Covenant Medical Group

What it reported doing in 2024

See schedule o at providence, we use our voice to advocate for vulnerable populations and needed reforms in health care. We are also pursuing innovative ways to transform health care by keeping people healthy, and making our services more convenient, accessible and affordable for all. In an increasingly uncertain world, we are committed to high-quality, compassionate health care for everyone - regardless of coverage or ability to pay. We help people and communities benefit from the best health care model for the future - today.together, our 125,000 caregivers (all employees) serve in 51 hospitals, 1,014 clinics and a comprehensive range of health and social services across Alaska, California, Montana, New Mexico, Oregon, Texas and Washington. The providence affiliate family includes:-providence across five western states-covenant health in west Texas and New Mexico-facey medical group in los angeles, ca-kadlec in southeast Washington-pacific medical centers in seattle, wa-swedish health services in seattle, wa in 2024, providence ministries and affiliates provided $1.9 billion in community benefit programs. This includes free and discounted care, uncompensated and subsidized care, and other community health activities.one of these vital programs, medicaid, is a lifeline for millions of individuals, including seniors, children, pregnant patients, those with disabilities and veterans. We are grateful to everyone in our communities who has joined us in advocating for continued funding and expansion of this program. Together, we are helping to ensure more people have access to needed care.for more information go to: https://www.providence.org/about/annual-reportthrough our community benefit programs, we focus on meeting the diverse needs of the people we serve by working to ensure basic health needs are met, removing barriers to care, building community resilience and innovating for the future. Providence continues to work towards carbon negative and in 2024 decreased emissions by 19 percent compared to our 2019 baseline. Our efforts earned us a system record 55 environmental excellence awards from practice greenhealth and made us the first large system to receive the joint commission's sustainable healthcare certification in 2024 for each of our hospitals.program service accomplishmentscovenant medical group is a non-profit, tax-exempt medical foundation that is certified under Texas law to employ physicians and practice medicine. It is owned by covenant health system, but is self-governing in most aspects, other than fiscal matters. There is a board of 14 physicians who provide the oversight of the group's strategic planning, policy development, recruitment and credentialing, quality improvement tasks, research, and medical education activities. All of the board members are actively practicing within cmg. This self-governing aspect of cmg tends to make it quite physician-friendly in its policy development and planning in that the board members are immediately personally impacted in their own practice by their board decisions.who we are and what we do "caring for the people of our region" our region: covenant medical group is headquartered in lubbock, Texas, the site of the southwest's preeminent medical center between the dallas / fort worth metroplex and phoenix. With a county population of 250,000 and serving an area of 1.2 million people in the region, lubbock hasmany of the amenities of a larger metropolitan area, international airport, great shopping and restaurants, and excellent public and private schools, yet retaining a wonderful "small-town" atmosphere. Our health system's regional clinics are located throughout west Texas and eastern New Mexico. Our regional clinic network contains several operationally different models. Some are directly owned and operated by cmg; some are rural health clinics in which cmg supplies its employed physicians to work for a rural hospital-owned facility; some are rural health clinics in w

Financial Efficiency

• Mission deployment rate: 94.3%; rating input score 94
• Program expense ratio: 94.6%; rating input score 95
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 0%; rating input score 0; 4th 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: Fail
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 0.2%; rating input score 32; 32nd percentile among comparable filings
• Total-asset coverage ratio: 0.62; rating input score 24; 24th percentile among comparable filings
• Liabilities to assets ratio: 1.65; rating input score 2; 2nd percentile among comparable filings
• Officer compensation ratio: 8.5%; rating input score 5; 5th percentile among comparable filings

Growth

• Program expense growth: 3.2% per year; rating input score 100; 24th percentile among comparable filings
• Revenue growth: 5.5% per year; rating input score 100; 47th percentile among comparable filings
• Asset growth: 9.6% per year; rating input score 100; 68th percentile among comparable filings