Overview
What is The Medical Device Innovation Consortium?
The Medical Device Innovation Consortium (MDIC) is a distinguished nonprofit organization situated in Arlington, Virginia. Their primary objective is to accelerate medical device innovation, ensuring a safer, faster, and more cost-effective process for patient benefit. MDIC achieves this through unique collaborations with various partners, working towards transforming healthcare into a more compassionate sector. One of their significant initiatives, the National Evaluation System for Health Technology (NEST), serves as a catalyst for establishing efficient pathways for stakeholders to generate reliable, real-world evidence. By addressing challenges that have hindered medical device innovation and delayed safety signal detection, NEST could potentially improve patients' timely access to safe medical devices and enhance their quality of life. MDIC operates with a workforce of 65 individuals.
Official website here: www.mdic.org
What are the reviews and ratings of this charity?
**: Charity Navigator Rating 75% (Three-Star out of Four Stars)**tar)**
The Medical Device Innovation Consortium (MDIC) holds a Three-Star rating from Charity Navigator, indicating a respectable level of accountability and financial health. This rating is fully derived from their strong score in Accountability & Finance, showcasing their commitment to responsible financial practices. Furthermore, the organization has a solid framework with a majority of independent board members, comprehensive policies in place, and transparency in their operations.
Key strengths include a commendable program expense ratio, demonstrating the organization’s effective allocation of funds towards its programs. Additionally, MDIC has received top scores for its audit and oversight practices, indicating a strong commitment to governance and ethical operations. However, the organization’s fundraising efficiency has room for improvement, with a notably low efficiency ratio highlighted in their score breakdown.
Noteworthy is the lack of user feedback on GreatNonprofits, meaning we cannot present insights or sentiments from beneficiaries or stakeholders. Nonetheless, the overall assessment from Charity Navigator reflects positively on MDIC’s internal processes and dedication to accountability, even as it acknowledges areas for growth in financial sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is The Medical Device Innovation Consortium legitimate?
The Medical Device Innovation Consortium is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Medical Device Innovation Consortium 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: $3,267,729
Professional Fundraising Fees: $0
Other Salaries and Wages: $3,931,126
For more financial information, click here
Official website here: www.mdic.org
What is the mission statement of The Medical Device Innovation Consortium?
The Medical Device Innovation Consortium's mission is to utilize its unique position as a public-private partnership to revolutionize healthcare into a more compassionate field. By collaborating with various partners, MDIC aims to accelerate scientific advancements and facilitate the development of transformative medical technology. This technology is intended to shape a desired world, making it a reality by expediting the process from innovation to safety to accessibility, ultimately benefiting patients. In essence, MDIC's goal is to foster faster, safer, and more cost-effective innovation for patient welfare.
Official website here: www.mdic.org
Who is the CEO of The Medical Device Innovation Consortium?
Andrew Fish is the CEO of The Medical Device Innovation Consortium The CEO's salary of The Medical Device Innovation Consortium is $736,875 and their total compensation is $812,498.
Official website here: www.mdic.org
What is the revenue of The Medical Device Innovation Consortium?
The Medical Device Innovation Consortium's revenue in 2023 was $14,899,712.
Official website here: www.mdic.org
Who are the executives of The Medical Device Innovation Consortium and what are their salaries?
The average compensation at The Medical Device Innovation Consortium during 2023 was $135,827. There are 53 employees and 23 volunteers at The Medical Device Innovation Consortium.
Here are 36 key members and their salaries (The Medical Device Innovation Consortium's CEO's salary is $736,875 and their total compensation is $812,498):
- Compensation: $736,875
- Related: $0
- Other: $75,623
- Compensation: $337,863
- Related: $0
- Other: $40,406
- Compensation: $281,520
- Related: $0
- Other: $49,989
- Compensation: $267,000
- Related: $0
- Other: $48,518
- Compensation: $270,374
- Related: $0
- Other: $47,195
- Compensation: $264,891
- Related: $0
- Other: $46,525
- Compensation: $252,000
- Related: $0
- Other: $46,530
- Compensation: $228,063
- Related: $0
- Other: $26,075
- Compensation: $212,259
- Related: $0
- Other: $25,843
- Compensation: $209,000
- Related: $0
- Other: $35,097
- Compensation: $211,164
- Related: $0
- Other: $37,117
- Compensation: $187,082
- Related: $0
- Other: $14,480
- Compensation: $187,000
- Related: $0
- Other: $16,676
- Compensation: $187,000
- Related: $0
- Other: $42,992
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Official website here: www.mdic.org
Where can I find the form 990 for The Medical Device Innovation Consortium?
The Medical Device Innovation Consortium's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mdic.org
Learn more at the official website: www.mdic.org
Mission Statement of The Medical Device Innovation Consortium
The Medical Device Innovation Consortium (MDIC) is dedicated to revolutionizing healthcare into a more compassionate field. Employing its unique position as a public-private partnership, MDIC collaborates with various partners to advance scientific discoveries. By doing so, MDIC facilitates the creation of transformational medical technology that has the potential to shape our desired future and make it a reality by expediting the journey from innovation to safety to access. The organization's mission is to accelerate, guarantee safety, and make medical technology innovation more affordable, ultimately benefiting patients.
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Impact
July, 2024
The Medical Device Innovation Consortium has had a significant impact on the medical device industry by spearheading initiatives such as the National Evaluation System for Health Technology (NEST). Through NEST, MDIC has facilitated the generation of lower-cost, real-time real-world evidence that is of sufficient quality for regulatory, coverage, patient, and clinical decision-making purposes. This has addressed challenges that previously hindered medical device innovation, expedited the detection of safety signals, and eliminated inefficiencies in the field. As a result, MDIC's efforts have the potential to improve patients' timely access to safe medical devices and enhance their quality of life by promoting faster, safer, and more cost-effective innovation for their benefit.
This information is meant to be a general summary of The Medical Device Innovation Consortium. 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: $26,276
- Program Service Revenue: $4,974,275
- Gross Receipts: $14,899,712
Assets and Liabilities:
- Total Assets: $11,514,040
- Total Liabilities: $8,681,418
- Net Assets: $2,832,622
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PERFORMANCE CONTRACT
Revenue
$4,763,616
MDIC MEETINGS
Revenue
$109,633
PRODUCT DEVELOPMENT
Revenue
$101,026
Organization Details
Founding Year
2012
Principal Officer
Andrew Fish
Website
www.mdic.orgNTEE Category
Code: H99 - Medical research
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