Executive Compensation at Baycare Health Systems (2022)

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, 100 primary care and physician practice locations, and more than 30 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).

In 2022, big changes occurred at BHSI –  longtime Trustee/President and CEO, Tommy Inzina retired at the end of the year and was replaced by Stephanie Connors. Glen Waters, the EVP and COO of BHSI left in October, 2022 for Baptist Health South Florida as its new EVP COO.

BHSI reported total revenue of $810 million in 2022 (compared to $1.1 billion in 2021, $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 ($546 million) and investment income/gains on sale of assets ($157 million).  The investment income and gains came from the BHSI’s investments (the organization has $1.5 billion in net assets).

Expenses totaled $671 million (including $38 million in depreciation) – significantly less than total revenue collected which appears to be how BHSI has accumulated $1.5 billion in net assets.  The two largest expenses were compensation ($396 million) and office-related expenses ($156 million) which is to be expected given this organization’s purpose is to manage the health system.

7,122 employees received $396 million which equates to an average compensation of nearly $56,000.  757 employees received more than $100,000 in compensation with the 12 most highly compensated reported to be:

• $4,407,129:  Tommy Inzina, Trustee/President/CEO Outgoing
• $4,116,961:  Glenn Waters, EV, COO (until 10/22)
• $1,656,268:  Janice Polo, EVP, CFO
• $1,100,373:  Tim Thompson, SVP, Info Services/CIO
• $1,076,728:  Andrew Fink, SVP, President Baycare Medical Group
• $1,035,646:  Kyle Barr, SVP, Chief Team Resources Officer
• $  965,399:  Nishant Anand, EVP, CMO (until 5/22)
• $  822,798:  Lisa Johnson, Chief Nurse Executive
• $  798,605:  Edward Rafalski, Chief Strategy and Marketing Officer
• $  741,435:  Carl Tremonti, VP/CFO Baycare Medical Group Ambulatory
• $  448,086:  Lynette Clinton, VP, Applications
• $  378,704:  Stephanie Connors, Trustee/Pres/CEO Baycare (effective 12/22)

As illustrated above, the 12 most highly compensated employees received nearly $18 million in compensation.  8 of the 12 (75%) most highly compensated employees are male while 4 of the 12 (25%) 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 $4.4 million in 2022 and $23 million in compensation from 2017-2022:

Tommy Inzina:  Total Compensation 2017-2022:  $23 million

• 2022:  $4,407,129
• 2021:  $4,323,462
• 2020:  $4,256,711
• 2019:  $3,790,815
• 2018:  $3,442,698
• 2017:  $3,223,425

The next 4 most highly compensated employees received $32 million from 2017-202:

Glenn Waters:  Total Compensation 2017-2022:  $14 million

• 2022:  $4,116,961. ($2.4 million was severance payment)
• 2021:  $2,484,170
• 2020:  $1,987,109
• 2019:  $1,785,117
• 2018:  $1,609,030
• 2017:  $1,657,428

Janice Polo:  Total Compensation 2017-2022:  $8 million

• 2022:  $1,656,268
• 2021:  $1,570,624
• 2020:  $1,482,380
• 2019:  $1,253,849
• 2018:  $1,053,908
• 2017:  $  773,778

Tim Thompson:  Total Compensation 2017-2022: $6 million 

• 2022:  $1,100,373
• 2021:  $1,074,885
• 2020:  $1,014,584
• 2019:  $  874,970
• 2018:  $  832,333
• 2017:  $  791,263

Andrew Fink:  Total Compensation 2017-2022. $4 million

• 2022:  $1,076,728
• 2021:  $1,034,098
• 2020:  $  972,201
• 2019:  Not Listed
• 2018:  $748,522
• 2017:  Not Listed

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

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

• $47 million:  Robins and Morton Group, of Birmingham, AL for construction services
• $40 million:  Cerner, of Kansas City, MO for software support
• $ 8 million:  Pivot Technology Services, of Norcross, GA for software support
• $ 7 million:  3M Health Information Systems, of Dallas, TX for software support
• $ 3 million:  Cisco Systems Capital Corp, of San Jose, CA for software support

To read the IRS Form 999 (2022), click here.