Executive Compensation at Baycare Health (2024)

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, 15 imaging facilities, 208 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 (30 tax-exempt organizations, 4 taxable partnerships, and 7 taxable 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 $1.6 billion in 2024 (compared to $1 billion in 2023, $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 ($680 million)
• investment income/gains on sale of assets ($770 million)

The investment income and gains came from the BHSI’s investments (the organization had $1.6 billion in net assets at the beginning of the year but after divesting itself from Michigan-based Trinity Health (who owned about 50%) in a $4 billion deal that allowed BHSI to assume full ownership of its hospitals in central Florida, BHSI reported net assets of $6.9 billion at year-end).

Expenses totaled $835 million (including $35 million in depreciation) – significantly less than total revenue reported. The two largest expenses were compensation ($484 million) and office-related expenses ($181 million).

8,197 employees received $484 million which equates to an average compensation of nearly $59,000.  1,162 employees received more than $100,000 in compensation with the 10 most highly compensated reported to be:

• $3,027,169:  Stephanie Connors, Trustee/Pres/CEO Baycare
• $2,243,156:  Janice Polo, EVP, CFO
• $1,360,513:  Tim Thompson, CAO
• $1,350,437:  Sowmya Viswanathan, Chief Physician Executive
• $1,252,575:  William Walders, SVP, Information Services
• $1,212,845:  Louis Galdieri, Co-Chief COO*
• $1,203,379:  Kyle Barr, Chief Team Resources Officer
• $1,198,137:  Kimberly Guy, Co-Chief COO*
• $1,131,298:  Jennifer Touse, Chief Legal Officer
• $   961,256:  Edward Rafalski, Chief Strategy and Marketing Officer

As illustrated above, the 10 most highly compensated employees received $15 million in compensation in 2024.  5 of the 10 most highly compensated employees are male while the other 5 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 $3 million in 2024.

The  10 most highly compensated employees in 2024 received $42 million from 2017-2024 (note:  highly compensated employees in any of the years 2017-2023 but not in 2024 are not included below, including Tommy Inzina who received $26 million from 2017-2023):

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

• 2024:  $3,027,169
• 2023:  $2,709,242
• 2022:  $  378,704 (began 12/22)

Janice Polo:  Total Compensation 2017-2024:  $12 million

• 2024:  $2,243156
• 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

Kyle Barr:  Total Compensation 2020-2024:  $6 million

• 2024:  $1,203,379
• 2023:  $1,594,540
• 2022:  $1,035,646
• 2021:  $1,012,207
• 2020:  $  940,366

Tim Thompson:  Total Compensation 2017-2024: $9 million 

• 2024:  $1,360,513
• 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

Sowmya Viswanathan:  Total Compensation 2023-2024:  $2 million

• 2024:  $1,350,437
• 2023:  $   961,093

William Walders:  Total Compensation 2023-2024:  $2 million

• 2024:  $1,252,575
• 2023:  $   495,847

Louis Galdieri:  Total Compensation 2023-2024:  $2 million

• 2024:  $1,212,845
• 2023:  $1,155,091

Kimberly Guy:  Total Compensation 2023-2024:  $2 million

• 2024:  $1,198,137
• 2023:  $1,139,698

Jennifer Touse:  Total Compensation 2023-2024:  $2 million

• 2024:  $1,131,298
• 2023:  $  995,335

Edward Rafalski:  Total Compensation  2022-2024:  $2 million

• 2024:  $961,256
• 2023:  Not Listed
• 2022:  $798,605

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

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

• $33 million:  Cerner, of Kansas City, MO for software support
• $ 7 million:  Gresham Smith, of Nashville, TN for architectural services
• $ 6 million:  Merkle, of Columbia, MD for marketing services
• $ 5  million:  Stern Drake Isbell and Associates, of Tampa, FL for medical  services (SDI Radiology)
• $ 5 million:  AYA Healthcare, of San Diego, CA for healthcare services

To read the IRS Form 999 (2024), click here.