Overview
What is Boston Medical Center Health Plan Inc?
Boston Medical Center Health Plan Inc, operating as WellSense Health Plan, is a nonprofit corporation based in Charlestown, Massachusetts, at 529 Main Street Suite 500, ZIP code 02129. Established to benefit and support Boston Medical Center Corporation, this organization provides access to effective and efficient medical care for low-income, underserved, disabled, elderly, and other vulnerable residents in the community. With a mission to make healthcare accessible to those in need, WellSense Health Plan employs a total workforce of 1039 individuals, dedicated to serving and supporting Boston Medical Center Corporation.
Official website here: www.wellsense.org
What are the reviews and ratings of this charity?
91% rating from Charity Navigator indicates that Boston Medical Center Health Plan Inc has demonstrated high accountability and financial health. The organization has achieved a Four-Star out of Four Star rating, reflecting strong fiscal management and transparency in operations.
One of the key strengths of the nonprofit is its commitment to an independent board, with 92% of members being independent. This is complemented by a robust audit and oversight committee, ensuring thorough financial oversight. The program expense ratio is particularly impressive at 99.51%, indicating that nearly all funds are directed toward the mission rather than administrative costs.
However, while the organization shows a solid performance in many areas, the liabilities to assets ratio of 57.19% suggests that there may be room for improvement in managing debt or liabilities compared to its assets. Overall, the organization is well-regarded for its governance and financial practices, but it may need to focus on improving its balance sheet.
This AI summary has been generated from information found on Charity Navigator.
Is Boston Medical Center Health Plan Inc legitimate?
Boston Medical Center Health Plan Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Boston Medical Center Health Plan Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $5,440,115
Professional Fundraising Fees: $0
Other Salaries and Wages: $113,802,778
For more financial information, click here
Official website here: www.wellsense.org
What is the mission statement of Boston Medical Center Health Plan Inc?
The Boston Medical Center Health Plan Inc, operating as WellSense, functions as a nonprofit corporation dedicated to supporting Boston Medical Center Corporation and providing medical care access to low-income, underserved, disabled, elderly, and other vulnerable residents in the community. WellSense is organized with the primary intention of benefiting Boston Medical Center Corporation and ensuring effective and efficient healthcare services for those in need. It strives to cater to the medical requirements of disadvantaged populations, aiming to make healthcare accessible and efficient for all.
Official website here: www.wellsense.org
What is the revenue of Boston Medical Center Health Plan Inc?
Boston Medical Center Health Plan Inc's revenue in 2023 was $4,137,750,808.
Official website here: www.wellsense.org
Who are the executives of Boston Medical Center Health Plan Inc and what are their salaries?
The average compensation at Boston Medical Center Health Plan Inc during 2023 was $92,293. There are 1292 employees and 11 volunteers at Boston Medical Center Health Plan Inc.
Here are 28 key members and their salaries:
- Compensation: $900,242
- Related: $0
- Other: $46,852
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- Compensation: $607,824
- Related: $0
- Other: $46,852
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- Compensation: $627,604
- Related: $0
- Other: $46,042
- Compensation: $509,180
- Related: $0
- Other: $67,355
- Compensation: $365,222
- Related: $0
- Other: $2,955
- Compensation: $161,923
- Related: $0
- Other: $913
- Compensation: $491,041
- Related: $0
- Other: $24,402
- Compensation: $414,387
- Related: $0
- Other: $29,543
- Compensation: $417,179
- Related: $0
- Other: $16,817
- Compensation: $400,566
- Related: $0
- Other: $16,777
- Compensation: $343,039
- Related: $0
- Other: $42,511
- Compensation: $248,747
- Related: $0
- Other: $13,301
Official website here: www.wellsense.org
Where can I find the form 990 for Boston Medical Center Health Plan Inc?
Boston Medical Center Health Plan Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wellsense.org
Learn more at the official website: www.wellsense.org
Mission Statement of Boston Medical Center Health Plan Inc
Boston Medical Center Health Plan, Inc., also known as Wellsense, is a nonprofit corporation established to support Boston Medical Center Corporation and provide accessible, efficient medical care to low income, underserved, disabled, elderly, and other vulnerable residents in the community. The organization is committed to this mission, operating as a safety net for those who face barriers to quality healthcare. Wellsense aims to make a difference in people's lives by ensuring they have access to essential medical services when they need it most. By partnering with Boston Medical Center Corporation, the health plan can offer comprehensive care and address the unique health concerns of its diverse population. Through its operations, Wellsense strives to bridge the gap in healthcare accessibility for individuals who might otherwise be excluded from crucial medical services.
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Impact
October, 2024
Boston Medical Center Health Plan Inc, operating under the name WellSense Health Plan, plays a critical role in enhancing healthcare access for low-income, underserved, disabled, elderly, and other vulnerable residents in the community. By focusing on delivering effective and efficient medical care, WellSense addresses significant barriers faced by these populations, ensuring they receive necessary medical services.
The health plan’s structured support of the Boston Medical Center Corporation reinforces its commitment to comprehensive care, aligning resources to meet the needs of individuals who might otherwise face obstacles in accessing healthcare. This initiative promotes health equity, enabling broader community access to essential health services and improving overall health outcomes for some of the most at-risk groups.
Furthermore, WellSense Health Plan acts as a vital connector within the healthcare ecosystem, not only facilitating access to medical care but also fostering a supportive network that enhances the health and well-being of the community it serves.
This information is meant to be a general summary of Boston Medical Center Health Plan Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $42,914,795
- Program Service Revenue: $4,098,701,726
- Gross Receipts: $4,305,973,120
Assets and Liabilities:
- Total Assets: $1,269,835,591
- Total Liabilities: $726,332,361
- Net Assets: $543,503,230
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CAPITATION REVENUE
Revenue
$4,098,701,726
Organization Details
Founding Year
1997
Phone
(617) 748-6000Principal Officer
Heather Thiltgen
Main Address
100 CITY SQUARE SUITE 200, CHARLESTOWN, MA, 02129
Website
www.wellsense.orgNTEE Category
Code: E110 - Health
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