Somc Medical Group PC

“Form 990, part iii, line 1 - organizations mission: the organization will further the charitable and healthcare purposes of hackensack meridian health, inc. And its tax-exempt affiliates described in section 501(c)(3) by (1) providing medically necessary healthcare services directly to patients through the physicians employed by a related corporation and (2) providing administrative, supervisory, teaching, coverage and research services to hmh hospitals corporation; a related internal revenue code section 501(c)(3) tax-exempt organization, in furtherance of its primary tax-exempt purpose in providing medically necessary healthcare services to individuals in a non-discriminatory manner regardless of race, color, creed, sex, national origin, or religion. Accordingly, the organization is an integral part of hackensack meridian health.”

“Message to the community: at hackensack meridian health, we recognize that the care we provide through our hospitals, nursing homes and other healthcare entities reaches far beyond the boundaries of our facilities. Our mission to improve the health status of the communities we serve is at the heart of our charitable roots. Even as we face growing economic pressures - the lack of adequate state and federal reimbursement, and increasing costs of pharmaceuticals and technology - we remain committed to ensuring that the residents of monmouth and ocean counties stay well through better health and education. Caring for all members of the community as a not-for-profit healthcare provider, hackensack meridian health is the regional leader in providing innovative and accessible healthcare programs and services to individuals, families, and communities throughout new jersey. Everyone deserves access to quality healthcare, regardless of their ability to pay. For people who are unable to pay for medical care, hackensack meridian health provides free or discounted services. In 2024, hackensack meridian health provided $400 million in charity care and other uncompensated care, serving as the healthcare safety net for our communitys most vulnerable populations. In addition, hackensack meridian health dedicated more than $446 million in subsidizing vital health services such as outpatient dialysis, behavioral health services, and family health clinics. Hackensack meridian healths 2024 community benefit report can be found online at www.hackensackmeridianhealth.org or upon request through any of hackensack meridian healths facilities.”

“There exists a shareholder control agreement wherein the shareholder of the organization has delegated certain reserved powers to hackensack meridian health, inc., a tax-exempt integrated healthcare delivery network (which includes this organization) including electing, appointing and removal of the directors and officers of the organization.”

“See response to part vi, question 6 above.”

“See response to part vi, question 6 above.”

“Please note that the organization did not have any committees acting on behalf of the governing body during the year. However, had there been any committees, the meetings would have been documented.”

“This organization is operated by hackensack meridian health, inc. (hmh); a tax-exempt integrated healthcare delivery network. Hmhs finance personnel prepared and reviewed the federal form 990, which was then reviewed by other appropriate internal staff for accuracy. Hmhs board of trustees designated the audit and compliance committee (acc) to review the form 990 of hmh organizations. The portions of the form 990 providing compensation disclosures also provided to the boards executive and physician compensation committee for review. The form 990 was provided to the members of the acc for review. The form 990 was also provided to each voting member of hmhs governing body, its board of trustees, prior to filing with the internal revenue service. The hmh board of trustees has the final governing authority over the subsidiaries of hmh.”

“Hackensack meridian health, inc., the tax-exempt parent organization of hackensack meridian health, a tax-exempt integrated health care delivery network, has adopted a network-wide conflict of interest policy which is applicable to all of its subsidiary organizations. The organizations regularly monitor and enforce compliance with the networks conflict of interest policy. Annually, all members of the board of trustees, officers and key employees of each organization are required to review the existing conflict of interest policy and complete a questionnaire with respect to any applicable transactions and relationships. The completed questionnaires are returned to the networks chief compliance officer for review. The chief compliance then prepares a summary of the completed questionnaires, and presents the summary to the networks governance and board development committee for its review, discussion and action (if needed). Any trustee, officer or key employee with a disclosed conflict would recuse themselves from participating in the governing bodys deliberations and decisions of a transaction in question. During the year, the chief compliance officer in conjunction with the chief legal officers also monitors on-going transactions in light of the summary to ensure that any potential conflicts of interest are appropriately handled in compliance with the policy.”

“Reasonable compensation is determined by 1) a review of the physicians background and experience, including education, professional and administrative qualifications, research projects, publications, and community activities; 2) assigned responsibilities and administrative and clinical work volumes including off-hours on-call coverage; and 3) market demand for the physicians in the particular specialty. Then, a comparison of physician compensation to national benchmarks for physicians in similar positions is done. Compensation is benchmarked with widely used industry standards and published surveys, such as those of medical group management association and sullivan cotter,inc. The physicians position and proposed compensation, the comparability data relating to his or her medical specialty, opinions from compensation consultants, if indicated, and any other information deemed relevant for all new physicians and for changes in compensation for existing physicians are reviewed by a committee of hackensack meridian health, inc., to confirm fair market value. If a physicians proposed annual total cash compensation exceeds certain parameters specified by the executive and physician compensation committee (epcc) of the board of trustees of hackensack meridian health, an additional level of review and approval is completed by the epcc. Prior to review by the epcc, the independent national compensation consultant to hmh is engaged to provide a valuation opinion to assist the epcc in its assessment and determination of compensation. The epcc assesses the market data provided by an independent national compensation consulting firm and other appropriate information to determine the additional factors that support the fair market value of the proposed compensation, and the epcc then reaches a conclusion on the fair market value of the proposed compensation.”

“See response to part vi, question 15a above.”

“The organizations filed certificate of incorporation and any amendments can be obtained and reviewed through the state of new jersey department of the treasury.”

“Part vii and schedule j reflect certain board members and officers receiving compensation and benefits from a related organization. Please note this remuneration was for services rendered as full-time employees of a related organization and not for services rendered as a voting member or officer of this organizations board of directors.”

“Pricewaterhouse coopers, l.l.p. Audited the consolidated financial statements of hackensack meridian health, inc. For the year ended december 31, 2024, including this organization. Pricewaterhouse coopers, l.l.p. Issued an unqualified opinion with respect to the audited consolidated financial statements.the hackensack meridian health, inc. Audit and compliance committee has assumed responsibility for the oversight of the audit of the consolidated financial statements, which includes this organization, and the selection of an independent auditor.”

“Form 990, part xi, line 9: internal equity transfer- $764,752.”

“Leased practice expense 9246114. 9246114. 0. 0.”