Pacific Health Care Org Files 2023 Annual Report

TL;DR

PHCO filed its 2023 10-K. All systems go for health services.

AI Summary

Pacific Health Care Organization, Inc. filed its 2023 annual report (10-K) on April 16, 2024, detailing its operations for the fiscal year ending December 31, 2023. The company, incorporated in Utah, is based in Newport Beach, California, and operates within the miscellaneous health and allied services sector. The filing covers its financial performance and business activities for the specified period.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Pacific Health Care Organization's financial health and operational status for the fiscal year 2023, crucial for investment decisions.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• PACIFIC HEALTH CARE ORGANIZATION INC (company) — Registrant
• 000-50009 (dollar_amount) — SEC File Number
• 20231231 (date) — Fiscal Year End
• 20240416 (date) — Filing Date
• 870285238 (dollar_amount) — IRS Number
• UT (company) — State of Incorporation
• 1201 DOVE STREET SUITE 300 (company) — Business Address
• NEWPORT BEACH (company) — Business City
• CA (company) — Business State
• 92260 (dollar_amount) — Business Zip Code

FAQ

Filing Documents

• pacifichco20231231_10k.htm (10-K) — 1236KB
• ex_652828.htm (EX-10.3) — 93KB
• ex_652640.htm (EX-21.1) — 2KB
• ex_652641.htm (EX-31.1) — 9KB
• ex_652642.htm (EX-31.2) — 9KB
• ex_652643.htm (EX-32.1) — 5KB
• logo1.jpg (GRAPHIC) — 2KB
• pacifichco20231231_10kimg001.jpg (GRAPHIC) — 13KB
• 0001185185-24-000392.txt ( ) — 4586KB
• pfho-20231231.xsd (EX-101.SCH) — 31KB
• pfho-20231231_cal.xml (EX-101.CAL) — 45KB
• pfho-20231231_def.xml (EX-101.DEF) — 156KB
• pfho-20231231_lab.xml (EX-101.LAB) — 272KB
• pfho-20231231_pre.xml (EX-101.PRE) — 150KB
• pacifichco20231231_10k_htm.xml (XML) — 447KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. Reserved 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 50 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 59 Item 14. Principal Accountant Fees and Services 59 PART IV Item 15. Exhibit and Financial Statement Schedules 60 Item 16. Form 10-K Summary 61

Signatures

Signatures 62 PACIFIC HEALTH CARE ORGANIZATION, INC. Throughout this annual report on Form 10-K (this "annual report"), unless the context indicates otherwise, the terms, "we," "us," "our" or the "Company" refer to Pacific Health Care Organization, Inc., ("PHCO") and our wholly owned subsidiaries Medex Healthcare, Inc. ("Medex"), Medex Managed Care, Inc. ("MMC") and Medex Medical Management, Inc. ("MMM"), and, where applicable, our former subsidiaries Industrial Resolutions Coalition, Inc. ("IRC"), Medex Legal Support, Inc. ("MLS") and Pacific Medical Holding Company, Inc. ("PMHC"). References to "fiscal 2023" and "fiscal 2022" mean the periods ended December 31, 2023, and 2022, respectively. CAUTIONARY STATEMENT REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS All statements other than statements of historical fact included in this annual report and in the documents incorporated by reference herein, if any, including without limitation, statements regarding our future financial position or results of operations, business strategy, potential acquisitions, budgets, projected costs, and plans and objectives of management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "foresee," "future," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "should," "strategy," "will," "would," and other similar expressions and their negatives. Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, many of which may be beyond our control. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and actual results could differ materially as a result of various factors. The following include some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events: cost reduction efforts by our existing and prospective customers; our ability to retain existing customers and to attract new customers; competition within our industry, including competition from much larger competitors; reductions in worker's compensation claims or the demand for our services, from whatever source; delays, reductions, or cancellations of contracts we have previously entered; the loss, ineffective management, malfunction (including those resulting from cybersecurity incidences and breaches), or increased costs of third-party-provided technologies and services on which our operat

BUSINESS

BUSINESS We are workers' compensation cost containment specialists providing a range of services principally to California employers and claims administrators. The Company was incorporated under the laws of the state of Utah in April 1970, under the name Clear Air, Inc. The Company changed its name to Pacific Health Care Organization, Inc., in January 2001. In February 2001, the Company acquired Medex in a share for share exchange. Medex is a wholly owned subsidiary of the Company. Medex is in the business of managing and administering both Health Care Organizations ("HCOs") and Medical Provider Networks ("MPNs") in the state of California. Medex also offers Workers' Compensation carve-out services, Medicare set-asides and expert witness testimony. In February 2012, we incorporated MMM in the state of Nevada, as a wholly owned subsidiary of the Company. MMM is responsible for overseeing and managing medical case management services. In March 2011, we incorporated MMC in the state of Nevada, as a wholly owned subsidiary of the Company. MMC oversees and manages the Company's utilization review, medical bill review, and lien representation services. We discontinued lien representation services in the third quarter of 2023 due to the lack of demand. Following is our corporate structure as of December 31, 2023. Business of the Company We offer an integrated and layered array of complementary business solutions that enable our customers to better manage their employees' worker compensation-related healthcare administration costs. We are constantly looking for ways to expand the suite of services we can provide our customers, either through strategic acquisitions or organic development. Our business objective is to deliver value to our customers by reducing their workers' compensation-related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employme

View Full Filing

View this 10-K filing on SEC EDGAR