A New York Times news article about Maimonides Medical Center in Brooklyn reports that the hospital's chief executive, Ken Gibbs, "earned $3.2 million in 2020...Mr. Gibbs' 2020 earnings included a one-time payout; he earned $1.8 million in 2021 and 2022, the hospital said." The same article includes a reference to "Dr. Jacob Shani, the chairman of the hospital's heart and vascular center and its highest paid employee, with an annual salary of $3.5 million in 2020."
The same article reports that the hospital has "weak finances," including "a $145 million operational deficit in 2021." It says "Maimonides is a safety-net hospital that mostly treats people with Medicare or Medicaid."
It's an interesting business where a money-losing, nonprofit government contractor can pay out compensation at those levels.
As I've written in the past on this general topic, I'm all for non-profits paying what they need to to attract excellent leaders. I do think, though, that as a practical matter there's probably some kind of ceiling on how high these salaries can go before they start getting some push-back from the politicians and voters funding Medicare and Medicaid.
