Kenneth Westbrook, president and CEO of Integrated Healthcare Holdings, a four-hospital system based in Santa Ana, Calif., earned $596,041 in 2012, according to a filing with the Securities and Exchange Commission.
The total was more than 24 percent less than his compensation in 2011, which topped $788,000 thanks to a $204,500 bonus. Last year, however, Mr. Westbrook received no bonus.
Steven Blake, CFO of Integrated Healthcare Holdings, earned $461,256 in 2012 compared with $631,393 in 2011. Both Mr. Westbrook and Mr. Blake received car allowances of $18,000 and $12,000, respectively.
The for-profit, publicly traded Integrated Healthcare Holdings — predominantly backed by Greenwich, Conn.-based hedge fund Silver Point Capital — consists of four California-based hospitals: 282-bed Western Medical Center in Santa Ana, 188-bed Western Medical Center in Anaheim, 178-bed Coastal Communities Hospital in Santa Ana and 114-bed Chapman Medical Center in Orange. All the hospitals are physician-owned.
In fiscal year 2012, Integrated Healthcare Holdings posted $365.3 million in net patient revenue, a 13.7 percent decrease from FY 2011. Operating profit in 2012 dropped 72 percent to $12.7 million. In the process, the hospital company's operating profit margin fell from 10.6 percent to 3.5 percent.
Integrated Healthcare Holdings is also a spinoff of Dallas-based Tenet Healthcare Corp., where Mr. Westbrook and Mr. Blake previously worked. Mr. Westbrook sold the four hospitals that created Integrated Healthcare Holdings as he left Tenet in 2004.
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