Overview
What is Covenant Medical Center Inc?
Covenant Medical Center Inc, based in Waterloo, Iowa, is a 511-bed, faith-based, not-for-profit healthcare provider under MercyOne Northeast Iowa. With three hospitals in Waterloo, Cedar Falls, and Oelwein, they offer comprehensive medical and surgical services, including cardiology, orthopedics, neurosurgery, maternity and NICU, cancer treatment, minimally invasive and bariatric surgery, and more. MercyOne Northeast Iowa, founded in 1998, consists of 14 hospitals and 27 members. The organization provides care for the people of Iowa and adjoining states, employing over 2700 individuals. Through Covenant Foundation, Sartori Health Care Foundation, and Mercy Hospital Foundation, they fundraise and support various health initiatives. Community programs include health improvement services, education, and community building activities, all aimed at promoting the well-being of patients and communities. In 2022, the organization provided over $24 million in benefits to the community, through charity care, subsidized health services, and community health improvement services.
Official website here: www.mercyone.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 88%, Three-Star out of Four Star rating.
Covenant Medical Center Inc has received a respectable 88% rating, indicating a solid performance in accountability and finance. The organization has demonstrated strong financial oversight with an impressive program expense ratio of 94.78%, meaning that a significant portion of its resources is directed towards its programs rather than administrative costs. Additionally, it has robust policies in place, including a conflict of interest and a whistleblower policy, which adds to its credibility and trustworthiness.
However, the organization lacks independent board members, scoring 0 out of 8 points in that area. This may raise questions about governance and oversight, as having independent members can help ensure that the board acts in the best interest of the organization and its mission. Despite this shortcoming, the board size and various financial controls have been rated positively, indicating a commitment to maintaining financial integrity.
Overall, Covenant Medical Center Inc showcases a strong financial profile and effective governance policies, although the absence of independent board members is an area for potential improvement. The charity's high program expense ratio suggests that it prioritizes direct service delivery, aligning with its mission to serve the community effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Covenant Medical Center Inc legitimate?
Covenant Medical Center Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Medical Center 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: $2,915,617
Professional Fundraising Fees: $0
Other Salaries and Wages: $145,373,918
For more financial information, click here
Official website here: www.mercyone.org
What is the mission statement of Covenant Medical Center Inc?
Covenant Medical Center Inc, as part of Mercy Health Network, is committed to delivering exceptional and compassionate healthcare services that uphold the dignity and well-being of the patients and communities they serve. They strive to live out the healing ministry of the Judeo-Christian tradition. Their mission is to be recognized for superior healthcare services and clinical excellence. They aim to be the preferred employer of choice for healthcare workers and the trusted partner of physicians.
Official website here: www.mercyone.org
Who is the CEO of Covenant Medical Center Inc?
Robert Ritz is the CEO of Covenant Medical Center Inc The CEO's salary of Covenant Medical Center Inc is $0 and their total compensation is $1,988,162.
Official website here: www.mercyone.org
What is the revenue of Covenant Medical Center Inc?
Covenant Medical Center Inc's revenue in 2023 was $328,841,980.
Official website here: www.mercyone.org
Who are the executives of Covenant Medical Center Inc and what are their salaries?
The average compensation at Covenant Medical Center Inc during 2023 was $54,679. There are 2712 employees and 78 volunteers at Covenant Medical Center Inc.
Here are 23 key members and their salaries (Covenant Medical Center Inc's CEO's salary is $0 and their total compensation is $1,988,162):
- Compensation: $0
- Related: $1,923,691
- Other: $64,471
- Compensation: $1,467,750
- Related: $0
- Other: $52,460
- Compensation: $1,374,513
- Related: $0
- Other: $56,103
- Compensation: $1,244,546
- Related: $0
- Other: $58,700
- Compensation: $1,070,110
- Related: $0
- Other: $58,645
- Compensation: $1,031,690
- Related: $0
- Other: $49,449
- Compensation: $705,049
- Related: $0
- Other: $45,779
- Compensation: $460,897
- Related: $0
- Other: $43,906
- Compensation: $449,922
- Related: $0
- Other: $45,723
- Compensation: $363,552
- Related: $0
- Other: $59,266
- Compensation: $288,515
- Related: $0
- Other: $59,758
- Compensation: $261,858
- Related: $0
- Other: $44,208
- Compensation: $13,614
- Related: $183,801
- Other: $36,058
- Compensation: $139,056
- Related: $0
- Other: $15,537
- Compensation: $65,485
- Related: $0
- Other: $5,395
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.mercyone.org
Where can I find the form 990 for Covenant Medical Center Inc?
Covenant Medical Center Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mercyone.org
Learn more at the official website: www.mercyone.org
Mission Statement of Covenant Medical Center Inc
Covenant Medical Center Inc, a respected member of Mercy Health Network, is dedicated to delivering exceptional and compassionate healthcare services, in line with the Judeo-Christian tradition. The organization aspires to be recognized for superior healthcare service, clinical excellence, and as the employer of choice within the healthcare industry. Most importantly, Covenant Medical Center Inc strives to promote the dignity and well-being of the patients and communities it serves. As part of its commitment to the healing ministry, it provides inpatient and outpatient healthcare services with unwavering compassion. By emphasizing the importance of each individual's worth, the Center aims to foster an environment where patients feel valued and cared for. Through its high-quality healthcare offerings, Covenant Medical Center Inc continues to make a positive impact on the lives of those it serves.
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Impact
October, 2024
Covenant Medical Center Inc significantly impacts the health and well-being of the communities it serves in Northeast Iowa through a wide array of healthcare services. With a comprehensive offering that includes general inpatient and outpatient care, specialized services in cardiology, orthopedics, neurosurgery, cancer treatment, and surgery, the facility is equipped to meet diverse patient needs.
In 2022 alone, Covenant Medical Center provided a total community benefit valued at over $24 million. This includes $2.6 million in charity care for individuals who cannot afford to pay for necessary health services, ensuring access to care for vulnerable populations. Additionally, the center faced an unreimbursed cost of nearly $14 million for public programs, highlighting its commitment to treating patients irrespective of reimbursement challenges.
Covenant’s outreach extends beyond direct healthcare services. The center invested over $2 million in community health improvement initiatives, further addressing the broader health needs through both clinical and non-clinical programs. Its dedication to health professions education reflects an investment of approximately $1.6 million in training healthcare providers, ultimately contributing to a stronger local healthcare workforce.
Moreover, Covenant Medical Center actively engages in subsidized health services to provide critical care that might not be financially viable otherwise. These efforts are crucial in fulfilling the healthcare needs of the community, particularly for services that could otherwise remain unaddressed.
The institution also emphasizes partnerships and community building, contributing resources and support to various local initiatives aimed at tackling root health issues like poverty and homelessness. Through these extensive efforts, Covenant Medical Center plays a vital role in enhancing the overall health landscape in Northeast Iowa, earning recognition as a trusted provider and partner in health.
This information is meant to be a general summary of Covenant Medical Center 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: $685,327
- Program Service Revenue: $315,718,234
- Gross Receipts: $328,876,709
Assets and Liabilities:
- Total Assets: $232,340,664
- Total Liabilities: $84,771,600
- Net Assets: $147,569,064
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET PATIENT SERVICE REVENUE
Revenue
$292,004,473
PHARMACY REVENUE
Revenue
$23,713,761
Organization Details
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