Executive Compensation at Mount Sinai (2023)

Mount Sinai Hospital (MSH) is part of the Mount Sinai Health System (MSHS) – a network of 8 hospitals and a medical school formed in 2013 when the operations of Mount Sinai Medical Center and Continuum Health Partners merged. MSHS is the controlling entity or the affiliated organization – both non-profit and for profit – in the network.  Headquartered in New York City, NY, MSHS has about 4,000 beds and 43,000 employees, with nearly 20,000 of them employed by the Mount Sinai Hospital.

Key information to know about Mount Sinai Hospital (MSH), as reported on the Form 990 (2023) submitted to the IRS includes:

MSH reported total revenue of $3.9 billion (compared to $3.7 billion in 2022, $3.6 billion in 2021, $3.3 billion in 2020, $3.1 billion in 2019, $2.9 billion in 2018 and $2.8 billion in 2017) in 2023,  most of which ($3.6 billion) came from patient services (net).

Expenses totaled $3.9 billion (including $194 million in depreciation) with the three largest expenses being compensation ($1.9 billion), medical supplies ($875 million), and fees for services ($553 million).

MSH began the year with $2.7 billion in net assets. Excess revenue not spent ($6 million) plus unrealized gains on investments ($79 million) was offset by other changes in net assets (-$500 million) which were primarily transfers to other hospitals in the network, causing net assets to decrease to $2.3 billion at year end.

Compensation is generally about half of a hospital’s total operating expense so MSH appears to be in-line with other hospitals (note:  MSH relied on employment services (i.e. $89 million to Right Sourcing) which are classified as “fees” and not compensation, so the total compensation would be significant higher if these fees were included). 19,780 received $1.9 billion in compensation, which equates to an average compensation of $96,000.

6,285 employees received more than $100,000 in compensation with the 18 most highly compensated employees being:

• $7,199,726:  Kenneth Davis, Chief Executive Officer*
• $5,547,701:   Samin Sharma, Professor, Cardiology*
• $5,471,287:  Dennis Charney, President, Academic Affairs**
• $2,493,286:  Margaret Pastuszko, EVP, Chief Integration Officer*
• $2,243,372:  David L Reich, President and COO
• $2,239,055:  Scott Pittman, SVP Systems Chief Investment Officer*
• $2,107,872:  Stephen Harvey, EVP, System CFO
• $1,854,612:  Jeremy Boal, EVP, System Chief Clinical Officer*
• $1,878,171:  Beth Essig, EVP, General Counsel*
• $1,518,747:  Jeffrey Silberstein, EVP, System CAO*
• $1,473,210:  Michael Pastier, SVP, CFO*
• $1,255,921:  Kelly Cassano, EVP, System Ambulatory Operations
• $  882,563  :  Shirish Huprikar, Professor, Infectious Disease
• $  841,099  :  Cameron Hernandez, Executive Director and COO, MSHG
• $  876,721  :  Jonathan Kyriacou, COO
• $  823,989  :  Frank Cino, SVP, System Chief Risk Officer*
• $  789,004:  Burton P Drayer, Former EVP, System CMA**
• $  600,000:  Arthur Klein, Former EVP, President of Health Network*

The “*” indicates the employee received compensation from MSH and an affiliated/related organization. The “**”  indicates the employee received compensation from an affiliated/related organization.

15 of the 18 (83%) most highly compensated employees listed above are male while 3 of the 18 (17%) are female.  The most highly compensated employee is Kenneth Davis, the CEO who received $7.2 million in compensation in 2023.

The 18 highly compensated employees listed above received $40 million in compensation in 2023.  The most highly compensated employee was Kenneth Davis, the CEO who received $7.2 million in 2023 and $74 million from 2012-2023:

Kenneth Davis:  Total Compensation 2012-2023:  $74 million

• 2023:  $7.2 million
• 2022:  $6.9 million
• 2021:  $ 5.7 million
• 2020:  $ 5.3 million
• 2019:  $ 5.6 million
• 2018:  $ 5.7 million
• 2017:  $12.5 million
• 2016:  $ 7.3 million
• 2015:  $ 6.2 million
• 2014:  $ 4.1 million
• 2013:  $ 4.1 million
• 2012:  $ 3.3 million

166 independent contractors received more than $100,000 in compensation. The five most highly compensated were:

• $79 million:  Rightsourcing, of Los Angeles, CA for personnel
• $57  million:  Laboratory Corp, of Burlington, NC for lab services
• $32 million:  Crothall Healthcare, Inc. of Chicago, Illinois for management
• $28 million:  Healthcare Risk Advisors, of Philadelphia, PA for consulting
• $13 million:   Morrison Management Specialists, of Atlanta, GA

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