Executive Compensation at Baylor College of Medicine (2022)

Baylor College of Medicine (Baylor CM) is a medical school and research center within the Texas Medical Center (the world’s largest medical center) in Houston, Texas.  With more than 10,000 faculty and staff and nearly 4,000 medical students, residents, graduate students, health professionals, fellows, and participants, Baylor CM has 4 academic components (School of Medicine, Graduate School of Biomedical Sciences, School of Health Professions, and the National School of Tropical Medicine) and is not a part of Baylor College (they separated from Baylor College in 1969 and became an independent institution). Each year, the school matriculates nearly 200 students.

Baylor CM has 50 independent voting members of its governing body, 40 of whom (80%) are male while 10 (20% are female.

In 2022, Baylor CM reported total revenue of $2.5 billion (compared to $2.3 billion in 2021) with the primary sources reported to be:

• $1.2 billion:  Affiliate Revenue
• $0.8 billion:  Contributions, Gifts, and Grants (primarily government grants)
• $0.3 billion:  Patient Revenue
• $0.2 billion:  Investment Income, Gains, Royalties

Expenses totaled $2.3 billion (not including $58 million in depreciation) with the largest expenses reported to be compensation ($1.6 billion), fees for services ($270 million), medical supplies ($170 million) and office-related expenses ($130 million).  

14,296 employees received $1.6 billion in compensation, which equates to an average compensation of $110,000.  However, only 3,503 received more than $100,000 in compensation with the 26 most highly compensated employees listed below:

• $3,137,040:  Thomas D Hunt, III, Chair, Dept of Orthopedic Surgery
• $2,903,881:  Paul E Klotman, President/CEO, Executive Dean
• $2,417,429:  Christopher Calderone, Prof/Chief, Congenital Heart
• $2,143,099:  Joseph S Coselli, Professor/VC/Chief, CTH Surgery
• $1,904,984:  John A Goss, Prof/Chief, Abdominal Trans.
• $1,897,674:  Alexander Ropper, Professor, Director of Spinal Neurosurgery
• $1,131,718:  James T McDeavitt, SVP and Dean of Clinical Affairs
• $  870,818:  Mark W Kline, Chair, Dept of Pediatrics (until 2/21)
• $  861,353:  Gordon E Schutze, Chair, Dept of Pediatrics (interim 2/21-9/21
• $  840,444:  William D Walker, VP, Chief Investment Officer
• $  788,855:  Kimberly Cotner David, SVP and Chief Business Officer
• $  744,291:  Joe Doty, SVP and COO
• $  700,995:  Peter J Hotez, Dean, National School of Tropical Medicine
• $  674,788:  Alicia Monroe, SVP and Provost and Dean of Academics (until 9/5/22)
• $  671,399:  Hashem El-Sarag, Chair, Dept of Medicine
• $  625,528:  Robert F Corrigan, Jr, SVP, General Counsel, Corporate Secretary
• $  591,622:  Lorie Tabak, Chief of Staff
• $  575,977:  Ashok Balasubramanyam, VP, Academic Integrity/Sr Associate Dean
• $  556,463:  Jennifer G Christner, Dean, School of Medicine
• $  530,997:  Stephanie Young, SVP, Institutional Investment
• $  520,359:  Mary Dickenson, SVP/DOR
• $  490,167:  Catherine M Gordon, Chair, Dept of Pediatrics (10/21-4/22)
• $  457,182:  Bert O’Malley, Chancellor
• $  430,878:  Jamie Bailey, VP and CFO
• $  426,020:  Claire Bassett, VP and Chief Communications Officer
• $  359,494:  Carolyn Smith, Dean, Graduate School of Biomedical Sciences

The 26 most highly compensated employees received $25 million in compensation in 2022 with the most highly compensated reported to be Thomas Hunt who received $3.1 million followed by Paul E Klotman who received $2.9 million, Christopher Calderone who received $2.4 million, and Joseph S Coselli who received $2.1 million.  Over the past 5 years, these 4 men received $40 million in compensation:

Thomas Hunt:  Total Compensation:  $5 million (2018-2022)

• 2022:  $3,137,040
• 2021:  None Listed
• 2020:  $  891,964
• 2019:  $  901,300
• 2018:  $1,083,955

Paul E Klotman:  Total Compensation: $17 million (2018-2022)

• 2022:  $2,903,881
• 2021:  $3,415,223
• 2020:  $4,417,053
• 2019:  $3,400,428
• 2018:  $2,929,182

Christopher Calderone:  Total Compensation:  $7 million (2020-2022)

• 2022:  $2,417,429
• 2021:  $2,258,715
• 2020:  $2,279,437
• 2019:  Not Listed
• 2018:  Not Listed

Joseph S Coselli:  Total Compensation:  $11 million (2018-2022)

• 2022:  $2,143,099
• 2021:  $2,151,904
• 2020:  $2,149,623
• 2019:  $2,142,531
• 2018:  $2,141,489

Baylor CM paid for first class or charter travel with the explanation being “certain executives may travel first class as business need indicates…and are considered necessary business expenses.”  Really.  How is flying first class and having a tax-exempt non-profit organization pay for these expenses remotely justifiable?  

To read about the supplemental non-qualified deferred compensation plan and contributions, see Schedule J, Part III, Supplemental Information.

At year-end, Baylor CM reported $1.6 billion in net assets (compared to $1.7 billion at the beginning of the year; the deterioration due to unrealized losses on investments).

To read the IRS Form 990 (2021 for the year ending June 30, 2022), click here.