SOUTH MIAMI HOSPITAL INC

EIN: 590872594 501(c)(3) Health Care

Miami, FL

Total Revenue
$941,594,577
Total Expenses
$802,008,107
Total Assets
$466,214,189
Net Assets
$170,247,402
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Financial Trends

Organization Details

Formation Year
1959
Legal Domicile
FL
Phone
7866627000
Tax Period
2023-10-01 to 2024-09-30

SOUTH MIAMI HOSPITAL INC, founded in 1959, is a major nonprofit in the Health Care sector that reported $941.6M in total revenue in fiscal year 2023. Revenue grew 9% year-over-year, indicating healthy expansion. Expenses of $802.0M left a modest 15% surplus.

Mission

AS PART OF THE BAPTIST HEALTH NETWORK, THE MISSION OF SOUTH MIAMI HOSPITAL IS TO IMPROVE THE HEALTH AND WELL-BEING OF INDIVIDUALS, AND TO PROMOTE THE SANCTITY AND PRESERVATION OF LIFE, IN THE COMMUNITIES WE SERVE. BAPTIST HEALTH IS A FAITH-BASED ORGANIZATION GUIDED BY THE SPIRIT OF JESUS CHRIST AND THE JUDEO-CHRISTIAN ETHIC. WE ARE COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF CLINICAL AND SERVICE EXCELLENCE, ENHANCED THROUGH TEACHING, RESEARCH AND INNOVATION, AND ROOTED IN THE UTMOST INTEGRITY AND MORAL PRACTICE. CONSISTENT WITH ITS SPIRITUAL FOUNDATION, BAPTIST HEALTH IS DEDICATED TO PROVIDING HIGH-QUALITY, COST-EFFECTIVE, COMPASSIONATE HEALTHCARE SERVICES TO ALL, REGARDLESS OF RELIGION, CREED, RACE OR NATIONAL ORIGIN, INCLUDING, AS PERMITTED BY ITS RESOURCES, CHARITY CARE TO THOSE IN NEED.

Program Service Accomplishments

Program 1
Expenses: $727,077,659 Revenue: $933,508,157

CONSISTENT WITH ITS SPIRITUAL FOUNDATION, BAPTIST HEALTH IS DEDICATED TO PROVIDING HIGH-QUALITY, COST-EFFECTIVE, AND COMPASSIONATE HEALTHCARE SERVICES TO ALL, INCLUDING, AS PERMITTED BY OUR...

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CONSISTENT WITH ITS SPIRITUAL FOUNDATION, BAPTIST HEALTH IS DEDICATED TO PROVIDING HIGH-QUALITY, COST-EFFECTIVE, AND COMPASSIONATE HEALTHCARE SERVICES TO ALL, INCLUDING, AS PERMITTED BY OUR RESOURCES, CHARITY CARE TO THOSE IN NEED. DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2024, BAPTIST HEALTH PROVIDED PATIENT SERVICES TO THE SOUTH FLORIDA AREA WITH 105,508 ADULT ADMISSIONS, 554,489 PATIENT DAYS, AND 537,712 EMERGENCY ROOM VISITS. DURING THAT SAME TIME PERIOD, URGENT CARE VISITS TOTALED 369,145, OUTPATIENT SURGERY CASES TOTALED 130,491, AND TOTAL OUTPATIENT VISITS WERE 2,110,093 SYSTEM-WIDE. AS OF SEPTEMBER 30, 2024, THE SYSTEM BOASTED 2,894 LICENSED INPATIENT BEDS, INCLUDING 2,709 ACUTE CARE BEDS. OVERALL, IN FY2024, BAPTIST HEALTH PROVIDED MORE THAN $474,000,000 IN COMMUNITY BENEFIT. THIS INCLUDED CHARITY CARE VALUED AT $128,853,162 AS WELL AS $253,887,671 IN MEDICAL SHORTFALL. THE ESTIMATED COST OF PROVIDING CHARITY CARE AND MEDICAL SHORTFALL IS BASED ON RECENT HISTORICAL COST-TO-CHARGE RATIOS FOR CHARITY PATIENTS AND MEDICAID PATIENTS FROM BHSF'S COST ACCOUNTING SYSTEM, APPLIED TO THE CURRENT PERIOD GROSS UNCOMPENSATED CHARGES ASSOCIATED WITH PROVIDING CARE TO CHARITY AND MEDICAID PATIENTS. WE ALSO CONTRIBUTED $53,328,827 TO THE INDIGENT CARE FUND AND EXPENDED $6,207,856 FOR EDUCATIONAL PROGRAMS, SCREENINGS, AND DONATIONS. FREE COMMUNITY HEALTH AND WELLNESS PROGRAMS COVERED TOPICS SUCH AS NUTRITION, EXERCISE, DIABETES MANAGEMENT, MENTAL HEALTH, MEDITATION, SELF-CARE, AND MANY MORE. BAPTIST HEALTH ALSO OFFERED COMPLIMENTARY SCREENINGS FOR CHOLESTEROL, BLOOD PRESSURE, GLUCOSE, BODY COMPOSITION, AND WAIST CIRCUMFERENCE. FURTHERING ITS COMMITMENT TO PROVIDING PRIMARY CARE SERVICES TO THOSE IN NEED, BAPTIST HEALTH DONATED $6,708,954 TO NEIGHBORHOOD NOT-FOR-PROFIT CLINICS, including: THE GOOD NEWS CARE CENTER IN FLORIDA CITY, OPEN DOOR HEALTH CENTER AND HOMESTEAD COMMUNITY HEALTH CENTER IN HOMESTEAD, THE GOOD HEALTH CLINIC IN TAVERNIER, THE FLORIDA KEYS AHEC IN THE KEYS, THE CARIDAD CENTER IN BOYNTON BEACH, THE SOUTH MIAMI CHILDREN'S CLINIC IN SOUTH MIAMI, CARING FOR Miami Mobile Dental Clinic, CHAPMAN PARTNERSHIP, AND GOOD SAMARITAN THROUGHOUT THE SOUTH FLORIDA AREA. Baptist Health SPENT $22,784,600 IN ORDER TO PROVIDE CARE TO OUR COMMUNITY MEMBERS IN NEED. ADDITIONALLY, WE PROVIDED $2,751,644 IN PALLIATIVE CARE AND CHAPLAINCY PROGRAMS. BAPTIST HEALTH FULFILLS ITS MISSION TO PROVIDE COMPASSIONATE CARE BY PROVIDING ASSISTANCE TO THOSE IN FINANCIAL NEED AND SUPPORTING SERVICES THAT ARE ESSENTIAL TO THE COMMUNITY. BEYOND THE AFOREMENTIONED HEALTH-RELATED CONTRIBUTIONS, BAPTIST HEALTH ALSO EXERTS A SUBSTANTIAL AND POSITIVE IMPACT ON OUR COMMUNITY. WITH A WORKFORCE EXCEEDING 27,000 INDIVIDUALS, WE STAND AS SOUTH FLORIDA'S LARGEST PRIVATE EMPLOYER. BAPTIST HEALTH IS TAKING A LEADERSHIP ROLE BY COMMITTING TO THE ENVIRONMENTALLY RESPONSIBLE, ENERGY-EFFICIENT DESIGN AND FUNCTION OF OUR FACILITIES. THIS COMMITMENT APPLIES TO OUR DAY-TO-DAY OPERATIONS, FROM THE SUPPLIES WE PURCHASE TO THE VEHICLES WE USE. ALIGNED WITH OUR FAITH-BASED MISSION, BAPTIST HEALTH REMAINS COMMITTED TO MAKING A SIGNIFICANT, POSITIVE IMPACT ON THE COMMUNITIES IT SERVES.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $34,779
Program Service Revenue $933,508,157
Investment Income $882,641
Other Revenue $7,169,000
TOTAL REVENUE $941,594,577

Expense Breakdown

Grants Paid $83,430
Salaries & Benefits $257,970,200
Fundraising Expenses $0
Program Expenses $727,077,659
Other Expenses $543,954,477
TOTAL EXPENSES $802,008,107

Year-over-Year Comparison

2023 2022 Change
Revenue $941,594,577 $864,983,592 +0.1%
Expenses $802,008,107 $747,629,626 +0.1%
Net Income $139,586,470 $117,353,966 +0.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
16
Independent Members
16
Employees
3183
Volunteers
150

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$2,039,312
Total Directors
17
$7,239
Key Employees
4
$2,387,116
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Alysa R Herman MD Director 2.0
Director
$0 $0 $0
Carlos Lowell Director 2.0
Director
$0 $0 $0
Domingo C Rodriguez ESQ Director - End 05/2024 2.0
Director
$0 $0 $0
Edward Ruggiero Director 2.0
Director
$0 $0 $0
Ernie Diaz Director - Beg 08/2024 2.0
Director
$0 $0 $0
George Foyo Director 2.0
Director
$0 $0 $0
Ian Reiss MD Director 2.0
Director
$0 $0 $0
James W Harris Director 2.0
Director
$0 $0 $0
Jose Abrante Cosio Director 2.0
Director
$0 $0 $0
Michael F Graham MD Director 2.0
Director
$0 $0 $0
Rev Dr Marcos A Ramos Director 2.0
Director
$0 $0 $0
Rev Dr Ryan Reed Director 2.0
Director
$0 $0 $0
Robert J Shafer JR Director 2.0
Director
$0 $0 $0
Sats Tripathy Director 2.0
Director
$0 $0 $4,326
Valerie Schimel Director 2.0
Director
$0 $0 $0
Yerby T Barker Chairman 2.0
Director
$0 $0 $0
Yvette Aleman Director 2.0
Director
$0 $0 $2,913
Edward G Shashaty VP Finance Hospital Operations 8.0
Officer
$0 $136,725 $743,190
William M Duquette CEO 50.0
Officer
$0 $42,430 $1,296,122
Jeanette Stone VP of Operations 50.0
Key Emp
$502,574 $25,350 $527,924
Nancy Pobiones VP Professional Services 50.0
Key Emp
$410,141 $88,560 $498,701
Paul Mungo VP - Nursing 50.0
Key Emp
$545,053 $103,880 $648,933
Yvonne T Johnson MD Chief Medical Officer 50.0
Key Emp
$576,678 $134,880 $711,558
Colleen E Rodriguez AVP Nursing 45.0
Highest
$223,211 $30,112 $253,323
Janelle Marie Christian Director Pharmacy 45.0
Highest
$223,688 $34,996 $258,684
Lahiris Aguilar Gonzalez CT Technologist 45.0
Highest
$215,093 $14,145 $229,238
Leslee Gross AVP Operations 45.0
Highest
$233,688 $29,968 $263,656
Nada Wakim AVP Nursing 45.0
Highest
$237,111 $30,789 $267,900
Lincoln S Mendez Former CEO 0.0
$0 $65,724 $1,388,812
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $941,594,577 $802,008,107 $466,214,189 $139,586,470
2023 $864,983,592 $747,629,626 $461,946,824 $117,353,966
2022 $816,081,787 $725,809,735 $457,129,616 $90,272,052
2021 $763,720,505 $661,246,745 $413,367,432 $102,473,760
2020 $633,189,714 $582,754,573 $343,374,402 $50,435,141
2019 $674,336,307 $580,466,204 $328,157,202 $93,870,103
2018 $608,247,711 $570,593,251 $333,955,693 $37,654,460
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