The Rojas Report
The Rojas Report with Dutch Rojas cuts through the noise in American healthcare.
From policy fights in Washington to the boardrooms of venture-backed startups, Dutch brings physicians, investors, and entrepreneurs into real conversations about money, power, and independence in medicine.
Expect sharp takes on healthcare policy, candid talks with startup founders, and even the occasional cigar-fueled debate about where the system is headed next.
If you care about the future of healthcare, and who really gets to shape it, this is your show.
The Rojas Report
$33 Million for Running a "Charity": The SERP Loophole Exposed
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Howard Kern retired from Sentara Healthcare in 2021. His payout: $33.2 million. Sentara is a nonprofit. Tax-exempt. A charity.
How does a charity write a $33 million check to its CEO?
A financial instrument called a SERP. A Supplemental Executive Retirement Plan. Your 401(k) limit: $23,000. Executive SERP limit: None.
This episode breaks down the forensic accounting of nonprofit hospital executive compensation:
THE MECHANISM: How SERPs let tax-exempt hospitals stockpile unlimited retirement funds for executives while regular employees hit IRS caps.
THE CONSULTANTS: SullivanCotter, Pearl Meyer, Gallagher. Three firms that create an upward-only benchmarking spiral. Every board aims for the 75th percentile. The spiral only moves up.
THE NONPROFIT PREMIUM: Maurice Smith at HCSC made $34.4 million. Andrew Witty at UnitedHealth made $26.3 million. The nonprofit CEO out-earned the for-profit CEO. With no shareholders. No accountability.
THE FAIR SHARE DEFICIT: $37.4 billion in tax exemptions. 2.3% spent on charity care. Kaiser Permanente alone has a $2.5 billion deficit.
THE PROTECTION RACKET: The AHA spent $29 million on lobbying in 2024. 55% of their lobbyists are former government officials.
This is Form 990 data. Names. Dollar amounts. Receipts.
Based on the "Good at Business" series from The Rojas Report.
Read the full investigation: dutchrojas.substack.com
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