Healthfirst Health Plan of New Jersey Inc
Nonprofit profile at a glance
- EIN
- 510609967
- IRS 990 coverage
- 2010–2022
- Forms available
- Form 990 2022
- Location
- New York, NY, USA
- Phone
- 2128016000
- Rating confidence
- Limited
Reported finances
- Revenue
- $20,755
- Expenses
- $-192,335
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.
Leadership & pay
18 people listed
Executive titles in this filing
- PATRICIA J WANG (PRESIDENT AND CEO)
Highest reported compensation
- PATRICIA J WANG (PRESIDENT AND CEO): $4,584,870 total reported compensation
- STEVEN H BLACK (CHIEF OPERATING OFFICER): $2,232,658 total reported compensation
- JOHN J BERMEL (CHIEF FINANCIAL OFFICER): $1,923,485 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To promote the health of the community by arranging for the provision of health care services to medicare and medicaid beneficiaries and to relieve the poor and distressed by meeting the special health care needs of medicare and medicaid beneficiaries.
What it reported doing in 2022
Medicare Healthfirst Health Plan of New Jersey, Inc. (HFNJ) provides affordable quality health plans to eligible medicare recipients. There was no membership reported in 2022. As of 12/31/2014, the company ceased its Medicare operations. Effective December 1, 2014, the company no longer actively markets itself as an insurer and began liquidation activities to wind-down its operation.
Operating model
- Revenue model
- Investment-supported. 100% of the money available for current operations came from recurring investment income.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 60
- Accountability: 78
- Sustainability: NotEnoughData
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd 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: Limited
Accountability
- Independent voting board: 77.8%; rating input score 78; 24th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: Limited
- Total-asset coverage ratio: Limited
- Liabilities to assets ratio: Limited
- Officer compensation ratio: Limited
Growth
- Program expense growth: -48.6% per year; rating input score 0; 6th percentile among comparable filings
- Revenue growth: -25.4% per year; rating input score 0; 17th percentile among comparable filings
- Asset growth: -10% per year; rating input score 0; 13th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 7 of 9 board members independent · 7 of 9 filing controls reported
- Programs: 2 filed program accomplishments · -$207K in reported program spending
- Leadership: top reported pay $4.6M · 18 people listed · 0 of 6 pay-setting controls reported
- Consistency: 14 of 14 current checks pass
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 12 filing years from 2010 to 2022
- Contacts: How to reach this organization
- Related organizations: 8 filed related-organization links
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Growth: Asset growth scored 0/100.