Executive Compensation at Mass General Brigham (2022)

Mass General Brigham (formerly known as Partners HealthCare) is a non-profit, tax-exempt healthcare provider with 16 member institutions that include hospitals, medical centers, urgent and emergency care facilities, community health centers, physician and rehabilitation networks, a teaching organization, health insurance plan, and more in the Boston area who changed its name to Mass General Brigham (taking the name of two premier hospitals: Massachusetts General and Brigham and Women’s) in November, 2019.

With an estimated 82,000 employees (including 6,500 physicians and 9,100 registered nurses), Mass General Brigham is the largest private employer and healthcare provider in Massachusetts. The Mass General Brigham healthcare network has dozens of related and affiliated tax-exempt organizations and several taxable as a corporation, partnership, or trust (see Schedule R of the Form 990’s).

This post only addresses the executive compensation reported on the Form 990 (2022) for Mass General Brigham Incorporated, the administrative non-profit (whose revenue derives from related and affiliated organizations for managing the whole network) for the year ending September 30, 2022.  Key information about this entity is summarized as follows:

• Total revenue was $2.1 billion (compared to $2.1 billion in 2021 and $2.2 billion in 2020), most of which came from three sources:  related organizations ($500 million), administrative fees ($1.2 billion) – both of which appear to come from organizations within the Mass General Brigham health system; and gains on the sale of assets and investment income ($400 million);
• Expenses totaled $2.1 billion (including $69 million in depreciation), most of which came from 5 categories of expenses:  compensation ($1.1 billion), interest ($224 million), office-related expenses ($226 million), fees for services ($167 million), and grants ($99 million, most of which was awarded to affiliated organizations for support); and
• Net assets are $881 million – compared to a $325 million at the beginning of the year — which is a huge swing given the organization posted nearly $600 million in unrealized losses on investments.  This change was done by a positive $1.2 billion adjustment to net assets related to pensions (overfunding) and non-service related pension income.

Compensation was the largest expense for Mass General Brigham.  7,971 employees (about 10% of the total organization’s employees), received $1.1 billion, which equates to an average compensation of $138,000.  However, only 1,935 employees received more than $100,000 with the 20 most highly compensated employees were reported to be:

• $5,899,957:  Peter K Markell, Former EVP, CFO and Treasurer
• $5,377,699:  Anne Kilbanski, President, CEO, and Director
• $3,505,247:  John R Barker, Chief Investment Officer
• $3,255,283:  Gregg S. Meyer, Chief Clinical Officer
• $3,206,933:  Ron Walls, COO
• $1,865,546:  Elizabeth L Baldwin, Portfolio Manager
• $1,765,386:  Katherine L Kamm, Portfolio Manager
• $1,689,274;  Nyum Gandhi, CFO and Treasurer
• $1,631,023:  Laura Peabody, Chief Legal Officer and General Counsel
• $1,397,832:  Rosemary R Sheehan, Chief HR Officer
• $1,380,074:  O’Neill Britton, Associate COO
• $1,343,654:  Ravi Thadhani, Chief Academic Officer
• $1,314,672:  Jeff A Weiss, Chief Strategy and Transf Office
• $1,241,140:  James W Noga, VP and CIO
• $1,024,189:  Alistair Erskine, Chief Digital Health Officer
• $1,018,230:  Yolanda Lorig Colson, Director*
• $1,004,192:  William Curry, Director *
• $  894,007:  Kevin Schlicke, Interim Treasurer (4/1/21-5/2/21)
• $  887,421:  Ali Salim, Director *
• $  804,502:  Zara Cooper,Director*

As illustrated above, the 13 of the 20 (65%) most highly compensated employees are male while 7 of the 20 (35%) are female.

The 15 most highly compensated employees received $82 million in compensation from 2020-2022:

Anne Kilbanski:  Total Compensation 2020-2022:  $14 million

• 2022;  $5,377,699
• 2021:  $4,286,146
• 2020:  $4,136,125

Peter Markell:  Total Compensation 2020-2022:  $12 million

• 2022:  $5,899,957
• 2021:  $2,767,702
• 2020:  $3,689,904

John Barker:  Total Compensation 2020-2022:  $9 million

• 2022:  $3,505,247
• 2021:  $2,741,542
• 2020:  $2,918,732

Ron Walls:  Total Compensation 2021-2022:  $5 million

• 2022:  $3,206,933
• 2021:  $1,979,381

Gregg Meyer:  Total Compensation 2020-2022:  $9 million

• 2022:  $3,255,283
• 2021:  $1,856,597
• 2020:  $4,202,011

Elizabeth Baldwin:  Total Compensation 2020-2022. $5 million

• 2022:  $1,865,546
• 2021:  $1,483,043
• 2020:  $1,365,218

Katherine Kamm:  Total Compensation 2020-2022:  $4 million

• 2022:  $1,765,386
• 2021:  $1,252,197
• 2020:  $1,004,358

Niyum Gandhi:  Total Compensation 2022:  $2 million

• 2022:  $1,689,274

Laura Peabody  Total Compensation 2020-2022:  $5 million

• 2022:  $1,631,023
• 2021:  $1,440,100
• 2020:  $1,561,842

Rosemary Sheehan:  Total Compensation 2020-2022:  $3 million

• 2022:  $1,397,832
• 2021:  $1,061,927
• 2020:  $1,028,487

O’Neil Britton:  Total Compensation 2022:  $1 million

• 2022:  $1,380,074

Ravi Thadhani:  Total Compensation 2021-2022:  $3 million

• 2022:  $1,343,654
• 2021:  $1,162,386

Jeff Weiss:  Total Compensation 2020-2022:  $4 million

• 2022:  $1,314,672
• 2021:  $1,253,447
• 2020:  $1,014,941

James Noga:  Total Compensation 2020-2022:  $4 million

• 2022:  $1,241,140
• 2021:  $1,118,905
• 2020:  $1,261,714

Alistair Erskine:  Total Compensation 2021-2022:  $2 million

• 2022:  $1,024,189
• 2021:  $  977,257

Mass General Brigham paid for first class travel or charter travel.

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