Executive Compensation at Ascension Health (2022)
Ascension Health is the nation’s largest Catholic non-profit health system with 140 hospitals, 2,600 sites of care, and 39 senior living facilities in 19 states and the District of Columbia. The sole corporate member of Ascension Health is Ascension Health Alliance, a Missouri non-profit 501 (c) (3). In addition, there is Ascension Health -IS, Inc who provides information technology support to the network organizations. Consequently, there are three separate IRS Form 990’s that need to be viewed to gain an understanding of the executive compensation.
Based in St Louis, Missouri, the Ascension Health network has 282 tax exempt organizations, 71 organizations taxed as a partnership, and 64 organizations taxed as a corporation or a trust. It is important to note the primary source of revenue for these entities is “service fees” which are fees paid by the organizations in the Ascension Health network (and investment income for Ascension Health Alliance).
Ascension Health Alliance
In 2022, Ascension Health Alliance reported total revenue of $3.7 billion (compared to $4.2 billion in 2021, $2.4 billion in 2020 and $2.3 billion in 2019) with the decrease primarily attributable to lower investment income.
Net assets were $22 billion at the beginning of the year and decreased to $18 billion at year-end primarily because of a “centralized cash management adjustment) of -$4 billion (the nearly $2 billion in net unrealizable losses was offset by the nearly $2 billion the organization did not spend but collected in 2022).
Expenses totaled $2 billion with the 3 largest expenses reported to be compensation ($1.1 billion), fees for services ($278 million) and interest ($260 million).
8,438 employees were compensated $1.1 billion which equates to an average compensation of $130,000. However, only 1,663 employees received more than $100,000 in compensation which suggests that the most highly compensated received significantly higher compensation. The 9 most highly compensated individuals are listed below:
- $13,707,694: Joseph R Impicciche, President and CEO
- $ 5,289,938: Herbert J Vallier, EVP and CHRO
- $ 5,542,344: Anthony J Speranzo, CEO, Chair Ascension Cap
- $ 5,702,000: Joseph G Cacchione, EVP, Clinical and Network Services
- $ 4,697,662: Karen Springer, EVP and CNE
- $ 5,686,074: Craig Cordolo, EVP and COO
- $ 3,694,461: Elizabeth Foshage, EVP and CFO
- $ 4,958,373: Eduardo F Conrado, Former Board Member (end 6/18)
- $ 1,598,786: Anthony R Tersigni, CFO (end 6/19), Chair, Ascension Cap (start 7/19)
As illustrated above, the most highly compensated individuals are receiving exorbitant compensation packages (especially given the Catholic doctrine). The 9 most highly compensated employees received $144 million from 2019-2022:
Joseph Impicciche: Total Compensation 2019-2022: $36 million
- 2022: $13,707,694
- 2021: $13,018,632
- 2020: $ 7,251,194
- 2019: $ 2,175,561
Herbert Vallier: Total Compensation 2019-2022: $18 million
- 2022: $5,289,938
- 2021: $7,668,108
- 2020: $2,910,324
- 2019: $2,205,073
Anthony Speranzo: Total Compensation 2019-2022: $19 million
- 2022: $ 5,542,344
- 2021: $ 4,662,880
- 2020: $10,946,473
- 2019: $ 3,194,331
Joseph G Cacchione: Total Compensation 2021-2022: $10 million
- 2022: $5,702,000
- 2021: $4,315,553
Karen Springer: Total Compensation 2020-2022: $12 million
- 2022: $4,697,662
- 2021: $4,300,164
- 2020: $3,327,545
Craig Cordolo: Total Compensation 2021-2022: $10 million
- 2022: $5,686,074
- 2021: $4,191,213
Elizabeth Fosage: Total Compensation 2020-2022: $8 million
- 2022: $3,694,461
- 2021: $ 3,213,765
- 2020: $1,415,388
Eduardo Conrado: Total Compensation 2019-2022: $10 million
- 2022: $4,958,373
- 2021: $3,113,881
- 2020: $1,524,363
- 2019: $ 263,938
Anthony Tersigni: Total Compensation 2019-2022: $21 million
- 2022: $ 1,598,786
- 2021: $ 1,649,468
- 2020: $10,631,627
- 2019: $ 7,399,410
It is important to note highly compensated employees listed 2019-2021 but not in 2022 are not included above.
The IRS Form 990 for the year ending June 30, 2022 also reports Ascension Health Alliance paid for first class or charter travel and tax indemnification and gross-up payments. The Form 990, Schedule J, Part III, Supplemental Information does not provide any specific detail as to the extent of these expenses.
Ascension Health-IS, Inc.
In 2022, Ascension Health-IS, Inc. reported total revenue of $1.1 billion, most of which came from “service fees” from related/affilliated organizations in the Ascension Heath network. Expenses totaled $1.1 billion with the largest expenses reported to be information technology ($468 million), compensation ($269 million) and fees for services ($176 million).
3,655 employees received $269 million in compensation, an average of $74,000. 1,003 employees received more than $100,000 in compensation with the most highly compensated listed below (note: 2 employees listed above – Joseph Impicciche and Eduardo Conrado who became President and CEO in 5/22 – in Ascension Health Alliance – a related organization – are not listed below to avoid duplication):
- $3,133,870: Christine K McCoy, Chair*
- $1,548,825: Gerald R Lewis, President and CEO (end 5/22)*
- $ 765,414: Jenna Courtney Mihm, Secretary*
- $ 732,234: Matthew A Jagger, Treasurer*
- $ 438,280: Peter A Sanderson, Regional Sr Director, Clinical Information
- $ 409,731: Kevin P Willmann, AVP, Quality Healthcare Solutions
- $ 409,536: Matthew Tyler Werder, AVP, Regional Technology Officer
- $ 400,536: Rance Wade Clouser, AVP, Regional Technology Officer
- $ 378,318: Gerald J Janis, AVP, Regional Technology Officer
The 4 most highly compensated employees received nearly $19 million in compensation from 2019-2022:
Christine K McCoy: Total Compensation 2019-2022: $9 million
- 2022: $3,133,870
- 2021: $2,857,517
- 2020: $2,152,026
- 2019: $1,052,794
Gerald R Lewis: Total Compensation 2019-2022: $5.5 million
- 2022: $1,548,825
- 2021: $1,383,752
- 2020: $1,435,446
- 2019: $1,256,178
Jenna Courtney Mihm: Total Compensation 2020-2022: $2 million
- 2022: $765,414
- 2021: $682,910
- 2020: $659,492
Matthew A Jagger: Total Compensation 2019-2022: $2 million
- 2022: $732,234
- 2021: $661,775
- 2020: $370,561
- 2019: $314,017
It is important to note highly compensated employees listed 2019-2021 but not in 2022 are not listed above.
Ascension Health
In 2022, Ascension Health reported total revenue of $182 million (compared to $149 million in 2021 and $141 million in 2020) most of which came from service fees which appears to mean from related or affiliated organizations within Ascension Health.
Expenses totaled $163 million (including $8 million in depreciation) with the largest expenses reported to be compensation ($129 million) and fees for services ($14 million).
1,826 employees received $129 million in compensation which equates to an average compensation of $70,000. 131 employees received more than $100,000 in compensation which again, suggests the most highly compensated employees received significantly more than the average.
The most highly compensated individuals are listed below (note: 4 employees listed above – Joseph Impicciche and Eduardo Conrado, Christine McCoy, and Mattew Jagger – in Ascension Health Alliance and/or Ascension Health IS, Inc – two related organizations – are not listed below to avoid duplication):
- $5,289,938: Herbert J Vallier, Former Officer (end 5/2019)
- $1,967,899: Rhonda Anderson, Former Officer (end 6/2019)
- $ 612,750: Lynn Eschenbach, VP and CPO, Ascension Pharmacy Services
- $ 406,432: Carolyn Stover, Senior Director, Ascension Connect
- $ 342,630: Stacey L Junk, Senior Director, Ascension Connect
- $ 332,631: Scott M Spille, AVP, Ascension Pharmacy Services
- $ 329,195: Patches Pace Seely, VP, Ascension Connect
The 7 highly compensated employees listed above received $29 million in compensation (note: highly compensated employees listed 2019-2021 but not in 2022 – including Patricia Maryland who received $16 million in 2020 and $4 million in 2019 – are not included in the list below) from 2019-2022:
Herbert J Vallier: Total Compensation 2019-2022: $18 million
- 2022. $5,289,938
- 2021: $7,668,108
- 2020: $2,910,324
- 2019: $2,205,073
Rhonda Anderson: Total Compensation 2019-2022: $7 million
- 2022: $1,967,899
- 2021: $ 1,841,726
- 2020: $1,807,893
- 2019: $1,430,148
Lynn Eschenbach: Total Compensation 2021-2022: $1 million
- 2022: $612,750
- 2021: $526,611
Stacey Junk: Total Compensation 2020-2022: $1 million
- 2022: $342,630
- 2021: $353,335
- 2020: $339,644
Scott M Spille: Total Compensation 2022: $0.3 million
- 2022: $332,631
Carolyn Stover: Total Compensation 2020-2022: $1 million
- 2022: $406,432
- 2021: $397,769
- 2020: $381,245
Patches Pace Seely: Total Compensation 2021-2022: $0.6 million
- 2022: $329,195
- 2021: $267,134
Bottom Line and Notable Information
Ascension Health, Ascension Health IS, Inc and Ascension Health Alliance are very profitable health care provider support organizations (the 400 (+) organizations that make up the Ascension Health network paid about $3 billion to these 3 organizations in 2022 for management and support services) who also have managed to create and grow significant net fund assets (more than $18 billion). The 20 most highly compensated staff of these 3 organizations in 2022 received nearly $200 million in compensation from 2019-2022. In addition, Ascension paid for first class or charter travel, made gross up payments or tax indemnifications.
To read the IRS Form 990 for the year ending June 30, 2022 for Ascension Health Alliance, click here.
To read the IRS Form 990 for the year ending June 30, 2022 for Ascension Health IS, Inc, click here.
To read the IRS Form 990 for the year ending June 30, 2022 for Ascension Health, click here.
Another way or looking at it: if Joseph Impicciche worked 100 hours a week (a generous estimate) 47 weeks a year, he made $2916.53 per hour. He made 146 times what an experienced hospital housekeeper made, who may be forced to work part-time so she doesn’t get full-time benefits. And he isn’t exposed to dangerous chemicals or biological hazards.
Greed is killing U.S. health care.