Overview
What is Ridgeview Insurance Company?
Ridgeview Insurance Company is a specialized entity established to provide stop-loss insurance coverage for Ridgeview Medical Center's self-funded health insurance. This nonprofit organization is dedicated to safeguarding the risks associated with Ridgeview Medical Center and its subsidiaries and affiliates. Located within the Southwest Metro region of the Twin Cities, Ridgeview Medical Center is an independent, nonprofit healthcare system, boasting a network of hospitals, primary and specialty care clinics, emergency services, specialty programs, a nursing home, independent living apartments, and a 24/7 emergency and urgent care facility with multispecialty clinics and services. The company is structured as a pure captive insurance company, its primary mission being to ensure the risks of Ridgeview Medical Center and its affiliates.
Is Ridgeview Insurance Company legitimate?
Ridgeview Insurance Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ridgeview Insurance Company 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
What is the mission statement of Ridgeview Insurance Company?
Ridgeview Insurance Company is established with the primary objective of providing insurance coverage for the risks associated with Ridgeview Medical Center and its subsidiaries and affiliates. Operating as a pure captive insurance company, its mission is centered around insuring the liabilities of this healthcare system. The company's role involves providing stop-loss insurance coverage for Ridgeview Medical Center's self-funded health insurance, thereby safeguarding the interests of the healthcare institution and its affiliated entities. Ridgeview Medical Center is a prominent, independent, non-profit healthcare system serving the Southwest Metro region of the Twin Cities. Its extensive network includes multiple primary and specialty care clinics, emergency services, specialized programs, a nursing home, independent living apartments, and a 24/7 emergency and urgent care facility with multispecialty clinics and services.
Who is the CEO of Ridgeview Insurance Company?
Michael Phelps is the Vice President of Ridgeview Insurance Company.
What is the revenue of Ridgeview Insurance Company?
Ridgeview Insurance Company's revenue in 2022 was $6,005,320.
Who are the executives of Ridgeview Insurance Company and what are their salaries?
There 2 volunteers at Ridgeview Insurance Company.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $1,274,183
- Other: $64,040
- Compensation: $0
- Related: $794,145
- Other: $89,439
- Compensation: $0
- Related: $265,282
- Other: $63,374
- Compensation: $0
- Related: $240,710
- Other: $39,991
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Ridgeview Insurance Company?
Ridgeview Insurance Company's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ridgeview Insurance Company
Ridgeview Insurance Company, a captive insurance entity, is established with a primary objective. Its mission is centered around insuring the risks of Ridgeview Medical Center and its subsidiaries and affiliates. This insurance company serves as a protective shield, safeguarding Ridgeview Medical Center from potential financial liabilities associated with its self-funded health insurance plan.
Ridgeview Insurance Company is an integral part of Ridgeview Medical Center, a nonprofit healthcare system that serves the Southwest Metropolitan region of the Twin Cities. The network encompasses three hospitals, numerous primary and specialty care clinics, emergency services, and specialty programs. Additionally, the system includes a nursing home, independent living apartments, and a 24/7 emergency and urgent care facility with multispecialty clinics and services in Chaska. By providing stop loss insurance coverage, Ridgeview Insurance Company plays a crucial role in protecting this extensive healthcare system, ensuring its continued operation and ability to deliver essential healthcare services to the community.
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Impact
October, 2024
Ridgeview Insurance Company plays a crucial role in managing and mitigating financial risks associated with healthcare for Ridgeview Medical Center and its affiliated entities. By providing stop-loss insurance coverage for the medical center's self-funded health insurance, the company ensures that unexpected, high-cost medical expenses do not jeopardize the financial stability of the healthcare system.
Serving the southwest metro region of the Twin Cities, Ridgeview Medical Center encompasses a comprehensive network that includes hospitals, primary and specialty care clinics, emergency services, and a nursing home, among others. The insurance provided by Ridgeview Insurance Company enables these facilities to focus on delivering high-quality healthcare without the burden of excessive financial risk from unforeseen medical claims.
Through its operations, Ridgeview Insurance Company supports the sustainability and continuity of healthcare services in the region, enhancing the ability of Ridgeview Medical Center to serve the community effectively. This impact is particularly significant as it contributes to the overall health and well-being of the residents in Waconia, Arlington, Le Sueur, and surrounding areas.
This information is meant to be a general summary of Ridgeview Insurance Company. 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: $393,284
- Program Service Revenue: $5,612,036
- Gross Receipts: $10,010,914
Assets and Liabilities:
- Total Assets: $16,773,903
- Total Liabilities: $958,520
- Net Assets: $15,815,383
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM REVENUE
Revenue
$5,612,036
Organization Details
Founding Year
2011
Phone
(952) 442-2191Principal Officer
Michael Phelps
Main Address
500 SOUTH MAPLE STREET, WACONIA, MN, 55387
NTEE Category
Code: E800 - Health
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