33 min
38. RNMD: Salary, Nonprofit Hospital Executive Pay RNMD
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- Society & Culture
Doctor Dan visits us for an episode that's sure to make you cry all the way to the bank! Despite rising healthcare costs, hospital CEOs at non profit systems continue to receive massive salaries and raises. In 2017, top executives at six of the nine largest Chicago area non-for profit healthcare systems pocketed substantial raises. Their average pay hike was 37% easily outpacing national trends. A non-for profit hospital is generally organized as a charity under the IRS section 501(c)3 with the mission of delivering affordable healthcare to their communities. Nonprofit hospitals do not pay property, state, federal income, sales tax. Salaries for hospital CEOs are not always easy to find, as there is little regulation for financial transparency in these organizations. These figures are from 2017. Some of these salaries had differing reports of about 1 million dollars. Even with this margin of error the data is still clear, hospital CEOs are making huge bloated salaries. What are these nonprofit hospitals doing with all their cash on hand? Certainly not reducing prices for patients. This is reflected by the medical debt incurred by Americans in 2017. We are regularly told that the cost of healthcare will not support Medicare for all. I would argue that if we eliminated the large salaries within our hospital systems we could serve our patients without bankrupting them and safely staff our units
Notes: Peter Fine's base salary in 2017 was $1.3 million. His compensation was boosted by a bonus and incentives, deferred pay and a payment of $17 million from a Supplemental Executive Retirement Plan — a program that was put in place early in Fine's tenure. Dan Woltermandan received a supplemental executive retirement package in 2016, not 2017, which provided for an annual contribution for each year of service (17 years). When he retired early at the age of 60. His name is sometimes shortened to Wolterman in text. Anthony Tersigni’s (13.2 million) company website states, “Ascension’s Mission to care for those who are poor and vulnerable.
I𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦:
@RNMDPodcast
@TheNocturnalNurse
References:
https://www.azcentral.com/story/money/business/health/2019/10/23/banner-health-ceo-peter-fine-arizona-nonprofit-health-system-topped-salary-list/3779681002/
https://projects.propublica.org/nonprofits/organizations/741152597
https://www.erieri.com/blog/post/top-10-highest-paid-ceos-at-nonprofits-2020
https://www.forbes.com/sites/adamandrzejewski/2019/06/26/top-u-s-non-profit-hospitals-ceos-are-racking-up-huge-profits/?sh=67a93bcf19df
https://www.erieri.com/blog/post/top-10-highest-paid-ceos-at-nonprofits-2020
https://www.modernhealthcare.com/providers/hospital-ceos-get-big-raises-despite-pressure-control-healthcare-costs
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Support this podcast: https://podcasters.spotify.com/pod/show/rnmd/support
Doctor Dan visits us for an episode that's sure to make you cry all the way to the bank! Despite rising healthcare costs, hospital CEOs at non profit systems continue to receive massive salaries and raises. In 2017, top executives at six of the nine largest Chicago area non-for profit healthcare systems pocketed substantial raises. Their average pay hike was 37% easily outpacing national trends. A non-for profit hospital is generally organized as a charity under the IRS section 501(c)3 with the mission of delivering affordable healthcare to their communities. Nonprofit hospitals do not pay property, state, federal income, sales tax. Salaries for hospital CEOs are not always easy to find, as there is little regulation for financial transparency in these organizations. These figures are from 2017. Some of these salaries had differing reports of about 1 million dollars. Even with this margin of error the data is still clear, hospital CEOs are making huge bloated salaries. What are these nonprofit hospitals doing with all their cash on hand? Certainly not reducing prices for patients. This is reflected by the medical debt incurred by Americans in 2017. We are regularly told that the cost of healthcare will not support Medicare for all. I would argue that if we eliminated the large salaries within our hospital systems we could serve our patients without bankrupting them and safely staff our units
Notes: Peter Fine's base salary in 2017 was $1.3 million. His compensation was boosted by a bonus and incentives, deferred pay and a payment of $17 million from a Supplemental Executive Retirement Plan — a program that was put in place early in Fine's tenure. Dan Woltermandan received a supplemental executive retirement package in 2016, not 2017, which provided for an annual contribution for each year of service (17 years). When he retired early at the age of 60. His name is sometimes shortened to Wolterman in text. Anthony Tersigni’s (13.2 million) company website states, “Ascension’s Mission to care for those who are poor and vulnerable.
I𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦:
@RNMDPodcast
@TheNocturnalNurse
References:
https://www.azcentral.com/story/money/business/health/2019/10/23/banner-health-ceo-peter-fine-arizona-nonprofit-health-system-topped-salary-list/3779681002/
https://projects.propublica.org/nonprofits/organizations/741152597
https://www.erieri.com/blog/post/top-10-highest-paid-ceos-at-nonprofits-2020
https://www.forbes.com/sites/adamandrzejewski/2019/06/26/top-u-s-non-profit-hospitals-ceos-are-racking-up-huge-profits/?sh=67a93bcf19df
https://www.erieri.com/blog/post/top-10-highest-paid-ceos-at-nonprofits-2020
https://www.modernhealthcare.com/providers/hospital-ceos-get-big-raises-despite-pressure-control-healthcare-costs
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Support this podcast: https://podcasters.spotify.com/pod/show/rnmd/support
33 min