27,338 |
Endowment Analysis
| Beg. Balance | $1,538,285 |
| Ending Balance | $1,538,285 |
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 |