Executive Compensation at BayCare (2023)

BayCare (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 serves the Tampa Bay and western-central regions of Florida.

BayCare 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).

BHSI reported total revenue of $1 billion in 2023 (compared to $810 million in 2022, $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 ($601 million)
• investment income/gains on sale of assets ($265 million)

The investment income and gains came from the BHSI’s investments (the organization has $1.6 billion in net assets).

Expenses totaled $737 million (including $34 million in depreciation) – significantly less than total revenue collected  (70%) which appears to be how BHSI has accumulated $1.6 billion in net assets (along with investment income and gains).  The two largest expenses were compensation ($435 million) and office-related expenses ($156 million).

8,128 employees received $435 million which equates to an average compensation of nearly $54,000.  1,184 employees received more than $100,000 in compensation with the 13 most highly compensated reported to be:

• $2,709,242:  Stephanie Connors, Trustee/Pres/CEO Baycare
• $2,188,667:  Tommy Inzina, FormerTrustee/President/CEO
• $2,040,740:  Janice Polo, EVP, CFO
• $1,889,920:  Andrew Fink, President and CMO of Baycare Medical Group (until 4/23)
• $1,594,540:  Kyle Barr, Chief Team Resources Officer
• $1,591,832:  Tim Thompson, CAO
• $1,155,090:  Louis Galdieri, Co-Chief COO*
• $1,139,698:  Kimberly Guy, Co-Chief COO*
• $  995,335:  Jennifer Touse, Chief Legal Officer
• $  961,093:  Sowmya Viswanathan, Chief Physician Executive
• $  942,226:  Lisa Johnson, Chief Nurse Executive
• $  508,706:  Lynette Clinton, Former VP, Applications
• $  495,847:  William Walders, SVP, Information Services

As illustrated above, the 13 most highly compensated employees received $18 million in compensation.  6 of the 13 (46%) most highly compensated employees are male while 7 of the 13 (54%) 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 Stephanie Connors  who received $2.7 million in 2023.

The 6 most highly compensated employees in 2023 received $58 million from 2017-2023 (note:  highly compensated employees in any of the years 2017-2022 but not in 2023 are not included below):

Stephanie Connors:  Total Compensation 2022-2023: $3 million 

• 2023:  $2,709,242
• 2022:  $  378,704 (began 12/22)

Tommy Inzina:  Total Compensation 2017-2023:  $26 million

• 2023:  $2,188,667
• 2022:  $4,407,129
• 2021:  $4,323,462
• 2020:  $4,256,711
• 2019:  $3,790,815
• 2018:  $3,442,698
• 2017:  $3,223,425

Janice Polo:  Total Compensation 2017-2023:  $10 million

• 2023:  $2,040,740
• 2022:  $1,656,268
• 2021:  $1,570,624
• 2020:  $1,482,380
• 2019:  $1,253,849
• 2018:  $1,053,908
• 2017:  $  773,778

Andrew Fink:  Total Compensation 2017-2023: $6 million

• 2023:  $1,889,920
• 2022:  $1,076,728
• 2021:  $1,034,098
• 2020:  $  972,201
• 2019:  Not Listed
• 2018:  $748,522
• 2017:  Not Listed

Kyle Barr:  Total Compensation 2020-2023:  $5 million

• 2023:  $1,594,540
• 2022:  $1,035,646
• 2021:  $1,012,207
• 2020:  $  940,366

Tim Thompson:  Total Compensation 2017-2023: $8 million 

• 2023:  $1,591,832
• 2022:  $1,100,373
• 2021:  $1,074,885
• 2020:  $1,014,584
• 2019:  $  874,970
• 2018:  $  832,333
• 2017:  $  791,263

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

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

• $14 million:  Robins and Morton Group, of Birmingham, AL for construction services
• $27 million:  Cerner, of Kansas City, MO for software support
• $ 9  million:  Pivot Technology Services, of Norcross, GA for software support
• $ 3 million:  Stern Drake Isbell and Associates, of Tampa, FL for medical  services (SDI Radiology)
• $ 3 million:  Cisco Systems Capital Corp, of San Jose, CA for software support

To read the IRS Form 999 (2023), click here.