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Fred Rankin leads all executives at Mary Washington Healthcare with a 2009 salary package of $955,282
BY JIM HALL The top employees at Mary Washington Healthcare earned more than $1.1 million in bonuses in 2009, their reward for a successful 2008. More than two dozen key executives and employee physicians earned annual bonuses ranging from $2,000 to $246,278. The median bonus for the company was more than $28,000. Fred Rankin, president and chief executive officer, received the largest bonus among managers: $151,430. Rankin continues to be the firm's highest-paid employee, with a 2009 salary package of $955,282. The salary information and bonus payments are recorded on Mary Washington's federal income tax form, the 990. The Internal Revenue Service requires a nonprofit organization such as Mary Washington to file an annual return and to make it available to the public. Mary Washington released its 2009 return last month. The return lists the top earners on the company's executive team. In addition to Rankin, this group includes five executive vice presidents, five senior vice presidents, six vice presidents, two directors and one executive director. CLICK HERE TO VIEW EXECUTIVE AND TOP-PHYSICIAN SALARIES AT MWHFor 2009, the compensation for these individuals ranged from $184,286 for the director of strategic planning to $501,843 for the chief operating officer. "The senior leaders in a company of this size are specialists in their own right," said Kathleen Allenbaugh, company spokeswoman. "They are highly in demand, and in order for us to keep moving forward, we need that skill set." In addition to their base pay, Mary Washington executives can receive a percentage bonus if they meet individual and corporate goals. All of the executives and employee physicians listed on the tax form collected bonuses based on their performances in 2008. The company's net income was $25 million in 2008, up from $20 million in 2007. The bonuses were paid in the spring of 2009. The company opened its second hospital that year and recorded revenues of more than $666 million, up from $551 million in 2008. However, net income dropped to $8 million, in part because of the opening of Stafford Hospital. Executive salaries at Mary Washington are set by members of its board of trustees. The board's compensation committee hires a consultant to help it and compares salaries at Mary Washington with those paid by 29 other hospital companies, said John Fick, chairman of the board of trustees. Comparison hospital systems include Carilion in Roanoke, Riverside in Newport News, Valley in Winchester and Centra in Lynchburg. "This allows us to determine a fair compensation package that will provide for executive retention as well as being fiscally responsible to the organization," Fick said, in a statement. Jim Hall: 540/374-5433
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