Executive Compensation at Mount Sinai Hospital (2021)

Mount Sinai Hospital (MSH) is part of the Mount Sinai Health System (MSHS) – a network of 8 hospitals and a medical school formed in 2013 when the operations of Mount Sinai Medical Center and Continuum Health Partners merged. MSHS is the controlling entity or the affiliated organization – both non-profit and for profit – in the network.  Headquartered in New York City, NY, MSHS has about 4,000 beds and 43,000 employees, with nearly 18,500 of them employed by the Mount Sinai Hospital.

Key information to know about Mount Sinai Hospital (MSH), as reported on the Form 990 (2021) submitted to the IRS includes:

MSH reported total revenue of $3.6 billion (compared to $3.3 billion in 2020, $3.1 billion in 2019, $2.9 billion in 2018 and $2.8 billion in 2017),  most of which ($3.1 billion) came from patient services (net).

Expenses totaled $3.3 billion (including $130 million in depreciation) with the three largest expenses being compensation ($1.5 billion), medical supplies ($720 million), and fees for services ($470 million).

MSH began the year with $2.6 billion in net assets. After adding excess revenue not spent ($226 million), gains on investments ($59 million) and other changes in assets ($9 million), MSH closed the year with more than $2.9 billion in net assets.

Compensation is generally about half of a hospital’s total operating expense so MSH appears to be in-line with other hospitals (note:  MSH relied on employment services which are classified as “fees” and not compensation, so the total compensation would be higher if these fees were included). 18,316 received $1.5 billion in compensation, which equates to an average compensation of $85,000.

4,600 employees received more than $100,000 in compensation with the 19 most highly compensated employees being:

• $5,669,727:  Kenneth Davis, Chief Executive Officer*
• $5,144,365:   Samin Sharma, Professor, Cardiology*
• $2,194,155:  Dennis Charney, President, Academic Affairs**
• $2,126,937:  Margaret Pastuszko, EVP, Chief Integration Officer*
• $2,005,138:  Jeremy Boal, EVP, System CMO*
• $1,928,905:  Arthur Klein, EVP, President of Health Network*
• $1,863,487:  David L Reich, President and COO
• $1,722,061:  Beth Essig, EVP, General Counsel*
• $1,555,290:  Burton P Drayer, EVP, System CMA**
• $1,554,578:  Jeffrey Silberstein, EVP, System CAO*
• $1,478,766:  Stephen Harvey, EVP, System CFO
• $1,385,942:  Kelly Cassano, EVP, System Ambulatory Operations (start 1/21)
• $1,359,762:  Stephen Furia, SVP, Mount Sinai Health System
• $1,349,543:  Michael Pastier, SVP, CFO*
• $1,201,317:  Vicki Lopachin, SVP, System CMO*
• $  888,303:  Shirish Huprikar, Professor, Infectious Disease
• $  846,028:  Cameron Hernandez, Executive Director and COO, MSHG
• $  723,329:  Frank Cino, SVP, System Chief Risk Officer*
• $  549,116:  Niyum Gandhi, EVP, Chief Pop Health Officer* (end 4/2021)

The “*” indicates the employee received compensation from MSH and an affiliated/related organization. The “**”  indicates the employee received compensation from an affiliated/related organization.

15 of the 19 (79%) most highly compensated employees listed above are male while 4 of the 19 (21%) are female.  The most highly compensated employee is Kenneth Davis, the CEO who received $5.7 million in compensation in 2021.  From 2012-2021, Mr. Davis received $60 million in compensation.  

The 5 most highly compensated employees received $125 million in compensation from 2012-2021:

Kenneth Davis:  Total Compensation 2012-2021:  $60 million

• 2021:  $ 5.7 million
• 2020:  $ 5.3 million
• 2019:  $ 5.6 million
• 2018:  $ 5.7 million
• 2017:  $12.5 million
• 2016:  $ 7.3 million
• 2015:  $ 6.2 million
• 2014:  $ 4.1 million
• 2013:  $ 4.1 million
• 2012:  $ 3.3 million

Samin Sharma:  Total Compensation 2018-2021:  $20 million

• 2021:  $5.1 million
• 2020:  $5.1 million
• 2019:  $5.1 million
• 2018:  $5.2 million

Dennis Charney:  Total Compensation 2013-2021:  $18 million

• 2021:  $2.2 million
• 2020:  $2.0 million
• 2019:  $2.1 million
• 2018:  $2.1 million
• 2017:  $2.4 million
• 2016:  $1.8 million
• 2015:  $1.8 million
• 2014:  $1.8 million
• 2013:  $1.6 million

Margaret Pastuszko:  Total Compensation 2012-2021: $12 million 

• 2021:  $2.1 million
• 2020:  $1.7 million
• 2019:   $1.6 million
• 2018:  $1.4 million
• 2017:  $1.4 million
• 2016:  $1.3 million
• 2015:  $1.0 million
• 2014:  $1.0 million
• 2013:  $1.0 milion
• 2012:  $0.7 million

Jeremy Boal:  Total Compensation 2013-2021:  $15 million

• 2021:  $2.0 million
• 2020:  $1.8 million
• 2019:  $2.0 million
• 2018:  $1.9 million
• 2017:  $1.9 million
• 2016:  $1.3 million
• 2015:  $1.2 million
• 2014:  $1.3 million
• 2013:  $1.6 million

170 independent contractors received more than $100,000 in compensation. The five most highly compensated were:

• $41 million:  Crothall Healthcare, Inc. of Chicago, Illinois for management
• $35 million:  Healthcare Risk Advisors, of Philadelphia, PA for consulting
• $66  million:  Laboratory Corp, of Burlington, NC for lab services
• $34 million:  Rightsourcing, of Los Angeles, CA for personnel
• $27 million:   McKesson Corporation, of Atlanta, GA for billing

To read the IRS Form 990 (2021) for MSH, click here.