Civic Intelligence

Southcoast Physicians Group Inc

EIN 22-2703314 • 501(c)3 • Fairhaven, MA

Profile

To promote the availability of high quality medical services in service areas covered by shs and its tax exempt affiliates. (see schedule o)

200 Mill Road Ste 180Fairhaven, MA 02719-5252

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

1.00x

Higher debt load relative to assets than 92% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

54th percentile

0.53x

Higher debt load relative to revenue than 54% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

7th percentile

-24%

Higher net margin than 7% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

74th percentile

$1,615,731

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

54th percentile

7.0%

Faster asset growth than 54% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

58th percentile

11%

Faster revenue growth than 58% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$163,040,939

Up $10,603,388 (+7.0%) from 2023

Liabilities

Up

$163,040,939

Up $10,603,388 (+7.0%) from 2023

Net Assets

Flat

$0

Flat from 2023

Revenue

Up

$308,535,976

Up $31,134,201 (+11%) from 2023

Expenses

Up

$381,816,948

Up $30,968,361 (+8.8%) from 2023

Net Income

Up

-$73,280,972

Up $165,840 (+0.2%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200M$150M$100M$50M$0Assets 2011: $14,968,686Liabilities 2011: $12,049,708Net Assets 2011: $2,918,9782011Assets 2012: $32,834,829Liabilities 2012: $26,968,390Net Assets 2012: $5,866,4392012Assets 2013: $42,635,663Liabilities 2013: $32,137,040Net Assets 2013: $10,498,6232013Assets 2014: $75,487,216Liabilities 2014: $46,084,676Net Assets 2014: $29,402,5402014Assets 2015: $77,349,079Liabilities 2015: $39,286,067Net Assets 2015: $38,063,0122015Assets 2016: $75,285,082Liabilities 2016: $48,841,071Net Assets 2016: $26,444,0112016Assets 2017: $70,136,244Liabilities 2017: $64,425,168Net Assets 2017: $5,711,0762017Assets 2018: $81,840,505Liabilities 2018: $66,618,515Net Assets 2018: $15,221,9902018Assets 2019: $83,464,560Liabilities 2019: $63,270,699Net Assets 2019: $20,193,8612019Assets 2020: $122,384,773Liabilities 2020: $122,384,773Net Assets 2020: $02020Assets 2021: $120,479,326Liabilities 2021: $119,440,143Net Assets 2021: $1,039,1832021Assets 2022: $115,083,218Liabilities 2022: $115,083,218Net Assets 2022: $02022Assets 2023: $152,437,551Liabilities 2023: $152,437,551Net Assets 2023: $02023Assets 2024: $163,040,939Liabilities 2024: $163,040,939Net Assets 2024: $02024

Highlighted filing

2024

Assets$163,040,939
Liabilities$163,040,939
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$400M$200M$0-$200MExpenses 2011: $60,387,7882011Revenue 2012: $77,964,783Expenses 2012: $87,105,022Net Income 2012: -$9,140,2392012Expenses 2013: $136,799,2552013Revenue 2014: $127,452,885Expenses 2014: $193,510,669Net Income 2014: -$66,057,7842014Revenue 2015: $171,052,196Expenses 2015: $233,691,724Net Income 2015: -$62,639,5282015Revenue 2016: $178,266,214Expenses 2016: $242,486,869Net Income 2016: -$64,220,6552016Revenue 2017: $179,849,184Expenses 2017: $257,638,820Net Income 2017: -$77,789,6362017Revenue 2018: $198,790,373Expenses 2018: $258,029,459Net Income 2018: -$59,239,0862018Revenue 2019: $207,370,917Expenses 2019: $266,989,539Net Income 2019: -$59,618,6222019Revenue 2020: $200,490,793Expenses 2020: $268,464,870Net Income 2020: -$67,974,0772020Revenue 2021: $225,877,511Expenses 2021: $303,861,013Net Income 2021: -$77,983,5022021Revenue 2022: $263,776,064Expenses 2022: $331,147,797Net Income 2022: -$67,371,7332022Revenue 2023: $277,401,775Expenses 2023: $350,848,587Net Income 2023: -$73,446,8122023Revenue 2024: $308,535,976Expenses 2024: $381,816,948Net Income 2024: -$73,280,9722024

Highlighted filing

2024

Revenue$308,535,976
Expenses$381,816,948
Net Income-$73,280,972

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$163$163$0.00$309$382$73.3
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$152$152$0.00$277$351$73.4
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$115$115$0.00$264$331$67.4
2021Detailed filing. Detailed filing data is available for this year.$120$119$1.04$226$304$78.0
2020Detailed filing. Detailed filing data is available for this year.$122$122$0.00$200$268$68.0
2019Detailed filing. Detailed filing data is available for this year.$83.5$63.3$20.2$207$267$59.6
2018Detailed filing. Detailed filing data is available for this year.$81.8$66.6$15.2$199$258$59.2
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$70.1$64.4$5.71$180$258$77.8
2016Detailed filing. Detailed filing data is available for this year.$75.3$48.8$26.4$178$242$64.2
2015Detailed filing. Detailed filing data is available for this year.$77.3$39.3$38.1$171$234$62.6
2014Detailed filing. Detailed filing data is available for this year.$75.5$46.1$29.4$127$194$66.1
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.6$32.1$10.5$137
2012Summary only. Only limited summary data is available for this year.$32.8$27.0$5.87$78.0$87.1$9.14
2011XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.0$12.0$2.92$60.4
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Aug 13, 2025
Return Version
2023v6.0
Gross Receipts
$308,539,904
Mission and Program Overview

Mission

To promote the availability of high quality medical services in service areas covered by shs and its tax exempt affiliates. (see schedule o)

See schedule oto promote the availability of high quality medical services in service areas covered by southcoast health system, inc. (shs) and its tax exempt affiliates.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$19,510,097$25,441,635▲ $5,931,538
Accounts Receivable$18,284,458$20,117,441▲ $1,832,983
Land, Buildings, and Equipment, Net$18,048,474$17,244,818▼ $803,656
Intangible Assets$7,666,514$7,666,514→ $0
Prepaid Expenses and Deferred Charges$3,980,997$5,436,872▲ $1,455,875
Total Assets$152,437,551$163,040,939▲ $10,603,388
Other Assets Total$84,947,011$87,133,659▲ $2,186,648
Liabilities
Other Liabilities$93,533,057$99,492,751▲ $5,959,694
Accounts Payable and Accrued Expenses$58,904,494$63,548,188▲ $4,643,694
Total Liabilities$152,437,551$163,040,939▲ $10,603,388
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$0-
Total Net Assets Fund Balance$0$0→ $0
Total Liabilities and Net Assets / Fund Balance$152,437,551$163,040,939▲ $10,603,388

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$7,717,698$17,459,292$25,176,990
Equipment$1,497,113$8,268,148$9,765,261
Buildings$6,262,547$2,701,511$8,964,058
Other Land Buildings$1,184,010$154,919$1,338,929
Land$583,450-$583,450
Other Assets Org$46,112,546--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rayford Kruger MdPresident & Ex-officio (until 1/3/24)PT-$1,611,294$1,611,294
Richard PinPhysicianFT$668,992$524,748$1,193,740
Michael LangworthyPhysicianFT$813,769$372,247$1,186,016
Matthew PhillipsPhysicianFT$883,342$300,177$1,183,519
Edress Othman MdTrustee & PhysicianFT$911,477$250,321$1,161,798
Patrick GagnonPhysicianFT$823,073$301,244$1,124,317
Iraklis GeorgiannisPhysicianFT$1,053,298$40,730$1,094,028
Dennis Larock MdTrustee & PhysicianFT$890,800$61,785$952,585
Dani HacknerSVP CCO Shg, Phys in Chief MedPT$661,512$274,154$935,666
Peter CohnChief Cardiovascular Care CenterFT$644,151$243,597$887,748
Jeffrey Lawrence MdTrustee (until 4/30/24) & PhysicianFT$613,187$211,464$824,651
Aaron NovyTrustee & PhysicianFT$172,674$46,109$218,783
Salman Bashir MdTrustee--$3,858$3,858

Board Members and Trustees

NameTitle
Jason RuaChair
Keith HovanFormer President
Rayford Kruger MdPresident & Ex-officio (until 1/3/24
Donald G GiumettiVice Chair
Carmen F SylvesterTrustee
Christopher HodgsonTrustee
Dennis FuscoTrustee
Elizabeth HuidekoperTrustee
Louis CabralTrustee
Renee ClarkClerk/ Evp & COO Shg
David MccreadyEx-officio, Pres & CEO (from 1/24)
Wade BroughmanTreasurer/ Evp Fin & CFO Shg
Courtney IvesVP Care Center Operations
Linda HevenorVP Clinical Operations

Highest Paid Contractors

ContractorServicesLocationCompensation
Synergy SurgicalistsPhysician Services280 W KAGY BLVD 320, Bozeman, MT 59715$2,857,150
Allegiance Medical Partners LLCStaffing85 STILES ROAD 203, Salem, NH 03079$1,418,759
Mvp Anesthesia Associates PCStaffing1342 BELMONT STREET SUITE 205, Brockton, MA 02301$1,059,884
Brigham And Womens Physician OrganizatioStaffingPO BOX 3684, Boston, MA 02241$948,949
Pratt Otolaryngology - Head & Neck AssocStaffing800 WASHINGTON STREET, Boston, MA 02111$776,806
Revenue and Support

Revenue Composition

Contributions and Grants
$680,961
Program Service Revenue
$307,753,685
Investment Income
$1,435
Other Revenue
$99,895
Change in Net Assets
$-73,280,972
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$318,839,519
Other Expenses$62,977,429
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$262,539,533$7,408,393-$269,947,926
Other Employee Benefits$18,557,380$1,944,297-$20,501,677
Fees for Services Other$12,844,467$1,895,735-$14,740,202
Occupancy$12,557,522$1,960,501-$14,518,023
Payroll Taxes$13,779,753$424,403-$14,204,156
Pension Plan Contributions$8,614,908$273,117-$8,888,025
Insurance$5,430,534$299,654-$5,730,188
Current Officers, Directors, Trustees, and Key Employees$4,456,221$621,472-$5,077,693
Depreciation Depletion$2,973,130$114,873-$3,088,003
Fees for Services Management$1,379,366$50,279-$1,429,645
Office Expenses$558,975$813,154-$1,372,129
All Other Expenses$521,282$186,410-$707,692
Conferences and Meetings$503,667$8,214-$511,881
Travel$394,313$23,207-$417,520
Other Expenses$325,572$3,713-$329,285
Information Technology$247,210$3,414-$250,624
Comp Disqual Persons$220,042--$220,042
Fees for Services Legal-$197,979-$197,979
Advertising$88$2,728-$2,816
Total Functional Expenses$360,347,304$21,469,644$0$381,816,948
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-See Part VSee Part VNo$160,717
-See Part VSee Part VNo$59,325
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability Operating$48,099,904
Due to Affiliates$25,951,212
Deferred Compensation$25,441,635
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Carmen sylvester; christopher hodgson; dennis fusco; donald giumetti; elizabeth huidekoper; louis cabral; and jason rua had business relationships with david mccready; rayford kruger, md; salman bashir, md; renee clark; and wade broughman, who were employed by southcoast hospitals group, inc. David mccready; rayford kruger, md; salman bashir, md; renee clark; and wade broughman also had a business relationship.

Form 990, Part VI, Section A, Line 6

Southcoast health system, inc. (shs), spg's parent corporation, is the sole corporate member of spg.

Form 990, Part VI, Section A, Line 7A

Shs elects the trustees and directors of spg and exercises specified reserved powers over spg.

Form 990, Part VI, Section A, Line 7B

Spg is organized and operates to carry out and further the tax exempt purposes of its non-profit affiliate, southcoast hospitals group, inc. ("shg") by caring for and improving the health and promoting the wellness of the people in the communities served by the hospitals group.

Form 990, Part VI, Section B, Line 11B

The organization prepares the form 990 with the assistance of a paid preparer. The governing board of shs, the sole corporate member of spg, reviews form 990 and its related schedules prior to filing. The review is performed by the governing board as it provides oversight for compensation and conflict of interest matters on its own behalf and on behalf of its affiliates on a system-wide basis. A complete copy of the form 990 and its schedules are posted to the shs board's website portal for all board members to review, make inquiries, and have any adjustments made prior to filing.

Form 990, Part VI, Section B, Line 12C

Shs has conflict of interest, legal compliance and code of conduct policies that apply to all trustees, officers, directors and employees (referred to as "members") of spg. On an annual basis, each member will complete the conflict of interest questionnaire which affirms that each person has: (1) received a copy of the policy, (2) read and understood the policy, (3) agreed to comply with the policy, and (4) understood that the system entities are charitable organizations and that to maintain their federal tax exemption, such entities must engage primarily in activities which accomplish one or more of its tax-exempt purposes. To ensure the system operates in a manner consistent with its charitable purposes, does not engage in activities that could jeopardize its status as an organization exempt from federal taxation, and in connection with its compliance program, system's management shall conduct periodic reviews of the conflict of interest policy and the operation and application of it. Members shall disclose any interests or activities in which they are involved or become involved that do result, or may appear to result in a conflict of interest or potential conflict of interest and shall comply with, and make all required disclosures under the conflict of interest policy prior to commencing, continuing, or consummating any activity or transaction which raises a conflict of interest or a potential conflict of interest. Each member is under an ongoing duty to update and keep current the information contained in their questionnaire. At least annually, or as necessary based on disclosures, the general counsel will summarize and report all disclosures to the president and ceo and the chairman of the board of trustees (or his/her designee). Upon disclosure of financial or non-financial interests ("interests") and all material facts related thereto by member or an interested person, the chair of the system's governance committee shall determine in conjunction with the general counsel whether a conflict of interests exists. The governance committee can continue to discuss the issue with the member or interested person to clarify or obtain additional information. However, before the governance committee discusses or determines whether the member or other interested person's interests constitute a conflict of interest, the member or interested person must leave the meeting. In the event the interest involves the chair or ceo, the remaining governance committee members shall appoint one or more disinterested trustees to make such a determination. Once the determination of the conflict of interest is made by the governance committee, such determination, along with appropriate mitigation plans, will be submitted by the governance committee for review and approval. If any board or board committee has reasonable cause to believe that a member has failed to disclose an actual conflict of interest or a potential conflict of interest, it shall inform such person of the basis for such belief and afford such a member an opportunity to explain the alleged failure to disclose it. If, after hearing the response of such person and making further inquiry or investigation as warranted by the circumstances, the board or board committee determines that such person has in fact failed to dislcose an actual conflict of interest or a potential conflict of interest, the appropriate disciplinary and corrective action shall be taken.

Form 990, Part VI, Section B, Line 15

For its physician employees, compensation is reviewed and approved upon employment or adjustment or at least annually by a committee of the board comprised of all non-physician trustees. As part of the review, an independent physician compensation consultant is engaged to express a fair market value opinion on offers of employment or for salary adjustments for all experienced physicians and assist in the development of salary ranges for physicians being employed who have recently graduated from training programs. The consultant uses safe-harbor guidelines set by the federal legislation or developed by federal agencies in formulating the opinions and developing the salary ranges. The process for determining compensation included contemporaneous substantiation of the deliberation and decision.

Form 990, Part VI, Section C, Line 19

Spg makes its governing documents, conflict of interest policy and financial statements available to the public by providing them upon request.

FORM 990, PART VII, SECTION A, LINE 1:

Trustees and officers are compensated for their roles outside of their capacity as trustees and officers.

Filing and Contact Details

Filer

Filer Name
Southcoast Physicians Group Inc
EIN
22-2703314
Phone
5089732905
Address
200 MILL ROAD STE 180, FAIRHAVEN, MA 02719-5252

Signing Officer

Name
Michael Bushell
Title
Evp Finance & CFO
Phone
8089737013
Signed
2025-08-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Mccready
Formed
1986
Legal Domicile
Ma
Voting Board Members
12
Independent Board Members
8
Employees
2,093
Volunteers
7

Preparer

Firm
Deloitte Tax Llp
Address
2 JERICHO PLAZA, JERICHO, NY 11753
Preparer
Kristin Ruffini
Phone
5169187000
Supplemental Narrative

Additional Explanations

FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

The mission of southcoast physicians group, inc. (spg) is to promote the availibility of high quality medical services in service areas covered by southcoast health system, inc. (shs) and its tax exempt affiliates by promoting the development of an efficient, integrated medical delivery system that will better meet the needs of the communities served by southcoast now and in the future by acquiring and establishing physician practices and developing managed care services.

FORM 990, PART III, LINE 4A, DESCRIPTION OF PROGRAM SERVICE:

Primary care - spg's accomplishments include the development and maintenance of an efficient and integrated primary care delivery system that successfully meets the health care needs of the communities served by spg and its non-profit affiliates. Spg serves patients of all ages, races and ethnic backgrounds and provides health care services such as preventative health care, physicals, immunizations, treatments for illnesses and injuries and provides referrals to other health care specialists as needed. During fiscal 2024, approximately 41.13% of patient visits to spg primary care practices were attributable to patients whose primary health insurance was medicare, and another 15.35% of visits were provided to patients whose primary health insurance was masshealth (medicaid) and commonwealth care plans. During fiscal 2024, there were 342,955 total patient visits to spg primary care practices and 95,454 immunizations were administered to spg patients.

FORM 990, PART III, LINE 4B, DESCRIPTION OF PROGRAM SERVICE:

Hospitalists - spg employs hospitalists who are physicians board certified in internal medicine or family practice and specialize in the care of patients whose illness is serious enough to require admission to an acute-care hospital. Sometimes hospitalists have additional expertise in specialities such as pulmonary medicine or critical care. The hospitalists primary focus of care and expertise is for the patients of its related not-for-profit hospital they serve. Southcoast hospitals group, inc. Hospitalists are available to see admitted patients 24 hours a day 7 days a week and provide complete care to patients during their hospital stay while communicating with nurses, other health team members and each patient's primary care physicians, thereby providing the highest level of health care services. During fiscal 2024, hospitalists had 141,473 patient visits, of which 70.60% were made to patients whose primary health insurance was medicare, and another 15.95% of visits were provided to patients whose primary health insurance was masshealth (medicaid).

FORM 990, PART III, LINE 4C, DESCRIPTION OF PROGRAM SERVICE:

Specialists - spg employs specialists, including surgeons, oncologists, cardiologists, gastroenterologists, neurologists, psychiatrists, and others. During fiscal 2024, spg specialists served 900,948 patients, of which 49.51% were patients whose primary health insurance was medicare, and another 19.61% were patients whose primary health insurance was masshealth (medicaid).

FORM 990, PART XI, LINE 9:

Transfers among affiliates 73,280,972.

Financial Statement Notes

Part X, Line 2

Spg has adopted fin 48. There is no footnote disclosure in shs' fiscal september 30, 2024 consolidated audited financial statements since the adoption of fin 48 was not material.

Raw XML AppendixShowing 400 of 1,210 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT & EX-OFFICIO (UNTIL 1/3/24)
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