Skip to content

Hospital Executive Compensation: Remain Competitive While Controlling Cost

Hospital Executive Compensation: remain competitive while containing cost

By: Kyle Worthy

jeshoots-com-632498-unsplash

Healthcare organizations have been searching for ways to contain cost, so it was only a matter of time before their efforts began to affect executive compensation.

A 2018 Sullivan Cotter survey illustrated this budding trend in healthcare. According to the survey, the average salary of a healthcare facility’s CEO increased 4.1% in 2018, compared to a 4.8% increase in 2017. As financial pressures on healthcare organizations continue to escalate, we can expect these percentages to plateau at a steady rate.

At the same time, it has never been more important for hospitals to attract the right leadership. There is a dwindling number of professionals out there who are equipped to navigate the complexities of today’s healthcare environment, so competition for these top leaders is unlikely to subside anytime soon. Non-profit organizations have been particularly strained by increased competition for executives since the passing of the new tax codes, which placed more regulations and scrutiny on non-profit executive rewards.

So how can hospitals offer competitive pay and contain cost? At MaxWorth, we believe the solution lies in paying better, not more.

Our Hospital Executive Advantage Plan transforms executive compensation into a tool for cost containment. We use funding strategies to establish a platform for cost recovery, which makes executive rewards more sustainable for the hospital long-term.

While the plan benefits hospitals with increased sustainability, it also establishes advantages for executives by enhancing their overall rewards package, making it valuable to both parties.

 

SIGN UP FOR OUR NEWSLETTER

If you would like to receive industry updates and articles like the one you see here, complete the form below
Something went wrong. Please check your entries and try again.

Want to Learn More?

Why Call Pay is still an issue at many healthcare organizations

Why call pay is still an issue at many healthcare organizations By: Kyle Worthy A few years ago, call pay was a hot topic in the healthcare community. Today, the issue has fallen off many people’s radar. Is this because the crisis was solved? Our observations suggest otherwise. Reimbursements in…

Hire to retire: How an organizational goal can transform a culture

Hire to retire: How an organizational goal can transform a culture By: Kyle Worthy A hospital board member recently shared one of his organization’s top goals with us, stating, “We only want to hire executives who retire from here.” This is a striking goal for an organization in the healthcare…

The retirement bridge: access to the right tools can mean a lot to physicians

The retirement bridge: access to the right tools can mean a lot to physicians By: Kyle Worthy You just can’t get there from here   Due to regulations that limit the amount of money highly-compensated individuals can contribute to their qualified plans, it is difficult  for physicians to replace their…

Communication strategies to improve benefit plan participation in 2020

Communication strategies to improve benefit plan participation in 2020 By: Kyle Worthy It’s re-enrollment season here at MaxWorth, which means we’re traveling throughout the country to help our plan participants make their 2020 elections. For the past thirteen years, we’ve worked exclusively with physicians and administrations on their benefit plans.…

maxworth_logo

Compensation Strategies to Attract, Retain and Reward Your Physician Talent.

OUR OFFICE

Charlotte, NC

877-643-7520

800-314-8281

info@maxworthconsulting.com

Office Hours:
M-F 8:00am – 5:00pm EST

Charlotte, NC
P:  877-643-7520
F:  800-314-8281
info@maxworthconsulting.com
M-F: 8AM - 5PM

Scroll To Top