Executive Compensation at Baycare Health (2021)

Baycare Health System is one of the largest healthcare systems in Florida.  Headquartered in Clearwater with 16 hospitals, 18 urgent care centers, 4 surgery centers, 38 imaging facilities, 179 primary care and physician practice locations, and 35 walk-in health care facilities in Publix supermarkets throughout Tampa Bay and West Central Florida, Baycare Health System serves the Tampa Bay and western-central regions of 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).  BHSI 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 $1.1 billion in 2021 (compared to $800 million in 2020, $819 million in 2019 and $706 million in 2018) most of which came from two sources:  management fees from related organizations ($545 million) and investment income/gains on sale of assets ($464 million).  The investment income and gains came from the BHSI’s investments (the organization has $1.3 billion in net assets).

Expenses totaled $650 million (including $44 million in depreciation) – significantly less than total revenue collected which appears to be how BHSI has accumulated more than $1.3 billion in net assets.  The two largest expenses were compensation ($369 million) and office-related expenses ($143 million) which is to be expected given this organization’s purpose is to manage the health system.

6,981 employees (more than 1,000 more than in 2020) received $369 million which equates to an average compensation of nearly $53,000.  617 employees received more than $100,000 in compensation with the 11 most highly compensated reported to be:

• $4,323,462:  Tommy Inzina, Trustee/President/CEO
• $2,482,170:  Glenn Waters, EV, COO
• $1,570,624:  Janice Polo, EVP, CFO
• $1,491,153:  Nishant Anand, EVP, CMO
• $1,074,885:  Tim Thompson, SVP, Info Services/CIO
• $1,034,098:  Andrew Fink, SVP, President Baycare Medical Group
• $1,023,027:  Kyle Barr, SVP, Chief Team Resources Officer
• $  970,990:  Scott Kizer, SVP, Chief Legal Officer
• $  893,723:  Larry Costello, VP/President of Baycare Health Plans
• $  865,077:  Dana Kellis, SVP CMO – Hospital Division
• $  455,352:  Lynette Clinton, VP, Applications

As illustrated above, the 11 most highly compensated employees received more than $16 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).

The most highly compensated employee was Tommy Inzina who received nearly $4.3 million in 2021 and $19 million in compensation from 2017-2021:

• 2021:  $4,323,462
• 2020:  $4,256,711
• 2019:  $3,790,815
• 2018:  $3,442,698
• 2017:  $3,223,425

In addition, the second and third most highly compensated employees:  Glenn Waters and Janice Polo received $10 million and $6 million, respectively from 2017-2021:

Glenn Waters:  Total Compensation of $10 million from 2017-2021

• 2021:  $2,484,170
• 2020:  $1,987,109
• 2019:  $1,785,117
• 2018:  $1,609,030
• 2017:  $1,657,428

Janice Polo:  Total Compensation of $6 million Fromm 2017-2021

• 2021:  $1,570,624
• 2020:  $1,482,380
• 2019:  $1,253,849
• 2018:  $1,053,908
• 2017:  $  773,778

For specific details on BHSI’s Executive Non-Qualified Defined Contribution Plan contributions, see the Form 990, Schedule J, Part III, Supplemental Information.

238 independent contractors received more than $100,000 in compensation. The five (5) most highly compensated were reported to be:

• $45.9 million:  Robins and Morton Group, of Birmingham, AL for construction services
• $37.8 million:  Cerner, of Kansas City, MO for software support
• $10.3  million:  Pivot Technology Services, of Norcross, GA for software support
• $ 3.6 million:  Cisco Systems Capital Corp, of San Jose, CA for software support
• $ 3.6 million:  Johnson Controls, of Milwaukee, WI for maintenance/support

To read the IRS Form 999 (2021), click here.