Health Care

Pandemic will have little impact on future of NYC’s hospital pay, experts predict

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Before COVID-19 took its toll on the nation and the economy, the New York area’s top-paid hospital executives and physicians reported millions of dollars a year in compensation.

Hackensack Meridian’s Lloyd retired at the end of 2018. The $9.9 million he received in 2019 was largely made up of his supplemental executive retirement plan, said company spokesman Ben Goldstein. His SERP was nearly $7.5 million.

The New Jersey health network, which includes 17 hospitals, uses a national executive compensation consulting firm to determine the sums, Goldstein said.

“The compensation of our most senior executives is aligned with performance and industry standards,” Goldstein said.

Lloyd was among nine hospital executives and five doctors who took home more than $5 million in 2019, a Crain’s analysis found. Executives and doctors needed to earn more than $2.3 million to make it onto the lists.

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