Hospital Executive Compensation: Remain Competitive While Controlling Cost
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.
Attracting the right leadership
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.
Pay better, not more
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.
REQUEST OUR WHITE PAPER
Complete the form below and receive a copy of our latest white paper: Rewarding Excellent Administrator
Want to Learn More?
Podcast: Interview with Dr. Paul Reiman
Podcast: Interview with Dr. Paul Reiman By: Kyle Worthy With fairness and transparency as his top priorities, one orthopedist is leading the way to higher ground. This week, we speak with Dr. Paul Reiman, an orthopedic surgeon from Southern California. When Dr. Reiman isn’t riding motocross, he’s working to solve…
Webinar: 5 Leadership Principles of Call Compensation
Webinar Registration: 5 Leadership Principles of On-Call Compensation By: Kyle Worthy, Senior Consultant On-Demand Webinar Summary: When properly structured, call-pay arrangements can be a useful way to meet EMTALA obligations and further a hospital’s integration strategy. But when call-pay arrangements evolve from single-specialty negotiations they can turn into divisive, legal, financial…
Podcast: Interview with Dr. Tom Oliver
Podcast: Interview with Dr. Tom Oliver By: Kyle Worthy Episode Description During his time as president of the medical staff at Winchester Medical Center, Dr. Tom Oliver helped his organization successfully navigate a variety of challenges. But none would test his leadership skills more than an on-call compensation crisis. In…
Webinar: Physician Leaders and The Dynamics of Cultural Change
Webinar Registration: Physician Leaders and The Dynamics of Culture Change By: Kyle Worthy, Senior Consultant On-Demand Webinar Summary: As physician leaders, you have an opportunity to influence change that can revolutionize the culture of your organization. Most organizational cultures unintentionally evolve over time. When change is necessary, it is viewed with…