Executive Compensation at Baycare Health System
Baycare Health System is one of the largest healthcare systems in Florida. Headquartered in Clearwater with 15 hospitals, 18 urgent care centers, 5 surgery centers, 12 imaging facilities, 124 physician practice locations, and 33 walk-in health care facilities in Publix supermarkets throughout Tampa Bay and West Central Florida.
Baycare Health System consists of dozens of other organizations (i.e. tax-exempt organizations, taxable partnerships, corporations, and trusts), who pay a “management fee” to a tax-exempt, non-profit entity called “Baycare Health Systems, Inc” BHSI that manages the whole system. This post reports the executive compensation of BHSI only (see the other Form 990’s for executive compensation of other related/affiliated entities).
BHSI reported total revenue of $819 million in 2019 (compared to $706 million in 2018) most of which came from two sources: management fees from related organizations ($506 million) and investment income/gains on sale of assets ($224 million). The investment income and gains came from the BHSI’s investments (the organization has more than $1 billion in net assets).
Expenses totaled $590 million (including $43 million in depreciation) – significantly less than total revenue collected which appears to be how BHSI has accumulated more than $1 billion in net assets. The two largest expenses were compensation ($341 million) and office-related expenses ($131 million) which is to be expected given this organization’s purpose of managing the health system.
5,791 employees received $341 million which equates to an average compensation of nearly $60,000. 520 employees received more than $100,000 in compensation with the 11 most highly compensated reported to be:
- $3,790,805: Tommy Inzina, Trustee/President/CEO
- $1,785,117: Glenn Waters, EV, COO
- $1,362,497: William Ulbricht, SVP, Chief Admin Officer BMG*
- $1,253,849: Janice Polo, EVP, CFO
- $1,221,353: Bruce Flareau, VP/President Physician Leadership Institute
- $ 903,615: Scott Kizer, SVP, Chief Legal Officer
- $ 874,970: Tim Thompson, SVP, Info Services/CIO
- $ 853,802: Gregory Hindahl, VP and CMIO
- $ 845,656: Nishant Anand, EVP, CMO
- $ 798,017: Patrick Lytle, VP Clinical Excellence*
- $ 375,066: Lynette Clinton, VP, Applications
* Patrick Lytle and William Ulbricht received severance payments of $350,210 and $459,222, respectively.
As illustrated above, the 11 moat highly compensated employees received more than $14 million in compensation. 8 of the 11 (73%) most highly compensated employees are male while 3 of the 11 (27%) are female (note: Gender is not reported on the Form 990. Determinations were made based on name and google searches).
For specific details on BHSI’s Executive Non-Qualified Defined Contribution Plan contributions, see the Form 990, Schedule J, Part III, Supplemental Information.
231 independent contractors received more than $100,000 in compensation. The five (5) most highly compensated were rerouted to be:
- $31,460,349: Cerner, of Kansas City, MO for software support
- $ 7,785,272: Barton Malow Company, of Southfield, MI for construction services
- $ 3,189,186: Devito Verdi, of New York, NY for advertising services
- $ 2,653,194: Cerner Health Services, of Malvern, PA for software support
- $ 2,623,866: Level 3 Financing Inc, of Bloomfield, CO for communication services
To read the IRS Form 999 (2019), click here.