Valley Physicians Services PC

“The organization received management services from two related organizations, valley physician services ny, p.c. And valley physician services, inc. Services provided included human resource management, marketing and other administrative services. The organization incurred expenses of $6,108,543 and $3,273,006 respectively for services from these related organizations.”

“The organization is a professional corporation with shareholders.”

“The form 990 is prepared by an outside accounting firm. It is reviewed by management and the audit committee of valley health system. A complete copy of the form 990 is made available to all members of the organization's governing body prior to filing.”

“The valley health system has a conflict of interest policy which covers all controlled organizations within the health system, including this organization. The policy requires all trustees, officers, and members of committees with board delegated powers, to annually sign a conflict of interest statement, disclosing any potential conflicts which may exist. Such persons are also required to disclose any potential conflicts as they arise. Conflicts are determined by the board of trustees or delegated committee considering the proposed transaction or arrangement. Persons with conflicts of interest must not participate in the discussion or vote on the related matter.”

“The executive compensation committee of valley hospital will be responsible for approving the compensation of the president and other key executives of vps, p.c. The compensation for other physicians will be approved by the physician compensation committee of valley health system. Total compensation will be set based on information regarding compensation paid by similarly situated organizations for similar services, current compensation surveys completed by independent firms, or actual written offers from similarly situated organizations. The compensation is contemporaneously documented and the process was last undertaken in 2022.”

“The organization makes its financial statements, conflict of interest policy, and governing documents available upon request.”

“The organization has a committee responsible for the oversight of its financial statements and the selection of an independent accountant. The process has not changed from the prior year.”