Hospital Executive Compensation: remain competitive while containing cost
By: Kyle Worthy
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.
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