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June 04, 2016 01:00 AM

When not-for-profit leaders serve on corporate boards

Bob Herman
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    Corporate CEOs, attorneys, real estate moguls and other business leaders routinely serve on the boards of not-for-profit hospitals, systems and insurers. But some top executives at not-for-profit healthcare organizations also hold board seats at some of the largest publicly traded companies in the world—and are paid lavishly for doing so.

    As often as not, those publicly traded companies are looking for their healthcare expertise. “There's an advantage in understanding how the healthcare economy works,” said David Bjork, a senior vice president at Integrated Healthcare Strategies.

    RELATED CONTENT

    To pay or not to pay: Some not-for-profit systems give board members big pay

    Critics say conflicts of interest exist when not-for-profit leaders who might do business with for-profit companies serve on their boards. And a review of Securities and Exchange Commission filings reveals some not-for-profit hospital executives sit on the boards of large banks, technology companies such as Evolent Health, or consulting firms such as Navigant, which they could hire.

    Two prominent not-for-profit health system CEOs, Lloyd Dean of Dignity Health and Kevin Lofton of Catholic Health Initiatives, each made more than $600,000 in board director fees and stock in 2015. Dean made most of his money on the board of banking conglomerate Wells Fargo & Co. Lofton earned a sizable chunk of his board compensation at Gilead Sciences, the manufacturer of pricey but effective hepatitis C drugs.

    Their pay in 2015:

    Kevin Lofton, CEO of Catholic Health Initiatives

    Board director at Gilead Sciences: $414,926

    Board director at Ride Aid Corp.: $230,000

    Total: $644,926

    Lloyd Dean, CEO of Dignity Health

    Board director at Wells Fargo & Co.: $346,027

    Board director at Navigant: $199,663

    Board director at McDonald's Corp.: $98,951

    Total: $644,641

    Nancy Schlichting, outgoing CEO of Henry Ford Health System

    Board director at Walgreens Boots Alliance: $336,553

    Dean Harrison, CEO of Northwestern Memorial HealthCare

    Board director at Northern Trust Corp.: $224,511

    Michael Dowling, CEO of Northwell Health

    Board director at BankUnited.: $134,060

    Kenneth Samet, CEO of MedStar Health

    Board director at Evolent Health.: $112,500

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        • - Value Based Care
        • - Hospital at Home
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        • - Future of Staffing
        • - Hospital of the Future (Fall)
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