Bayfront Medical Center Inc

What it reported doing in 2013

See Schedule OBayfront Medical Center, Inc. (the "Medical Center"), was a Florida nonprofit corporation recognized as exempt by the Internal Revenue Service under Internal Revenue Code Section 501(c)(3). The Medical Center operated a 480-bed acute care hospital, a home healthcare operation, a physician clinic operation and various other healthcare operations and facilities as part of an affiliated group of healthcare providers with Bayfront Health, Education and Research Organization, Inc., f/k/a Bayfront Health System, Inc. ("HERO"), as its sole member. HERO is a Florida nonprofit corporation recognized as exempt by the Internal Revenue Service under Internal Revenue Code Section 501(c)(3).Effective April 1, 2013, HERO and four of its affiliated healthcare providers, including the Medical Center, sold substantially all assets and certain operations of its affiliated healthcare providers, including the Medical Center (the "Asset Sale"), to Bayfront HMA Healthcare Holdings, LLC, a Florida limited liability company (the "Joint Venture Entity"). The Asset Sale is described as part of Schedule N, Liquidation, Termination, Dissolution or Significant Disposition of Assets. The Joint Venture Entity agreed to maintain a charity care policy, including indigent care and uncompensated charity care, consistent with the charity care policy maintained prior to the Asset Sale, to assure that the hospital would continue to be a provider under Medicaid and Medicare programs and to provide a full time emergency room open to everyone regardless of ability to pay.The Joint Venture Entity was formed to continue to operate the 480-bed hospital and other healthcare related facilities and to continue to provide community benefits and quality healthcare to residents of St. Petersburg, Florida consistent with operations of the hospital prior to the Asset Sale. Eighty percent of the Joint Venture Entity is owned by Central Florida HMA Holding, Inc., a subsidiary of HMA and twenty percent is owned by Bayfront HERO Holdings, LLC, a wholly-owned subsidiary of HERO. A portion of the Asset Sale proceeds was paid by HERO to HMA to acquire the twenty percent interest in the Joint Venture Entity. The Joint Venture Entity provides healthcare services in a nondiscriminatory manner to individuals without regard to race, creed, national origin, gender, payor source, or ability to pay. Specifically, members of the Joint Venture Entity have agreed to ensure access to quality healthcare for residents of St. Petersburg, including those that are uninsured or underinsured by adopting a charity care policy, providing services to beneficiaries of Medicaid, Medicare, and other government programs, operating a full time emergency room open to everyone regardless of their ability to pay, maintaining an open medical staff and providing public health programs to benefit the community. The day-to-day operation of the Joint Venture Entity is managed by an HMA affiliate, Hospital Management Associates, Inc. The Manager is required to operate the Joint Venture Entity in accordance with the charity care policy and community benefit standard.Prior to the Asset Sale, the Medical Center operated a 480-bed acute care hospital located in St. Petersburg, Florida. The Medical Center also was the sole member of Bayfront Home Health Care, LLC, providing home health care services and Bayfront Physician Specialty Services, LLC, providing various specialty physician clinics performing outpatient services in St. Petersburg, Florida. The Medical Center provided quality health care to residents of St. Petersburg, Florida and Pinellas County, Florida, regardless of their ability to pay and benefitted the communities served through related healthcare services, and educational initiatives including medical and allied health educational programs and activities intended to promote health and wellness and prevent disease. The Medical Center's care included charity care and under compensated healthcare w

Financial Efficiency

• Mission deployment rate: 82.8%; rating input score 83
• Program expense ratio: 82.1%; rating input score 82
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 67th percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 83.3%; rating input score 83; 38th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 51.4%; rating input score 98; 98th percentile among comparable filings
• Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
• Liabilities to assets ratio: Limited
• Officer compensation ratio: 1.6%; rating input score 62; 62nd percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: -16.6% per year; rating input score 0; 1st percentile among comparable filings
• Asset growth: -41.2% per year; rating input score 0; 0th percentile among comparable filings