Healthcare executive compensation increased 4.5% this year, according to a SullivanCotter survey released Thursday.
The median base salary for health system executives outpaced those of subsidiary hospitals by 1%. Incentive award payouts returned to historical levels in 2022, with median total case compensation increasing by 9.7%.
The report noted that the incentive award payouts signal a “recovery year” following the effects of COVID-19. The findings, it added, reflect an “increasingly competitive marketplace for talent” at provider organizations, especially amid the ongoing Great Resignation.
SullivanCotter urged healthcare executives to consider several factors when planning for 2023. They include increases to salary budgets in light of talent scarcity and inflation as well as the establishment of annual incentive plans that acknowledge current challenges and future priorities.
“While these are industry-wide issues affecting the clinical workforce and staff-level positions as well, organizations must be acutely aware of the impact these challenges may have on executive compensation programs and recruiting and retention strategies,” SullivanCotter CEO Ted Chien said in a statement. “This is particularly important as they look to limit disruption and remain focused on providing the highest quality patient care, improving employee engagement, and advancing other important initiatives designed to support DE&I and ESG.”
MM+M will report on trends specific to healthcare marketers in its flagship Career and Salary Survey, which is currently open for respondents.
