Nonprofit · EIN 04-2864973
HEALTH NEW ENGLAND & SUBSIDIARIES
Tax-exempt · SPRINGFIELD, MA 01144
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $995,624,746 | $975,203,492 | $20,421,254 | $294,149,482 | $212,691,430 | $81,458,052 |
| December 31, 2023 | 990 | $990,780,932 | $1,016,731,021 | -$25,950,089 | $295,692,088 | $231,030,207 | $64,661,881 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $981,873,894
- Investment income
- $11,593,630
- Net gain from sales of assets
- $2,717,388
- Other revenue
- $2,157,222
Expenses
- Grants and similar amounts paid
- $446,683
- Benefits paid to members
- $881,808,768
- Compensation of officers, directors and key employees
- $3,987,602
- Other salaries and wages
- $31,868,957
- Salaries, compensation and benefits (total)
- $44,427,111
- Professional fundraising fees
- $0
- Legal fees
- $487,120
- Accounting fees
- $3,361,889
- Occupancy
- $1,304,778
- Travel
- $62,853
- Depreciation
- $1,330,165
- Program services (functional)
- $882,255,451
- Management and general (functional)
- $92,948,041
Balance sheet and other
- Total assets, start of year
- $295,692,088
- Total assets, end of year
- $294,149,482
- Total liabilities, end of year
- $212,691,430
- Net assets, end of year
- $81,458,052
- Land, buildings and equipment
- $535,927
- Publicly traded securities
- $168,731,143
- Net assets without donor restrictions
- $81,458,052
- Gross receipts
- $1,091,339,391
- Employees
- 463
- Volunteers
- 0
- Year formed
- 2013
- State of legal domicile
- MA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| PETER BANKO START 6124 | CHAIR/DIR, PRES & CEO BH Trustee or director, Officer | 1 | $0 | $1,514,715 | $233,002 |
| MARK A KEROACK MD TERM 531 | CHAIR/DIR, PRES & CEO BH Trustee or director, Officer | 1 | $0 | $1,554,650 | $33,049 |
| RICHARD SWIFT | CHIEF EXECUTIVE OFFICER Officer | 39 | $1,058,502 | $0 | $452,498 |
| RAYMOND MCCARTHY | DIRECTOR, SVP CFO TREAS BH Trustee or director, Officer | 1 | $0 | $1,279,577 | $56,057 |
| LISA M COHEN | VP & CHIEF FINANCIAL OFFICER Officer | 40 | $600,777 | $0 | $252,001 |
| KATE MCINTOSH | CHIEF MEDICAL OFFICER Officer | 40 | $570,936 | $0 | $218,054 |
| CASEY J HOSSA | CHIEF INFORMATION OFFICER Officer | 40 | $490,024 | $0 | $194,797 |
| SUSAN O CONNOR | VP & GENERAL COUNSEL Officer | 40 | $415,734 | $0 | $161,467 |
| SHAWN E THAMERT | VP OF SALES & CHIEF GROWTH OFFICER Key employee | 40 | $309,505 | $0 | $141,643 |
| TYLER HUTCHISON | CHIEF ACTUARY, SR. DIR, HEALTHCARE ECON Highest-paid employee | 40 | $330,434 | $0 | $90,180 |
| JASON RIO | SR. DIR. REVENUE ASSUR. & RISK MGMT Officer | 40 | $331,478 | $0 | $87,399 |
| SEAN NOONE | SR. DIRECTOR, CHIEF OF OPERATIONS Highest-paid employee | 40 | $303,516 | $0 | $94,834 |
| TIMOTHY CHRYSTAL | DIR. OF SALES & ACCOUNT MGMT Highest-paid employee | 40 | $303,706 | $0 | $53,797 |
| GARY TERESO | DIRECTOR OF PHARMACY SERVICES Highest-paid employee | 40 | $290,112 | $0 | $64,551 |
| MICHAEL GAUVIN | DIR. PROGRAM DVP. & MARKET INTEL Highest-paid employee | 40 | $296,757 | $0 | $50,709 |
9 more people on this return
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JUDITH DANEK | DIR OFFICE OF PRES & GOV RELATIONS Officer | 40 | $210,647 | $49,724 |
| MICHAEL FASO | FORMER INTERIM CFO Former | 0 | $202,538 | $0 |
| WILLIAM WEBBER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KATHLEEN OESTREICH | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PIA FLANAGAN | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RICHARD BEAUCHAMP STEELE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| WYNDOLYN BELL MD | DIRECTOR Trustee or director | 1 | $0 | $0 |
| HARRIET DEVERRY | DIRECTOR (TERM 12/31/24) Trustee or director | 1 | $0 | $0 |
| TANIA BARBER | DIRECTOR (TERM 2/1/24) Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 24 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| MARK A KEROACK MD | CHAIR/DIRECTOR, PRES. & CEO BH Trustee or director, Officer | 1 | $0 | $2,718,608 | $42,615 |
| RICHARD SWIFT | PRESIDENT & CEO Trustee or director, Officer | 39 | $1,203,119 | $0 | $371,042 |
| RAYMOND MCCARTHY | TREASURER & DIRECTOR, SVP CFO BH Trustee or director, Officer | 1 | $0 | $1,181,243 | $24,432 |
| JODY GROSS | VP OPS & GOVT OPS (TERM 4/8/2023) Officer | 40 | $800,739 | $0 | $22,023 |
| LISA M COHEN | CHIEF FINANCIAL OFFICER Officer | 40 | $578,571 | $0 | $202,947 |
| KATE MCINTOSH | VP & CHIEF MEDICAL OFFICER Officer | 40 | $579,230 | $0 | $166,097 |
| CASEY J HOSSA | CHIEF INFORMATION OFFICER Officer | 40 | $479,542 | $0 | $149,483 |
| SUSAN O'CONNOR | GENERAL COUNSEL Officer | 40 | $433,578 | $0 | $133,378 |
| LAURIE DORAN | VP NETWORK MGMT & CORP STRATEGY Highest-paid employee | 40 | $441,575 | $0 | $0 |
| TIMOTHY CHRYSTAL | DIR. OF SALES & ACCT MGMT. Highest-paid employee | 40 | $284,293 | $0 | $111,344 |
| MICHAEL GAUVIN | DIR. PROGRAM DVP. & MARKET INTEL. Highest-paid employee | 40 | $288,548 | $0 | $93,565 |
| TYLER HUTCHISON | CHIEF ACTUARY Highest-paid employee | 40 | $311,241 | $0 | $68,384 |
| SEAN NOONE | SR. DIRECTOR CHIEF OF OPERATIONS Highest-paid employee | 40 | $284,772 | $0 | $83,456 |
| JASON RIO | SR. DIR. REVENUE ASSUR. & RISK MGMT Officer | 40 | $287,280 | $0 | $79,896 |
| MICHAEL FASO | FORMER INTERIM CFO Former | 39 | $248,050 | $0 | $0 |
| JUDITH DANEK | DIR OFFICE OF PRES & GOVT RELATIONS Officer | 39 | $169,728 | $0 | $47,154 |
| KEITH LEDOUX | VP COMM. LOB & SALES (TERM 12/31/22) Former | 39 | $193,347 | $0 | $21,524 |
| HARRIET DEVERRY | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| KATHLEEN OESTREICH | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| PIA FLANAGAN | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| RICHARD BEAUCHAMP STEELE | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| TANIA BARBER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| WENDOLYN BELL | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
| WILLIAM WEBBER | DIRECTOR Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1 MONARCH PL STE 1500, SPRINGFIELD, MA 01144-4035
- In care of
- % TRICIA BRUNTON
- Principal officer (990 for 2024)
- PETER BANKO, ONE MONARCH PLACE 1500, SPRINGFIELD, MA 011441500
- Signed the 990
- PETER BANKO, CHAIR
- Phone
- (413) 787-4000
- Website
- WWW.HEALTHNEWENGLAND.ORG
- Return prepared by
- DELOITTE TAX LLP
Mission
SEE SCHEDULE O
Program accomplishments
- COMMERCIAL SMALL AND LARGE GROUP AND INDIVIDUAL PRODUCTS:ENROLLEES AT 12/31/24: 48,022 REVENUE: $ 389.3 MILLIONPROGRAM EXPENSES: $ 329.3 MILLIONHEALTH NEW ENGLAND, INC. MAKES HIGH QUALITY, LOW COST HEALTH CARE SERVICES AVAILABLE THROUGH HEALTH PLANS WITHIN A SERVICE AREA THAT COMPRISES MORE POOR, MEDICALLY UNDERSERVED AND RURAL COMMUNITIES THAN ANY OTHER PART OF MASSACHUSETTS. A FEDERAL HEALTH RESOURCES & SERVICES ADMINISTRATION REPORT STATED THAT OF THE 102 MASSACHUSETTS TOWNS DESIGNATED AS MEDICALLY UNDERSERVED, 78 ARE IN THE FOUR COUNTIES THAT HEALTH NEW ENGLAND SERVES. (CONTINUED ON SCHEDULE O) BASED ON THAT STATISTIC, IN ALL OVER 45% OF HEALTH NEW ENGLAND'S ENROLLEES LIVE IN MEDICALLY UNDERSERVED AREAS.HEALTH NEW ENGLAND'S SERVICE AREA INCLUDES FOUR OF THE FIVE COUNTIES WITH THE HIGHEST PERCENTAGE OF POVERTY AND THE LOWEST PER CAPITA INCOME IN MASSACHUSETTS, BASED ON US CENSUS BUREAU DATA. MANY RESIDENTS IN WESTERN MASSACHUSETTS THUS STRUGGLE WITH POVERTY AND LOW LEVELS OF INCOME. ACROSS THE FOUR COUNTIES OF WESTERN MASSACHUSETTS, 16% OF RESIDENTS LIVE IN POVERTY, AND THE MEDIAN FAMILY INCOME IN THREE OF THE FOUR COUNTIES IS MORE THAN 20% LOWER THAN THAT OF THE STATE. CHILD POVERTY RATES ARE HIGH WITH 23% OF CHILDREN IN THE REGION LIVING IN POVERTY. HAMPDEN COUNTY HAS THE HIGHEST RATES OF POVERTY AND UNEMPLOYMENT IN HEALTH NEW ENGLAND'S SERVICE AREA AND THE LOWEST MEDIAN INCOME. ALSO, LOWER LEVELS OF EDUCATION CONTRIBUTE TO UNEMPLOYMENT AND THE ABILITY TO EARN A LIVABLE WAGE. APPROXIMATELY 12% OF RESIDENTS AGE 25 AND OLDER IN WESTERN MASSACHUSETTS DO NOT HAVE A HIGH SCHOOL DIPLOMA, WITH THE HIGHEST RATES OBSERVED IN HAMPDEN COUNTY (16%). IN THE COMMUNITIES OF SPRINGFIELD, HOLYOKE, CHICOPEE, LUDLOW, WEST SPRINGFIELD AND PITTSFIELD, THERE IS A HIGHER PERCENTAGE OF ELIGIBLE INDIVIDUALS DO NOT HAVE A HIGH SCHOOL DIPLOMA, COMPARED TO STATEWIDE RATE.HEALTH NEW ENGLAND MAKES HEALTH CARE AVAILABLE IN THIS SERVICE AREA AND TO THIS POPULATION BY OFFERING HEALTH PLANS WHICH SERVE INDIVIDUALS AND SMALL GROUPS.HEALTH NEW ENGLAND OFFERS HEALTH PLANS TO INDIVIDUALS AND FAMILIES (BOTH DIRECTLY AND THROUGH THE MASSACHUSETTS HEALTH CONNECTOR) AND SMALL EMPLOYER GROUPS (EMPLOYERS WITH 50 OR FEWER EMPLOYEES).HEALTH NEW ENGLAND ALSO PROVIDES COVERAGE TO INDIVIDUALS AND FAMILIES THROUGH PLANS OFFERED BY EMPLOYERS WHICH HAVE MORE THAN 50 EMPLOYEES. THIS CATEGORY INCLUDES MANY MUNICIPAL EMPLOYEES WHO DO NOT OBTAIN COVERAGE THROUGH THE GIC, AND ALSO INCLUDES MANY EMPLOYEES OF HEALTH CARE AND NONPROFIT ORGANIZATIONS.MEDICARE:ENROLLEES AT 12/31/24: 12,175REVENUE: $145.5 MILLIONPROGRAM EXPENSES: $130.7 MILLIONHEALTH NEW ENGLAND SERVES MEDICARE ENROLLEES THROUGH HEALTH NEW ENGLAND MEDICARE ADVANTAGE PLANS.MEDICAID: ENROLLEES: 48,315REVENUE: $446.7 MILLIONPROGRAM EXPENSES: $417.9 MILLIONHEALTH NEW ENGLAND PARTICIPATES IN MASSHEALTH, THE MASSACHUSETTS MEDICAID PROGRAM, THROUGH A MEDICAID MANAGED CARE PLAN. THE NUMBER OF HEALTH NEW ENGLAND'S MEDICAID PLAN ENROLLEES HAS GENERALLY INCREASED SINCE 2010 WHEN HEALTH NEW ENGLAND BEGAN OFFERING SUCH PLANS.Expenses $882,255,451 · grants $446,683 · revenue $984,031,116
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 04-2864973
- Tax-exempt status
- 501(c)(4): Social welfare organization
- Donations deductible
- No
- Exempt since
- 2015
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Health care (E310)
- Assets (IRS master file)
- $294,149,482
- Income (IRS master file)
- $1,091,339,391
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $995,624,746 | $975,203,492 | $294,149,482 | XML |
| 990 | December 2023 | $990,780,932 | $1,016,731,021 | $295,692,088 | XML |
| 990 | December 2022 | $930,545,645 | $923,558,117 | $292,952,185 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 04-2864973).
Questions about HEALTH NEW ENGLAND & SUBSIDIARIES
- What is the EIN of HEALTH NEW ENGLAND & SUBSIDIARIES?
- The employer identification number (EIN) of HEALTH NEW ENGLAND & SUBSIDIARIES is 04-2864973.
- Is HEALTH NEW ENGLAND & SUBSIDIARIES tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(4) since 2015.
- Are donations to HEALTH NEW ENGLAND & SUBSIDIARIES tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does HEALTH NEW ENGLAND & SUBSIDIARIES file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of HEALTH NEW ENGLAND & SUBSIDIARIES due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did HEALTH NEW ENGLAND & SUBSIDIARIES last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of HEALTH NEW ENGLAND & SUBSIDIARIES?
- The 990 for the year ended December 31, 2024 names PETER BANKO.
- Who are the officers and directors of HEALTH NEW ENGLAND & SUBSIDIARIES?
- The 990 for the year ended December 31, 2024 lists 24 people; 14 received compensation from the organization.
- How much revenue does HEALTH NEW ENGLAND & SUBSIDIARIES have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $995,624,746, expenses of $975,203,492 and total assets of $294,149,482 at year end.
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- BAYSTATE ADMINISTRATIVE SERVICES INC EIN 22-2747685 · last filed 990 for 2025
- CARING HEALTH CENTER INC EIN 04-2620040 · last filed 990 for 2025
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- TAPESTRY HEALTH SYSTEMS INC EIN 23-7303142 · last filed 990 for 2025
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