Executive Compensation at Mount Sinai (2022)

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 20,000 of them employed by the Mount Sinai Hospital.

Key information to know about Mount Sinai Hospital (MSH), as reported on the Form 990 (2022) submitted to the IRS includes:

MSH reported total revenue of $3.7 billion (compared to $3.6 billion in 2021, $3.3 billion in 2020, $3.1 billion in 2019, $2.9 billion in 2018 and $2.8 billion in 2017) in 2022,  most of which ($3.2 billion) came from patient services (net).

Expenses totaled $3.6 billion (including $137 million in depreciation) with the three largest expenses being compensation ($1.7 billion), medical supplies ($778 million), and fees for services ($526 million).

MSH began the year with $2.9 billion in net assets. Excess revenue not spent ($105 million) was offset by unrealized losses on investments ($264 million) and other changes in net assets (-$27 million), causing net assets to decrease to $2.7 billion at year end.

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). 20,273 received $1.7 billion in compensation, which equates to an average compensation of $84,000.

5,465 employees received more than $100,000 in compensation with the 18 most highly compensated employees being:

• $6,896,381:  Kenneth Davis, Chief Executive Officer*
• $5,149,354:   Samin Sharma, Professor, Cardiology*
• $2,636,020:  Margaret Pastuszko, EVP, Chief Integration Officer*
• $2,289,804:  Dennis Charney, President, Academic Affairs**
• $2,283,911:  Scott Pittman, SVP Systems Chief Investment Officer*
• $2,190,678:  Stephen Harvey, EVP, System CFO
• $2,105,015:  David L Reich, President and COO
• $1,955,007:  Jeremy Boal, EVP, System CMO*
• $1,738,565:  Beth Essig, EVP, General Counsel*
• $1,680,395:  Arthur Klein, EVP, President of Health Network*
• $1,550,098:  Jeffrey Silberstein, EVP, System CAO*
• $1,512,622:  Michael Pastier, SVP, CFO*
• $1,507,727:  Burton P Drayer, EVP, System CMA**
• $1,315,483:  Kelly Cassano, EVP, System Ambulatory Operations (start 1/21)
• $  907,621:  Shirish Huprikar, Professor, Infectious Disease
• $  894,298:  Cameron Hernandez, Executive Director and COO, MSHG
• $  831,119:  Jonathan Kyriacou, COO
• $  723,764:  Frank Cino, SVP, System Chief Risk Officer*

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 18 (83%) most highly compensated employees listed above are male while 3 of the 18 (17%) are female.  The most highly compensated employee is Kenneth Davis, the CEO who received $6.9 million in compensation in 2022.  From 2012-2022, Mr. Davis received $67 million in compensation.  

The 5 most highly compensated employees received nearly $200 million in compensation from 2012-2022:

Kenneth Davis:  Total Compensation 2012-2021:  $67 million

• 2022:  $6.9 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 2018-2022:  $26 million

• 2022:  $5.1 million
• 2021:  $5.1 million
• 2020:  $5.1 million
• 2019:  $5.1 million
• 2018:  $5.2 million

Dennis Charney:  Total Compensation 2013-2021:  $20 million

• 2022:  $2.3 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 2012-2022: $15 million 

• 2022:  $2.6 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

Scott Pittman:  Total Compensation 2022: $2 million

• 2022:  $2.3 million

Stephen Harvey:  Total Compensation:  2021-2022:  $4 million

• 2022:  $2.2 million
• 2021:  $1.5 million

David Reich:  Total Compensation 2013-2022:  $15 million

• 2022:  $2.1 million
• 2021:  $1.9 million
• 2020:  $1.9 million
• 2019:  $1.9 million
• 2018:  $1.7 million
• 2017:  $1.1 million
• 2016:  $1.3 million
• 2015:  $1.3 million
• 2014:  $1.3 million
• 2013:  $1.2 million

Jeremy Boal:  Total Compensation 2013-2021:  $17 million

• 2022:  $2.0 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

Beth Essig:  Total Compensation. 2013-2022:  $14 million

• 2022:  $1.7 million
• 2021:  $1.7 million
• 2020:  $1.5 million
• 2019:  $1.6 million
• 2018:  $1.6 million
• 2017:  $1.3 million
• 2016:  $1.3 million
• 2015:  $1.0 million
• 2014:  $1.0 million
• 2013:  $0.9 million

Arthur Klein:  Total Compensation 2013-2022:  $16 million

• 2022:  $1.7 million
• 2021:  $1.9 million
• 2020:  $1.8 million
• 2019:  $1.9 million
• 2018:  $1.7 million
• 2017:  $1.5 million
• 2016:  $1.5 million
• 2015:  $1.4 million
• 2014:  $1.7 million
• 2013:  $1.2 million

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

• $79 million:  Rightsourcing, of Los Angeles, CA for personnel
• $57  million:  Laboratory Corp, of Burlington, NC for lab services
• $32 million:  Crothall Healthcare, Inc. of Chicago, Illinois for management
• $28 million:  Healthcare Risk Advisors, of Philadelphia, PA for consulting
• $13 million:   Morrison Management Specialists, of Atlanta, GA

To read the IRS Form 990 (2022) for MSH, click here.