Ridgeview Medical Center

Nonprofit profile at a glance

EIN
311667875
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Waconia, MN, USA
Phone
9524422191
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Hospital, General

Official website

Reported finances

Revenue
$407,074,551
Expenses
$403,331,858
Assets
$402,094,568
Liabilities
$239,155,056

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • MICHAEL PHELPS (PRESIDENT/CEO)
  • STACEY LEE (VICE PRESIDENT)
  • ELAINE ARION (VICE PRESIDENT & CNO)
  • CHRISTOPHER STEFFEN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MICHAEL PHELPS (PRESIDENT/CEO): $1,224,841 total reported compensation
  • AARON BLOOMQUIST (CFO): $895,572 total reported compensation
  • STACEY LEE (VICE PRESIDENT): $509,236 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Ridgeview medical center exists to enhance the lifelong health of people it serves with a culture that nurtures the whole person: mind, body, and spirit.

What it reported doing in 2024

Ridgeview medical center enhanced and provided quality healthcare services for the community of waconia and surrounding areas. The hospital provided charity care and other uncompensated care in the amount of $876,975 during 2024. The unpaid cost for services provided to medicaid and medicare patients was $12,679,529 and $45,968,162 in 2024. In 2024 the hospital spent $11,942,761 on uncompensated community services including taxes and fees. The hospital had 27,418 inpatient hospital stays, 48,025 emergency care visits, 46,168 urgent care visits, 54,291 home health visits, 16,067 surgery cases, 1,457 births, 17,097 ambulance calls, 176,584 primary and specialty clinic visits, and 720,968 lab tests in 2024 ridgeview medical center serves more than 310,000 people, while operating one hospital, one free-standing emergency and urgent care facility, and seven multi-specialty clinic locations.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program 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

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 89
  • Accountability: 100
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.1%; rating input score 75
  • Program expense ratio: 73.8%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 76%; rating input score 76; 16th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0.9%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 1; rating input score 39; 39th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 6% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: 5.9% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 75.1% of revenue deployed · 73.8% of spending went to programs
  • Governance: 10 of 10 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $297.7M in reported program spending
  • Leadership: top reported pay $1.2M · 26 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $20.6M reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 27 filed money-flow records
  • Related organizations: 10 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 37/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.