Baptist Health South Florida Inc

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1991

Legal Domicile

Phone

7866627000

Tax Period

2023-10-01 to 2024-09-30

Baptist Health South Florida Inc, founded in 1991, is a large national nonprofit in the Health Care sector that reported $1.3B in total revenue in fiscal year 2023. Revenue surged 22% from the prior year, signaling strong growth momentum. Net assets of $7.1B represent 63 months of operating reserves.

Mission

THE MISSION OF BAPTIST HEALTH 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: $1,186,044,502 Revenue: $1,018,146,112

DURING 2023, THE LISTED INDIVIDUALS RECEIVED A SEVERANCE PAYMENT. SUCH AMOUNTS WERE TREATED AS TAXABLE COMPENSATION. - PATRICIA ROSELLO - $40,154 - PHILOMENA R. TAYLOR - $440,000 - QAMMER BOKHARI -...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $2,870,619

Program Service Revenue $1,006,139,717

Investment Income $307,083,905

Other Revenue $26,410,435

TOTAL REVENUE $1,342,504,676

Expense Breakdown

Grants Paid $270,280,148

Salaries & Benefits $651,429,658

Fundraising Expenses $0

Program Expenses $1,186,044,502

Other Expenses $530,166,265

TOTAL EXPENSES $1,451,876,071

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,342,504,676	$1,102,432,278	+0.2%
Expenses	$1,451,876,071	$1,478,455,923	0.0%
Net Income	$-109,371,395	$-376,023,645	-0.7%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

5830

Volunteers

N/A

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

$13,935,499

Total Directors

$524,863

Key Employees

$3,703,516

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Aida Shafer	Trustee	2.0	Director	$0	$0	$0
Albert Nahmad	Trustee	2.0	Director	$7,055	$0	$7,055
Bill R Tillett	Trustee	2.0	Director	$200	$0	$200
Brian Keeley	Former CEO & President, Trustee	2.0	Director	$506,687	$0	$506,687
Calvin H Babcock	Trustee	2.0	Director	$0	$0	$0
Carlos Curbelo	Trustee	2.0	Director	$0	$0	$0
Carlos Lowell	Trustee	2.0	Director	$0	$0	$0
Carmen Perez-Carlton	Trustee	2.0	Director	$0	$0	$0
Charlie Martinez	TRUSTEE - Beg 10/2023	2.0	Director	$0	$0	$0
CHRISTINE E LYNN	Trustee	2.0	Director	$0	$0	$0
Ernie Diaz	Trustee	2.0	Director	$0	$0	$0
Gary Becker MD	Trustee	2.0	Director	$1,568	$0	$1,568
George E Cadman III	Trustee	2.0	Director	$0	$0	$0
I Jeffrey Pheterson ESQ	Trustee	2.0	Director	$0	$0	$0
James Carr	Trustee	2.0	Director	$0	$0	$0
Jana Sigars-Malina	Trustee	2.0	Director	$0	$0	$0
Jane Alonso	Trustee	2.0	Director	$0	$0	$0
Jay A Hershoff ESQ	Trustee	2.0	Director	$1,844	$0	$1,844
Jerri Devard	Trustee	2.0	Director	$0	$0	$0
John Scott Weston	Trustee	2.0	Director	$0	$0	$0
Karel Foti	Trustee	2.0	Director	$0	$0	$0
Kate Black	Trustee	2.0	Director	$0	$0	$0
Lani Kahn Drody	Trustee	2.0	Director	$0	$0	$0
Maritza G Montiel	Trustee	2.0	Director	$0	$0	$0
Rev Dr Gary Johnson	Trustee	2.0	Director	$0	$0	$0
Rev Dr Marcos A Ramos	Trustee	2.0	Director	$0	$0	$0
Rev Dr Richard Ledgister	Trustee	2.0	Director	$0	$0	$0
Rev Dr Wadler Jules	Trustee	2.0	Director	$0	$0	$0
Rev Dr William W White	Trustee	2.0	Director	$3,183	$0	$3,183
Rev Erik Cummings	Trustee	2.0	Director	$0	$0	$0
Rev Pablo Miret	Trustee	2.0	Director	$0	$0	$0
Rev William Chambers III	Trustee	2.0	Director	$0	$0	$0
Richard Roy	Trustee	2.0	Director	$0	$0	$0
Richard Schmidt	Trustee	2.0	Director	$0	$0	$0
Roberta Stokes	Trustee	2.0	Director	$0	$0	$0
Ronald A Shuffield	Trustee	2.0	Director	$0	$0	$0
Rudy Kranys	Trustee	2.0	Director	$0	$0	$0
Sats Tripathy	Trustee	2.0	Director	$4,326	$0	$4,326
Sheldon Anderson	Trustee	2.0	Director	$0	$0	$0
Sherrill W Hudson	Trustee	2.0	Director	$0	$0	$0
Yerby T Barker	Trustee	2.0	Director	$0	$0	$0
Albert Boulenger	President and CEO	50.0	Officer	$3,561,994	$623,904	$4,185,898
Ana Lopez-Blazquez	EVP / CSO	50.0	Officer	$1,765,466	$19,978	$1,785,444
Glenn D Waters	EVP COO	50.0	Officer	$1,686,722	$84,362	$1,771,084
Jack Ziffer MD	EVP / CCO	50.0	Officer	$1,810,717	$51,337	$1,862,054
Joe Natoli	EVP / CAO	50.0	Officer	$2,091,204	$34,904	$2,126,108
Matthew Arsenault	CFO	50.0	Officer	$1,837,834	$367,077	$2,204,911
Adriene McCoy	Senior VP of HR	50.0	Key Emp	$1,226,015	$227,080	$1,453,095
David Friedman	Senior VP / General Counsel	50.0	Key Emp	$1,135,439	$247,394	$1,382,833
Mihail Antonio Ambrozie	Chief Digital & Info Officer - End 10/2023	50.0	Key Emp	$656,521	$211,067	$867,588
Javier Hernandez-Lichtl	CEO - DH - End 11/2023	0.0	Highest	$2,956,597	$166,151	$3,122,748
Lincoln S Mendez	CEO - Boca Raton Regional Hospital	45.0	Highest	$1,323,088	$65,724	$1,388,812
Michael Zinner MD	CEO - Miami Cancer Institute	45.0	Highest	$2,080,378	$20,449	$2,100,827
Qammer Bokhari	VP Chief Clinical	45.0	Highest	$1,241,269	$54,535	$1,295,804
William M Duquette	CEO - South Miami Hospital	45.0	Highest	$1,253,692	$42,430	$1,296,122
Nelson Lazo	CEO - Bethesda Hospital	0.0		$425,249	$16,231	$441,480
Patricia Rosello	Former CEO - Baptist Hospital of Miami	0.0		$2,172,434	$124,424	$2,296,858
Philomena Taylor	Former VP Business Systems	0.0		$440,000	$0	$440,000

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	$1,342,504,676	$1,451,876,071	$9,142,636,070	$-109,371,395
2023	$1,102,432,278	$1,478,455,923	$7,600,626,918	$-376,023,645
2023	$1,102,432,278	$1,478,455,923	$7,600,626,918	$-376,023,645
2022	$1,802,830,265	$1,325,776,403	$7,014,479,692	$477,053,862
2021	$2,027,869,802	$1,195,736,276	$7,720,776,946	$832,133,526
2020	$1,443,599,543	$1,707,848,045	$6,700,544,156	$-264,248,502
2019	$1,294,005,107	$695,510,561	$6,800,060,279	$598,494,546
2018	$914,474,628	$612,383,990	$5,680,314,858	$302,090,638
2017	$809,309,907	$617,781,612	$4,831,923,642	$191,528,295