MDWise Marketplace Inc

Nonprofit profile at a glance

EIN
465270582
IRS 990 coverage
2014–2020
Forms available
Form 990 2020
Location
Indianapolis, IN, USA
Phone
3179634842
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Group Health Practice (Health Maintenance Organizations)

Reported finances

Revenue
$9,751,131
Expenses
$9,906,690
Assets
$1,611,179
Liabilities
$108,088

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

5 people listed

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

MDwise Marketplace, Inc. offered qualified products on the Federally Facilitated Health Insurance Marketplace targeted toward individuals who do not qualify for Indiana Medicaid programs. Services have been discontinued and the organization is in a period of claims run-out.

What it reported doing in 2020

Services offered by MDwise Marketplace, Inc. have been discontinued and the organization is in a period of claims run-out. MDwise Marketplace, Inc. offered qualified products on the Federally Facilitated Health Insurance Marketplace, formed with the introduction of the Affordable Care Act, to cover individuals who do not qualify for Indiana Medicaid programs. These plans were subject to individual premiums and cost sharing for residents ages 0-64. Marketplace administered three different levels of plans through the exchange: Gold, Silver, and Bronze. Depending on the individual income levels, individuals may have qualified for federal subsidies.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 55
  • Accountability: 32
  • Sustainability: 26
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 9th 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: No; rating input score 0

Accountability

  • Independent voting board: 40%; rating input score 40; 7th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1.6%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 0.16; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 70; 70th percentile among comparable filings
  • Officer compensation ratio: 2.5%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: -22.7% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -23% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -38.4% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99% of spending went to programs
  • Governance: 2 of 5 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $9.8M in reported program spending
  • Leadership: top reported pay $1.3M · 5 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $843K reported
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 7 filing years from 2014 to 2020
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • 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.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Operating margin scored 18/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.