Executive Compensation at Virtua Health (2022)

Virtua Health is a tax-exempt, non-profit healthcare provider in southern New Jersey with 5 hospitals, 350 healthcare offices, and 7 urgent care centers and 7 emergency departments.  The entire Virtua healthcare network consists of 19 related tax-exempt organizations, 32 related taxable partnerships, and 4 related organizations taxable as a corporation or trust. This post addresses the executive compensation of Virtua Health, Inc (Virtua) – the non-profit that manages the entire organization and provides support services to these entities.  Consequently, Virtua’s primary source of revenue is the organizations that make up the network.

Virtua has 20 voting members (trustees) of its governing body, 18 of whom are independent; 17 of the 20 (70%) are male while 6 of the 20 (30%) are female.

Key information about Virtua includes the following:

• Total revenue was $449 million in 2022, most of which came from providing support services ($419 million);
• Total expenses were $447 million in 2022, the largest expenses reported to be compensation ($311 million) and office related expenses ($90 million);
• Net assets are -$257 million, which appears to be because of changes in assets (primarily asset transfers) made through the years.

2,254 employees received $311 million in compensation in 2022, an average of $138,000. However, only 416 employees received more than $100,000 in compensation with the 10 most highly compensated reported to be:

• $3,096,351:  Dennis W Pullin, Presdient/CEO
• $1,461,253:  John M Matsinger, EVP, COO
• $1,216,683:  Robert M Segin, Treasurer- EVP/CFO
• $1,108,306:  Reginald J Blaber, EVP, CCO
• $  927,979:  Stephanie Fendrick, EVP and Chief Strategy Officer
• $  866,313:  Rhonda R Sheppard-Jordan, EVP, CHRO
• $  832,562:  Lauren Rowinski, Secretary – SVP and General
• $  701,139:  Thomas Gordon, SVP/CIO
• $  699,982:  Hafeza Shaikh Dostart, Trustee – Physician *
• $  664,084:  Jennifer Khelil, SVP/CMO

The 10 most highly compensated employees received $12 million in 2022.  5 of the most highly compensated employees are male while 5 are female.  The 5 most highly compensated employees received $31 million in compensation from 2018-2022:

Dennis W Pullin:  Total Compensation 2018-2022:  $11 million

• 2022:  $3,096,351
• 2021:  $2,572,078
• 2020:  $2,164,903
• 2019:  $1,893,869
• 2018:  $1,273,575

John M Matsinger:  Total Compensation 2018-2022:  $6 million

• 2022:  $1,461,253
• 2021:  $1,247,248
• 2020:  $1,121,115
• 2019:  $1,136,898
• 2018:  $  752,119

Robert M Segin:  Total Compensation 2018-2022:  $6.5 million

• 2022:  $1,216,683
• 2021:  $1,112,918
• 2020:  $2,454,911
• 2019:  $  937,882
• 2018:  $  807,485

Reginald J Blaber:  Total Compensation 2019-2022:  $4 million

• 2022:  $1,108,306
• 2021:  $1,019,679
• 2020:  $  934,726
• 2019:  $1,306,578*

Stephanie Fendrick:  Total Compensation 2018-2022:  $3.5 million

• 2022:  $927,979
• 2021:  $827,727
• 2020:  $654,909
• 2019:  $543,899
• 2018:  $445,262

Virtua paid for health or social club dues or initiation fees. Specifically, Virtua offers family plans to board members and their families to join the fitness center with the fees discounted to the employee rate.

To read about “Loans To and From Interested Persons,” which addresses the supplemental retirement program and reporting reasons, see the Form 990, Schedule L, Part II and V.

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