Executive Compensation at Ascension Health (2023)

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 2023, Ascension Health Alliance reported total revenue of $2.2  billion (compared to $3.7 billion in 2022, $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 $18 billion at the beginning of the year and decreased to $15 billion at year-end primarily because of a “centralized cash management adjustment) of -$3 billion (primarily “centralized cash management activity” which appears to simply be a transfer to another organization).

Expenses totaled $2.1 billion with the 3 largest expenses reported to be compensation ($1.2 billion), fees for services ($296 million) and interest ($266 million).

9,235 employees (about 800 more than in 20220 were compensated $1.2 billion which equates to an average compensation of $130,000. However, only 1,939 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:

• $9,118,708:  Joseph R Impicciche, President and CEO
• $5,304,408:  Craig Cordolo, EVP and COO
• $5,073,352:  Eduardo F Conrado, Former Board Member (end 6/18)
• $3,981,721:  Elizabeth Foshage, EVP and CFO
• $3,921,283:  Karen Springer, EVP and CNE
• $3,857,281:  Joseph G Cacchione, EVP, Clinical and Network Services
• $3,360,664:  Herbert J Vallier, EVP and CHRO
• $3,296,502:  Anthony J Speranzo, CEO, Chair Ascension Cap 
• $1,534,187:  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 highly compensated employees above received $40 million in compensation in 2023.

The 9 most highly compensated employees received $195 million from 2019-2023:

Joseph Impicciche:  Total Compensation 2019-2023:  $45 million

• 2023:  $ 9,118,708
• 2022:  $13,707,694
• 2021:  $13,018,632
• 2020:  $ 7,251,194
• 2019:   $ 2,175,561

Herbert Vallier:  Total Compensation 2019-2023:  $24 million 

• 2023:  $3,360,664
• 2022:  $5,289,938
• 2021:  $7,668,108
• 2020:  $2,910,324
• 2019:  $2,205,073

Anthony Speranzo:  Total Compensation 2019-2023:  $31 million

• 2023:  $ 3,296,502
• 2022:  $ 5,542,344
• 2021:  $ 4,662,880
• 2020:  $10,946,473
• 2019:  $ 3,194,331

Joseph G Cacchione:  Total Compensation 2021-2023:  $14 million

• 2023:  $3,857,281
• 2022:  $5,702,000
• 2021:  $4,315,553

Karen Springer:  Total Compensation 2020-2023:  $16 million

• 2023:  $3,921,283
• 2022:  $4,697,662
• 2021:  $4,300,164
• 2020:  $3,327,545

Craig Cordolo:  Total Compensation 2021-2023:  $15 million

• 2023:  $5,304,408
• 2022:  $5,686,074
• 2021:  $4,191,213

Elizabeth Fosage:  Total Compensation 2020-2023:  $12 million

• 2023:  $3,981,721
• 2022:  $3,694,461
• 2021: $ 3,213,765
• 2020:  $1,415,388

Eduardo Conrado:  Total Compensation 2019-2023:  $15 million

• 2023:  $5,073,352
• 2022:  $4,958,373
• 2021:  $3,113,881
• 2020:  $1,524,363
• 2019:  $   263,938

Anthony Tersigni:  Total Compensation 2019-2023:  $23 million

• 2023:  $1,534,187
• 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 2019-2022 but not in 2023 are not included above.

The IRS Form 990 for the year ending June 30, 2023 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 2023, Ascension Health-IS, Inc. reported total revenue of $1.3 billion, most of which came from “service fees” from related/affilliated organizations in the Ascension Heath network.

Expenses totaled $1.3 billion with the largest expenses reported to be information technology ($534 million), compensation ($258 million) and fees for services ($226 million).

3,011 employees received $258 million in compensation, an average of $86,000.  963 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):

• $3,215,639:  Christine K McCoy, Chair*
• $  754,149:  Matthew A Jagger, Treasurer*
• $  704,445:  Jenna Courtney Mihm, Secretary*
• $  423,670:  Christine Ann Bullerdick, AVP, Regional Technology Officer
• $  410,538:  Charity Hickson Balee, AVP, Regional Technology Officer
• $  408,739:  Rance Wade Clouser, AVP, Regional Technology Officer
• $  407,410:  Anthony Joseph Hudock, AVP, Regional Technology Officer
• $  369,635:  Angela D Hutson-Stone, AVP, Regional Technology Officer
• $  274,563:  Gerald R Lewis, President and CEO (end 5/22)*

The 3 most highly compensated employees received $18 million in compensation from 2019-2023:

Christine K McCoy:  Total Compensation 2019-2023:  $12 million

• 2023:  $3,215,639
• 2022:  $3,133,870
• 2021:  $2,857,517
• 2020:  $2,152,026
• 2019:  $1,052,794

Jenna Courtney Mihm:  Total Compensation 2020-2023:  $3 million

• 2023:  $704,445
• 2022:  $765,414
• 2021:  $682,910
• 2020:  $659,492

Matthew A Jagger:  Total Compensation 2019-2023:  $3 million

• 2023:  $754,149
• 2022:  $732,234
• 2021:  $661,775
• 2020:  $370,561
• 2019:  $314,017

It is important to note highly compensated employees listed 2019-2022 but not in 2023 are not listed above.

Ascension Health

In 2023, Ascension Health reported total revenue of $228 million (compared to $182 million in 2022, $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 $211 million (including $6 million in depreciation) with the largest expenses reported to be compensation ($159 million) and fees for services ($17 million).

2,567 employees  received $159 million in compensation which equates to an average compensation of $62,000. 248 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:  the historical compensation of 2 employees listed above – Elizabeth Foshage and Herbert Vallier – in Ascension Health Alliance and/or Ascension Health IS, Inc – two related organizations – are not listed below to avoid duplication):

• $3,981,721:  Elizabeth Foshage, CFO
• $3,360,664:  Herbert J Vallier, Former Officer (end 5/2019)
• $1,551,640:  Rhonda Anderson, Former Officer (end 6/2019)
• $  530,362:  Lynn Eschenbach, VP and CPO, Ascension Pharmacy Services (end 4/22)
• $  520,636:  Patches Pace Seely, VP, Ascension Connect
• $  380,532:  Scott M Spille, AVP, Ascension Pharmacy Services
• $  339,026:  Cathy Addington, RN
• $  330,529:  Sunil Patel, Sr Director, Ascension Pharmacy Services

The 8 highly compensated employees listed above received $11 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 2019-2023:

Rhonda Anderson:  Total Compensation 2019-2023:  $9 million

• 2023:  $1,551,640
• 2022:  $1,967,899
• 2021:  $1,841,726
• 2020:  $1,807,893
• 2019:  $1,430,148

Lynn Eschenbach:  Total Compensation 2021-2023:  $2 million

• 2023:  $530,362
• 2022:  $612,750
• 2021:  $526,611

Scott M Spille:  Total Compensation 2022-2023:  $1 million

• 2023:  $380,532
• 2022:  $332,631

Patches Pace Seely:  Total Compensation 2021-2022:  $1 million

• 2023;  $520,636
• 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 2023 for management and support services) who also have managed to create and grow significant net fund assets (more than $15 billion).

The 16 most highly compensated staff of these 3 organizations in 2023 received more than $200 million in compensation from 2019-2023.  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, 2023 for Ascension Health Alliance, click here.

To read the IRS Form 990 for the year ending June 30, 2023 for Ascension Health IS, Inc, click here.

To read the IRS Form 990 for the year ending June 30, 2023 for Ascension Health, click here.