Overview
What is Mount Sinai Health System Self Insurance Trust?
Mount Sinai Health System Self Insurance Trust is a self-insurance program established to manage and settle healthcare patient claims against the members of Mount Sinai Health System, their employees, and agents. The trust focuses on resolving medical malpractice and hospital professional liability claims, as well as covering excess insurance premiums for claims surpassing the self-insurance retention and other related expenses. The program's primary mission is to ensure the financial security and stability of Mount Sinai Health System in handling healthcare claims.
What are the reviews and ratings of this charity?
Charity Navigator rating: 35%, Zero-Star out of Four Star rating.
The Mount Sinai Health System Self Insurance Trust has received a low rating due to significant deficiencies in accountability and transparency. With a score of only 35%, the organization lacks independent board members and has not provided essential financial documents, which raises concerns about its governance practices. The absence of a website on the tax form and missing policies related to conflict of interest and whistleblower protections further contribute to its poor standing.
Despite these weaknesses, the organization demonstrates a reasonable program expense ratio at 75.81%, indicating that a substantial portion of its resources is allocated towards its mission-related activities. However, the high liabilities to assets ratio of 116.10% poses a risk to financial stability, suggesting that the organization may be operating with considerable debt relative to its assets.
Overall, the lack of transparency, governance issues, and financial concerns overshadow the positive aspects of program spending, making the Mount Sinai Health System Self Insurance Trust a nonprofit that potential donors and stakeholders should approach with caution.
This AI summary has been generated from information found on Charity Navigator.
Is Mount Sinai Health System Self Insurance Trust legitimate?
Mount Sinai Health System Self Insurance Trust is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mount Sinai Health System Self Insurance Trust 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: $520
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Mount Sinai Health System Self Insurance Trust?
The Mount Sinai Health System Self Insurance Trust serves as a self-insurance program, designed to manage and settle healthcare claims arising from medical malpractice and hospital professional liability against the members of the Mount Sinai Health System, their employees, and agents. Its primary objective is to handle payments for claims asserting professional negligence, as well as excess insurance premiums for claims surpassing the self-insurance retention and various other expenses related to the program, such as actuarial expenses.
Who is the CEO of Mount Sinai Health System Self Insurance Trust?
Stephen Harvey is the Institutional Trustee of Mount Sinai Health System Self Insurance Trust.
What is the revenue of Mount Sinai Health System Self Insurance Trust?
Mount Sinai Health System Self Insurance Trust's revenue in 2022 was $59,869,618.
Who are the executives of Mount Sinai Health System Self Insurance Trust and what are their salaries?
There is 1 key member and their salary:
- Compensation: $520
- Related: $0
- Other: $0
Where can I find the form 990 for Mount Sinai Health System Self Insurance Trust?
Mount Sinai Health System Self Insurance Trust's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mount Sinai Health System Self Insurance Trust
Mount Sinai Health System Self Insurance Trust is a self-insurance program designed to address and settle healthcare patient claims arising from medical malpractice liability and hospital professional liability claims against the members of the Mount Sinai Health System, their employees, and agents. The Trust's mission revolves around managing and resolving claims, ensuring financial security for its members, and maintaining a robust framework for handling medical negligence cases.
The Trust's primary function is to make payments for settling healthcare claims that assert professional negligence. This includes excess insurance premiums for claims that surpass the self-insurance retention, as well as various other expenses related to the program. Actuarial expenses also fall under the Trust's jurisdiction. By assuming the financial risk for potential claims, the Mount Sinai Health System Self Insurance Trust allows its members to focus on delivering high-quality healthcare services, ultimately improving patient outcomes. The Trust's commitment to financial management and risk mitigation demonstrates its essential role in supporting the Mount Sinai Health System and its members.
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Impact
October, 2024
Mount Sinai Health System Self Insurance Trust serves a critical function in managing and settling healthcare patient claims, particularly those related to medical malpractice and hospital professional liability. By providing a self-insurance program, it enables the Mount Sinai Health System to address claims asserting professional negligence more effectively and efficiently.
The impact of this trust is significant as it helps mitigate financial risks associated with patient claims. Payments from the trust facilitate the settlement of these claims, ensuring that affected patients receive the compensation they deserve while also protecting the finances of healthcare providers within the system. Furthermore, the trust covers excess insurance premiums for claims that surpass self-insurance retention limits and also addresses miscellaneous expenses tied to actuarial evaluations.
By establishing a dependable structure to handle claims, the Mount Sinai Health System Self Insurance Trust not only aids in the timely resolution of legal matters but also contributes to the overall stability and sustainability of healthcare services provided to the community. This proactive approach fosters trust among patients and reinforces the integrity of the health system by prioritizing patient care and accountability.
This information is meant to be a general summary of Mount Sinai Health System Self Insurance Trust. 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: -$30,831,065
- Program Service Revenue: $90,700,683
- Gross Receipts: $59,869,618
Assets and Liabilities:
- Total Assets: $382,755,130
- Total Liabilities: $444,381,722
- Net Assets: -$61,626,592
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM EARNED AND PREMIUM ADJUSTMENT
Revenue
$90,700,683
Organization Details
Founding Year
2018
Phone
(212) 891-0700Principal Officer
Stephen Harvey
Main Address
150 EAST 42ND STREET, NEW YORK, NY, 10017
NTEE Category
Code: E30 - Health
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