Overview
What is Geisinger Insurance Corporation Risk Retention Group?
Geisinger Insurance Corporation Risk Retention Group, established under the Vermont Nonprofit Corporation Act, serves as a self-insurance funding vehicle for various affiliated entities within Geisinger's charitable healthcare operations. The primary purpose of this nonprofit is to address the lack of medical professional liability coverage in Pennsylvania and comply with the state's MCARE Act. By forming this group, Geisinger's five nonprofit member organizations, including Geisinger Medical Center and Geisinger Community Health Services, can secure cost-effective liability insurance. This coverage enables them to focus on their mission of providing healthcare services without being hindered by liability concerns.
Official website here: www.geisinger.org
Is Geisinger Insurance Corporation Risk Retention Group legitimate?
Geisinger Insurance Corporation Risk Retention Group is a legitimate nonprofit organization registered as a 501(c)(3) entity. Geisinger Insurance Corporation Risk Retention Group 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.geisinger.org
What is the mission statement of Geisinger Insurance Corporation Risk Retention Group?
The Geisinger Insurance Corporation Risk Retention Group offers cost-effective liability insurance options to its nonprofit member organizations, aiming to facilitate the achievement of their respective missions. As a self-insurance funding vehicle, it is an integral part of these nonprofit healthcare operations. Formed primarily to address the lack of medical professional liability coverage in Pennsylvania, the group enables Geisinger to comply with the state's Medical Care Availability and Reduction of Error Act. Operating under the Vermont Nonprofit Corporation Act, the group provides medical professional liability coverage exclusively to Geisinger's 501(c)(3) member affiliates, helping them mitigate potential liability risks and focus on their primary missions.
Official website here: www.geisinger.org
Who is the CEO of Geisinger Insurance Corporation Risk Retention Group?
Jaewon Ryu Md Jd is the President, D of Geisinger Insurance Corporation Risk Retention Group.
Official website here: www.geisinger.org
What is the revenue of Geisinger Insurance Corporation Risk Retention Group?
Geisinger Insurance Corporation Risk Retention Group's revenue in 2022 was $1,922,064.
Official website here: www.geisinger.org
Who are the executives of Geisinger Insurance Corporation Risk Retention Group and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $5,545,041
- Other: $1,560,940
- Compensation: $0
- Related: $1,735,635
- Other: $374,871
- Compensation: $0
- Related: $1,335,516
- Other: $317,053
- Compensation: $0
- Related: $343,475
- Other: $53,035
- Compensation: $0
- Related: $305,111
- Other: $53,861
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.geisinger.org
Where can I find the form 990 for Geisinger Insurance Corporation Risk Retention Group?
Geisinger Insurance Corporation Risk Retention Group's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.geisinger.org
Learn more at the official website: www.geisinger.org
Mission Statement of Geisinger Insurance Corporation Risk Retention Group
Geisinger Insurance Corporation Risk Retention Group is a nonprofit organization that offers cost-effective liability insurance options to its affiliated member nonprofits. Its primary mission is to facilitate the achievement of these nonprofits' missions by providing them with necessary liability coverage. The group was formed to address the lack of medical professional liability coverage in Pennsylvania, enabling Geisinger to comply with the state's Medical Care Availability and Reduction of Error Act (MCARE). Geisinger Insurance Corporation Risk Retention Group is organized and operated under the Vermont Nonprofit Corporation Act, offering liability coverage exclusively to the Geisinger 501(c)(3) member affiliates, including Geisinger Medical Center, Geisinger Community Health Services, and others. By providing cost-effective liability insurance, this organization enables its member nonprofits to focus on their missions, such as delivering healthcare services, without the burden of excessive liability costs.
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Impact
October, 2024
Geisinger Insurance Corporation Risk Retention Group significantly impacts the healthcare landscape in Pennsylvania by providing cost-effective liability insurance options tailored specifically for its member organizations. This initiative addresses a critical need for medical professional liability coverage, facilitating compliance with the state's Medical Care Availability and Reduction of Error Act (MCARE).
By operating as a self-insurance funding vehicle for its affiliated entities, the organization helps mitigate the financial risks associated with medical malpractice litigation. This, in turn, enables healthcare providers within the Geisinger network to focus on delivering quality care without the burden of exorbitant insurance costs affecting their operations.
The Group serves essential healthcare facilities, including hospitals and community health services, thus supporting their missions while enhancing the availability of healthcare services in the community. Overall, Geisinger Insurance Corporation Risk Retention Group plays a crucial role in ensuring the sustainability and efficiency of healthcare operations in the region.
This information is meant to be a general summary of Geisinger Insurance Corporation Risk Retention Group. 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 2022.
- Investment Income: $4,250
- Program Service Revenue: $1,917,814
- Gross Receipts: $1,922,064
Assets and Liabilities:
- Total Assets: $3,527,378
- Total Liabilities: $1,238,235
- Net Assets: $2,289,143
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$1,917,814
Organization Details
Founding Year
2004
Phone
(570) 271-6624Principal Officer
Jaewon Ryu Md Jd
Main Address
100 N ACADEMY AVE MC 49-70, DANVILLE, PA, 178229800
Website
www.geisinger.orgNTEE Category
Code: Y200 - Mutual benefit
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