Totals
- Total revenue
- $12,172,591,281
- Total expenses
- $11,974,155,917
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $12,020,085,036
- Investment income
- $152,506,245
- Other revenue
- $0
- Total assets, end of year
- $4,230,712,832
- Total liabilities, end of year
- $2,671,537,568
- Net assets or fund balances, end of year
- $1,559,175,264
- Program services expenses (Part IX)
- $11,701,524,915
- Management and general expenses
- $272,631,002
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $11,701,524,915
Program services were 97.7% 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: MEDICAID MANAGED CARE
total $6,709,752,345 · related or exempt $6,709,752,345 · unrelated business $0
-
2b · Program service revenue: MLTC - DUAL ELIGIBLE
total $613,793,093 · related or exempt $613,793,093 · unrelated business $0
-
2c · Program service revenue: EP ESSENTIAL PLAN
total $2,987,540,668 · related or exempt $2,987,540,668 · unrelated business $0
-
2d · Program service revenue: HARP
total $974,020,229 · related or exempt $974,020,229 · unrelated business $0
-
2e · Program service revenue: QUALIFIED HEALTH PLAN
total $387,036,987 · related or exempt $387,036,987 · unrelated business $0
-
2f · All other program service revenue
total $347,941,714 · related or exempt $347,941,714 · unrelated business $0
-
3 · Investment income
total $160,550,031 · unrelated business $0 · excluded $160,550,031
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
securities $629,466,264
-
7b · Less cost or other basis and sales expenses
securities $637,510,050
-
7c · Gain or loss
securities -$8,043,786
-
7d · Net gain or loss
total -$8,043,786 · unrelated business $0 · excluded -$8,043,786
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $0
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $0
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $711,718,052 · program services $458,043,538 · management and general $253,674,514 · fundraising $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $735,114 · program services $189,239 · management and general $545,875
-
12 · Advertising and promotion
total $12,054,930 · program services $11,451,553 · management and general $603,377 · fundraising $0
-
13 · Office expenses
total $2,111,683 · program services $1,434,665 · management and general $677,018 · fundraising $0
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $43,020,168 · program services $27,821,606 · management and general $15,198,562 · fundraising $0
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $306,008 · program services $197,899 · management and general $108,109 · fundraising $0
-
23 · Insurance
total $0
-
24a · Other expenses: HEALTHCARE SERVICE COSTS
total $11,184,770,700 · program services $11,184,770,700 · management and general $0 · fundraising $0
-
24b · Other expenses: MEDICAL ADMINISTRATIVE
total $14,277,687 · program services $14,277,687 · management and general $0 · fundraising $0
-
24c · Other expenses: BAD DEBT EXPENSE
total $2,984,387 · program services $1,930,035 · management and general $1,054,352 · fundraising $0
-
24d · Other expenses: DUES & FILLING FEES
total $2,177,188 · program services $1,407,993 · management and general $769,195 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $0 · end of year $0
-
2 · Savings and temporary cash investments
beginning of year $1,331,683,455 · end of year $949,609,184
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $924,223,904 · end of year $1,084,360,999
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $0 · end of year $0
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
11 · Investments: publicly traded securities
beginning of year $2,066,579,401 · end of year $2,148,090,316
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $38,723,586 · end of year $38,723,586
-
15 · Other assets
beginning of year $8,460,307 · end of year $9,928,747
-
17 · Accounts payable and accrued expenses
beginning of year $2,564,410,958 · end of year $2,045,935,278
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $16,909,135 · end of year $147,732,070
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $458,895,897 · end of year $477,870,220
-
27 · Net assets without donor restrictions
beginning of year $1,329,454,663 · end of year $1,559,175,264
-
28 · Net assets with donor restrictions
beginning of year $0 · end of year $0
Mission and programs · 2024
Mission
TO IMPROVE THE HEALTH AND WELL-BEING OF UNDERSERVED POPULATIONS BY PROVIDING COMPREHENSIVE PREPAID HEALTHCARE COVERAGE TO MEDICAID, MANAGED LONG TERM CARE (MLTC), ESSENTIAL PLAN, HARP, QUALIFIED HEALTH PLAN AND CHILD HEALTH PLUS RECIPIENTS.
Activities or mission (Part I)
IMPROVE THE HEALTH & WELL-BEING OF UNDER- served populations by providing gov't purchased prepaid healthcare coverage to individuals covered under medicaid and other health progs.
-
MEDICAID MANAGED CARE: HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. PHSP HAS PARTICIPATED IN NEW YORK'S MEDICAID PROGRAM SINCE OCTOBER 1994. FOR 2024 THERE WERE 1,470,499 MEMBERS ENROLLED IN PHSP'S MEDICAID PLAN.
Expenses $6,566,167,763 · Revenue $6,709,752,345
-
HEALTH AND RECOVERY PLAN (HARP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO MEDICAID ELIGIBLE INDIVIDUALS THAT HAVE SERIOUS BEHAVIORAL HEALTH DIAGNOSES. THE HARP PROGRAM WAS INTRODUCED IN 2015 AND IS A MANAGED CARE PROGRAM WITHIN MEDICAID. FOR 2024 THERE WERE 38,017 MEMBERS ENROLLED IN PHSP'S HARP PROGRAM.
Expenses $942,992,725 · Revenue $974,020,229
-
ESSENTIAL PLAN (EP): HEALTHFIRST PHSP, INC. (PHSP) IS A LICENSED PREPAID HEALTH SERVICES PLAN THAT PROVIDES COMPREHENSIVE PREPAID HEALTH CARE COVERAGE TO BENEFICIARIES OF GOVERNMENT HEALTH CARE COVERAGE PROGRAMS. EP IS A PROGRAM WHICH COVERS INDIVIDUALS WHO WOULD OTHERWISE BE ELIGIBLE FOR EITHER CERTAIN CATEGORIES OF EXPANDED MEDICAID COVERAGE OR SIGNIFICANT SUBSIDIES FOR QUALIFIED HEALTH PLAN (QHP) FOR LITTLE OR NO MEMBER CONTRIBUTION. FOR 2024 THERE WERE 554,466 MEMBERS ENROLLED IN PHSP'S EP PLAN.
Expenses $2,910,238,763 · Revenue $2,987,540,668
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
PATRICIA J WANG
PRESIDENT AND CEO
- Total calculated
- $5,237,080
- From this org
- $0
- From related orgs
- $4,693,860
- Other
- $543,220
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $1,645,969 related
- Bonus
- $0 + $2,469,453 related
- Other
- $0 + $578,438 related
- Deferred
- $0 + $534,513 related
- Nontaxable benefits
- $0 + $9,872 related
- Filer's total
- $0 + $5,238,245 related
-
JOHN J BERMEL
CHIEF FINANCIAL OFFICER
- Total calculated
- $2,141,094
- From this org
- $0
- From related orgs
- $2,102,763
- Other
- $38,331
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $889,423 related
- Bonus
- $0 + $1,123,487 related
- Other
- $0 + $89,853 related
- Deferred
- $0 + $20,700 related
- Nontaxable benefits
- $0 + $18,946 related
- Filer's total
- $0 + $2,142,409 related
-
GERALD T SWEENEY
SVP CHIEF INFORMATION OFFICER
- Total calculated
- $1,740,491
- From this org
- $0
- From related orgs
- $1,548,324
- Other
- $192,167
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $666,108 related
- Bonus
- $0 + $713,045 related
- Other
- $0 + $169,171 related
- Deferred
- $0 + $165,324 related
- Nontaxable benefits
- $0 + $28,158 related
- Filer's total
- $0 + $1,741,806 related
-
SEAN KANE
CHIEF HR OFFICER
- Total calculated
- $1,557,029
- From this org
- $0
- From related orgs
- $1,387,832
- Other
- $169,197
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $638,420 related
- Bonus
- $0 + $631,859 related
- Other
- $0 + $117,553 related
- Deferred
- $0 + $142,354 related
- Nontaxable benefits
- $0 + $28,158 related
- Filer's total
- $0 + $1,558,344 related
-
JAY A SCHECHTMAN
CHIEF MEDICAL OFFICER
- Total calculated
- $1,502,468
- From this org
- $0
- From related orgs
- $1,341,805
- Other
- $160,663
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $601,346 related
- Bonus
- $0 + $622,061 related
- Other
- $0 + $118,398 related
- Deferred
- $0 + $134,760 related
- Nontaxable benefits
- $0 + $27,218 related
- Filer's total
- $0 + $1,503,783 related
-
KAREN WEINSEISS
SVP Operations
- Total calculated
- $1,396,037
- From this org
- $0
- From related orgs
- $1,235,464
- Other
- $160,573
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $659,927 related
- Bonus
- $0 + $487,649 related
- Other
- $0 + $87,888 related
- Deferred
- $0 + $133,730 related
- Nontaxable benefits
- $0 + $28,158 related
- Filer's total
- $0 + $1,397,352 related
-
BARBARA MONTRESOR
SVP Comm & Marketing
- Total calculated
- $1,240,328
- From this org
- $0
- From related orgs
- $1,111,979
- Other
- $128,349
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $536,140 related
- Bonus
- $0 + $493,720 related
- Other
- $0 + $82,119 related
- Deferred
- $0 + $101,506 related
- Nontaxable benefits
- $0 + $28,158 related
- Filer's total
- $0 + $1,241,643 related
-
ERROL PIERRE
SVP State Programs
- Total calculated
- $1,228,235
- From this org
- $0
- From related orgs
- $1,108,361
- Other
- $119,874
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $569,755 related
- Bonus
- $0 + $458,347 related
- Other
- $0 + $80,259 related
- Deferred
- $0 + $112,156 related
- Nontaxable benefits
- $0 + $9,033 related
- Filer's total
- $0 + $1,229,550 related
-
JENNIFER COHEN
SVP MEDICARE
- Total calculated
- $1,225,390
- From this org
- $0
- From related orgs
- $1,073,864
- Other
- $151,526
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $573,595 related
- Bonus
- $0 + $422,141 related
- Other
- $0 + $78,128 related
- Deferred
- $0 + $137,139 related
- Nontaxable benefits
- $0 + $15,703 related
- Filer's total
- $0 + $1,226,706 related
-
KATHRYN HOWELL
CLO and General Counsel
- Total calculated
- $1,066,133
- From this org
- $0
- From related orgs
- $960,748
- Other
- $105,385
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $580,770 related
- Bonus
- $0 + $372,495 related
- Other
- $0 + $7,483 related
- Deferred
- $0 + $105,385 related
- Nontaxable benefits
- $0 + $1,315 related
- Filer's total
- $0 + $1,067,448 related
-
DEREK LAM
VP Delivery System Innovation
- Total calculated
- $463,274
- From this org
- $0
- From related orgs
- $425,852
- Other
- $37,422
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $332,606 related
- Bonus
- $0 + $92,898 related
- Other
- $0 + $348 related
- Deferred
- $0 + $19,352 related
- Nontaxable benefits
- $0 + $18,990 related
- Filer's total
- $0 + $464,194 related
-
LINDA TIANO
CLO/SECRETARY ENDED 6/2023
- Total calculated
- $453,850
- From this org
- $0
- From related orgs
- $453,850
- Other
- $0
- Hours/week
- 0
Schedule J breakdown matched by us
- Base
- $0
- Bonus
- $0 + $453,850 related
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $453,850 related
-
ROBERT P BLANCHARD
Treasurer
- Total calculated
- $452,718
- From this org
- $0
- From related orgs
- $405,175
- Other
- $47,543
- Hours/week
- 1 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $264,745 related
- Bonus
- $0 + $137,659 related
- Other
- $0 + $2,771 related
- Deferred
- $0 + $20,700 related
- Nontaxable benefits
- $0 + $27,449 related
- Filer's total
- $0 + $453,324 related
-
STEPHEN ROSENTHAL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David Evangelista
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
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
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- SCHEDULE J, PART 1, LINE 3
- THE COMPENSATION OF THE CEO IS DETERMINED BY THE COMPENSATION COMMITTEEOF HF MANAGEMENT SERVICES, LLC, THE MANAGEMENT COMPANY THAT PROVIDES ALL SERVICES TO PHSP (A RELATED ORGANIZATION). THE COMMITTEE CONSISTS ONLY OF HFMS MEMBER HOSPITAL EXECUTIVES (WHO ARE NOT EMPLOYED NOR COMPENSATED BY HFMS OR ANY OF ITS AFFILIATES). THE PROCESS FOR DETERMINING COMPENSATION IS DESCRIBED IN THE COMMITTEE'S CHARTER. THE PROCESS INCLUDES ENGAGEMENT OF AN OUTSIDE HUMAN RESOURCES CONSULTING FIRM TO CONDUCT A COMPARABILITY ANALYSIS. THE ANALYSIS INCLUDES COMPARABLE RANGES OF EXECUTIVE COMPENSATION USING THE COMPANY'S INDUSTRY CLASSIFICATION. THE COMMITTEEMEETS PRIOR TO IMPLEMENTATION OF ANY CHANGE IN COMPENSATION. CONTEMPORANEOUS MINUTES OF EACH MEETING ARE PREPARED.
- SCHEDULE J, PART I, LINE 4B
- THE FOLLOWING INDIVIDUALS PARTICIPATED IN THE NON-QUALIFIED RETIREMENT PLAN PROVIDED BY HF MANAGEMENT SERVICES, LLC - A RELATED ORGANIZATION. THE AMOUNTS BELOW REPRESENT CONTRIBUTIONS TO THE PLAN SPONSOR FOR 2024: PATRICIA J. WANG $520,013, JAY A. SCHECHTMAN $114,060, GERALD T. SWEENEY $144,624, SEAN KANE $121,654, BARBARA MONTRESOR $80,806, ERROL PIERRE $93,912, KAREN B. WEINSEISS $113,030. KATHRYN HOWELL $95,000 AND JENNIFER COHEN $117,120.
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.
-
501 (C)4 · MANAGED CARE · NY
Directly controlled by HEALTHFIRST
-
501 (C)3 · MANAGED CARE · NY
Directly controlled by NA
-
501 (C)3 · CHARITABLE · NY
Directly controlled by NA
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.
-
3RD PTY ADM S · NY · share of income $0 · share of assets $0
-
CONSULTING SV · CT · share of income $0 · share of assets $0
Directly controlled by HF ADMIN SVCS
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
HF ADMINISTRATIVE SERVICES INC
C CORP · 3RD PTY ADM S · NY · share of income $0 · share of assets $0
Directly controlled by HF MGMT SVCS
-
HEALTHFIRST INSURANCE COMPANY INC
C CORP · INSUR. PROVID · NY · 50% owned · share of income $1,774,448 · share of assets $9,928,747 · controlled entity
Directly controlled by NA
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 October 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543109349303454
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