Healthcare Executive Salaries On The Rise

More hospitals and healthcare systems are increasing base salaries and bonuses for executives as competition intensifies in organizations hiring searches.

Chicago, IL (PRWEB) August 6, 2003 -- More hospitals and healthcare systems are increasing base salaries and bonuses for executives as competition intensifies in organizations hiring searches. The median total cash compensation -- base salary plus bonuses -- for presidents and CEOs of freestanding hospitals rose 9.2% to $339,100 in 2003, according to Modern Healthcares 23rd annual Executive Compensation Survey.

This years data was provided by Sullivan, Cotter and Associates, a Chicago-based consulting firm, and compiled from a survey of 121 healthcare systems and 416 hospitals from April to July.

Hospital titles rising the fastest include: employee relations (17.8% increase), nursing services (12.5%), chief information officer (11.9%) and social services (11.9%).

If anyone is looking for evidence that the healthcare sector of the economy is booming, look no further than the results of our executive compensation survey," said David Burda, editor of Modern Healthcare. Most healthcare executive titles enjoyed double-digit increases in compensation this year."

By comparison, according to 12-month figures for all private industry through the first quarter of 2003, compensation rose 3.8%, according the U.S. Bureau of Labor Statistics. The average annual compensation for all occupations was roughly $36,500 in 2002.

To view the complete results of Modern Healthcares 23rd annual Executive Compensation Survey visit www.modernhealthcare.com.

Modern Healthcare is the industry's only healthcare business news weekly, providing healthcare executives the most reliable, up-to-date and comprehensive business news and information. In addition to print, readers access our news online at modernhealthcare.com and via our daily e-newsletter, the Daily Dose. With this three-tiered approach to news, our award-winning staff of editors and reporters delivers information that enables healthcare leaders to take constructive action and improve performance.