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← PHYSICAL MEDICINE SPECIALISTS INC

Form 990 for tax year 2023

Filed by PHYSICAL MEDICINE SPECIALISTS INC.

Totals

Total revenue
$11,232,957
Total expenses
$13,821,288
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$11,097,137
Investment income
$89,110
Other revenue
$46,710
Total assets, end of year
$4,007,272
Total liabilities, end of year
$16,707,766
Net assets or fund balances, end of year
-$12,700,494
Program services expenses (Part IX)
$12,121,397
Management and general expenses
$1,699,891
Fundraising expenses
$0
Program service expenses (Part III)
$12,121,392

Program services were 87.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Net Patient Service

    total $9,109,507 · related or exempt $9,109,507

  • 2b · Program service revenue: Physician Service Revenue

    total $1,986,281 · related or exempt $1,986,281

  • 2c · Program service revenue: Other Operating Revenue

    total $1,349 · related or exempt $1,349

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $89,110 · excluded $89,110

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Internal Purchased Services

    total $34,111 · excluded $34,111

  • 11b · Other revenue: Other Revenue

    total $12,599 · excluded $12,599

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $46,710

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $892,062 · program services $820,697 · management and general $71,365

  • 7 · Other salaries and wages

    total $8,234,085 · program services $7,575,358 · management and general $658,727

  • 8 · Pension plan contributions

    total $259,476 · program services $238,718 · management and general $20,758

  • 9 · Other employee benefits

    total $467,714 · program services $430,297 · management and general $37,417

  • 10 · Payroll taxes

    total $548,109 · program services $504,260 · management and general $43,849

  • 11a · Fees: management

    total $646,392 · management and general $646,392

  • 11b · Fees: legal

    total $14,851 · management and general $14,851

  • 11c · Fees: accounting

    total $3,407 · management and general $3,407

  • 11g · Fees: other

    total $350,250 · program services $269,653 · management and general $80,597 · fundraising $0

  • 12 · Advertising and promotion

    total $11,961 · program services $11,961

  • 13 · Office expenses

    total $70,599 · program services $12,002 · management and general $58,597

  • 14 · Information technology

    total $4,243 · program services $1,300 · management and general $2,943

  • 16 · Occupancy

    total $129,599 · program services $117,935 · management and general $11,664

  • 17 · Travel

    total $60,313 · program services $31,363 · management and general $28,950

  • 19 · Conferences, conventions and meetings

    total $27,709 · program services $25,698 · management and general $2,011

  • 22 · Depreciation, depletion and amortization

    total $183,626 · program services $165,263 · management and general $18,363

  • 23 · Insurance

    total $108,930 · program services $108,930

  • 24a · Other expenses: Pharmaceuticals

    total $1,729,924 · program services $1,729,924

  • 24b · Other expenses: Medical Supplies

    total $39,082 · program services $39,082

  • 24c · Other expenses: Dues & Subscriptions

    total $35,354 · program services $35,354

  • 24d · Other expenses: Licenses

    total $3,498 · program services $3,498

  • 24e · All other expenses

    total $104 · program services $104 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $125,312 · end of year $791,841

  • 4 · Accounts receivable

    beginning of year $866,856 · end of year $1,100,585

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $122,765 · end of year $185,406

  • 10a · Land, buildings and equipment: cost or other basis

    $2,629,462

  • 10b · Land, buildings and equipment: accumulated depreciation

    $700,022

  • 10c · Land, buildings and equipment, net

    beginning of year $1,049,920 · end of year $1,929,440

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,091,060 · end of year $1,000,680

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 25 · Other liabilities

    beginning of year $11,185,956 · end of year $15,707,086

  • 27 · Net assets without donor restrictions

    beginning of year -$10,112,163 · end of year -$12,700,494

Mission and programs · 2023

Mission

TO ADVANCE THE HEALTH AND WELL-BEING OF PERSONS REQURING REHABILITATION THROUGH SUPERIOR OUTCOMES, SERVICE, EDUCATION, AND RESEARCH.

Activities or mission (Part I)

PHYSICIAN PRACTICES IN SUPPORT OF BROOKS REHABILITATION HOSPITAL

  • BROOKS IS HOME TO A CLINICAL STAFF THAT IS AMONGST THE MOST HIGHLY TRAINED IN THE FIELD OF REHABILITATION. BY LINKING THE BEST MINDS IN REHABILITATION AND ENABLING STAFF WITH THE LATEST TECHNOLOGY, OUR CLINICAL EXPERTS PROVIDE THE MOST EFFECTIVE APPROACH TO HELP OUR PATIENTS, RESIDENTS, AND GUESTS ACHIEVE THE HIGHEST QUALITY OF LIFE POSSIBLE. THE PHYSICIAN GROUP OFFERS PATIENT CARE AT BROOKS HOSPITAL, OUTPATIENT CENTERS AND OUR SKILLED NURSING FACILITIES. IN 2023, THE MEDICAL GROUP HAD 91,822 PATIENT ENCOUNTERS. THEY ALSO PROVIDE MEDICAL EDUCATION TO UNIVERSITY OF FLORIDA RESIDENTS, THE MEDICAL COMMUNITY AND THE JACKSONVILLE COMMUNITY AT LARGE.

    Expenses $12,121,392 · Revenue $11,097,137

As filed on the 2023 return.

Listed in Part VII

  • Douglas M Baer

    Chairman / CEO

    Total calculated
    $652,428
    From this org
    $0
    From related orgs
    $583,131
    Other
    $69,297
    Hours/week
    1 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $579,270 related
    Bonus
    $0
    Other
    $0 + $3,861 related
    Deferred
    $0 + $51,959 related
    Nontaxable benefits
    $0 + $17,338 related
    Filer's total
    $0 + $652,428 related

  • J Britton Tabor

    Secretary / CFO

    Total calculated
    $444,528
    From this org
    $0
    From related orgs
    $436,599
    Other
    $7,929
    Hours/week
    1 + 51 related

    Schedule J breakdown matched by us

    Base
    $0 + $432,738 related
    Bonus
    $0
    Other
    $0 + $3,861 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $7,929 related
    Filer's total
    $0 + $444,528 related

  • Bruce Johnson

    Board Member

    Total calculated
    $32,700
    From this org
    $0
    From related orgs
    $32,700
    Other
    $0
    Hours/week
    1 + 5 related

  • Eric Mann

    Board Member

    Total calculated
    $47,700
    From this org
    $0
    From related orgs
    $47,700
    Other
    $0
    Hours/week
    2 + 4 related

  • Howard Serkin

    Board Member

    Total calculated
    $34,200
    From this org
    $0
    From related orgs
    $34,200
    Other
    $0
    Hours/week
    1 + 5 related

  • Trevor Paris MD

    Vice President / Medical Director

    Total calculated
    $484,745
    From this org
    $0
    From related orgs
    $428,908
    Other
    $55,837
    Hours/week
    10 + 34 related

    Schedule J breakdown matched by us

    Base
    $0 + $424,368 related
    Bonus
    $0
    Other
    $0 + $4,540 related
    Deferred
    $0 + $30,000 related
    Nontaxable benefits
    $0 + $25,837 related
    Filer's total
    $0 + $484,745 related

  • Howard Weiss MD

    Medical Director

    Total calculated
    $538,359
    From this org
    $488,312
    From related orgs
    $0
    Other
    $50,047
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $484,451
    Bonus
    $0
    Other
    $3,861
    Deferred
    $27,749
    Nontaxable benefits
    $22,298
    Filer's total
    $538,359

  • Kenneth Ngo MD

    DIRECTOR MEDICAL PROGRAM

    Total calculated
    $466,088
    From this org
    $403,750
    From related orgs
    $0
    Other
    $62,338
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $403,227
    Bonus
    $0
    Other
    $523
    Deferred
    $45,000
    Nontaxable benefits
    $17,338
    Filer's total
    $466,088

  • Charles Dempsey

    PHYSIATRIST

    Total calculated
    $348,775
    From this org
    $335,361
    From related orgs
    $0
    Other
    $13,414
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $333,147
    Bonus
    $0
    Other
    $2,214
    Deferred
    $0
    Nontaxable benefits
    $13,414
    Filer's total
    $348,775

  • Ivy Garcia

    PHYSIATRIST

    Total calculated
    $381,181
    From this org
    $359,459
    From related orgs
    $0
    Other
    $21,722
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $357,888
    Bonus
    $0
    Other
    $1,571
    Deferred
    $11,000
    Nontaxable benefits
    $10,722
    Filer's total
    $381,181

  • Jorge Perez-Lopez MD

    PHYSIATRIST

    Total calculated
    $565,399
    From this org
    $526,554
    From related orgs
    $0
    Other
    $38,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $526,232
    Bonus
    $0
    Other
    $322
    Deferred
    $21,601
    Nontaxable benefits
    $17,244
    Filer's total
    $565,399

  • Parag Shah MD

    PHYSIATRIST

    Total calculated
    $439,320
    From this org
    $383,169
    From related orgs
    $0
    Other
    $56,151
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $382,657
    Bonus
    $0
    Other
    $512
    Deferred
    $38,813
    Nontaxable benefits
    $17,338
    Filer's total
    $439,320

  • Pierre Galea

    PHYSIATRIST

    Total calculated
    $416,527
    From this org
    $382,205
    From related orgs
    $0
    Other
    $34,322
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $381,876
    Bonus
    $0
    Other
    $329
    Deferred
    $22,500
    Nontaxable benefits
    $11,822
    Filer's total
    $416,527

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 6a · Pay contingent on this organization's net earnings
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 6a Compensation contingent on net earnings of the organization
THE COMPANY HAS A SUCCESS SHARING PLAN THAT INCLUDES MOST EMPLOYEES. PAYMENT IS CALCULATED AS A PERCENTAGE OF COMPENSATION AND IS TRIGGERED BY MEETING SPECIFIC OPERATIONAL AND FINANCIAL GOALS.
Schedule J, Part I, Line 7 Non-fixed payments
In 2020, due to COVID, the organization paid bonus payments as a Heroes Plan.
Schedule J, Part I, Line 3
CERTAIN BOARD MEMBERS AND MANAGEMENT OFFICIALS ARE COMPENSATED BY GENESIS HEALTH, INC., THE SOLE MEMBER. THE BOARD OF GENESIS HEALTH USES THE FOLLOWING METHODS TO DETERMINE EXECUTIVE COMPENSATION: - COMPENSATION COMMITTEE - INDEPENDENT COMPENSATION CONSULTANT - WRITTEN EMPLOYMENT CONTRACT - COMPENSATION STUDY OR SURVEY - APPROVAL BY COMPENSATION COMMITTEE

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • ST AUGUSTINE MOB LTD

    N/A · REAL ESTATE HOLDING · FL

    Directly controlled by NA

  • HB Deltona Rehabilitative Services

    N/A · Outpatient Rehabilitation · FL

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • GH HOLDINGS INC

    C Corporation · HOLDING COMPANY · FL

    Directly controlled by NA

  • GH MANAGEMENT INC

    C Corporation · HOLDING COMPANY · FL

    Directly controlled by NA

  • GENESIS MANAGEMENT SERVICES INC

    C Corporation · MANAGEMENT SERVICES · FL

    Directly controlled by NA

  • GH MEDICAL SERVICES INC

    C Corporation · MEDICAL SERVICES · FL

    Directly controlled by NA

  • GH PARTNERSHIP HOLDINGS PPA INC

    C Corporation · INVESTMENT HOLDINGS · FL

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
6 December 2024
IRS schema version
2023v5.1
Source object
202413419349300941

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