May 14, 2007
Clinic goes nonprofit
By Matthew L. Brown
The Worcester-based Fallon Clinic has gone nonprofit.
The transition to tax-exempt status comes after a two-year process.
The IRS approved the transition in April.
The company said that the money it would've used to pay federal and state income taxes will now go to clinic initiatives such as an electronic health records project.
Fallon said going nonprofit would also allow the clinic "to realign the organization around its original mission of caring for patients."
Fallon's financial information will now be a matter of public record.
The clinic leases all of its properties, so property tax payments for those properties won't be stopped as a result of its tax-exempt status.
There are more than 20 Fallon clinics in Auburn, Charlton, Fitchburg, Framingham, Grafton, Holden, Leominster, Milford, Millbury, Spencer, Sturbridge, Webster, Westboro, Whitinsville and Worcester.
The clinic claims more than 200,000 patients, 75 percent of whom are Medicare and Medicaid beneficiaries.
The transition to tax-exempt status comes after a two-year process.
The IRS approved the transition in April.
The company said that the money it would've used to pay federal and state income taxes will now go to clinic initiatives such as an electronic health records project.
Fallon said going nonprofit would also allow the clinic "to realign the organization around its original mission of caring for patients."
Fallon's financial information will now be a matter of public record.
The clinic leases all of its properties, so property tax payments for those properties won't be stopped as a result of its tax-exempt status.
There are more than 20 Fallon clinics in Auburn, Charlton, Fitchburg, Framingham, Grafton, Holden, Leominster, Milford, Millbury, Spencer, Sturbridge, Webster, Westboro, Whitinsville and Worcester.
The clinic claims more than 200,000 patients, 75 percent of whom are Medicare and Medicaid beneficiaries.
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