In multi-facility long-term care companies, those in CEO positions are bringing in significantly more than other high-level executives, a new compensation comparison report found.
As of October 2016, the average total compensation (salary plus bonuses) of a CEO in long-term care was $484,010 while the average salary for a chief operating officer was $339,381, according to the 2016-2017 Multi-Facility Corporate Compensation Report by the Hospital & Healthcare Compensation Service.
Another one of the highest paid positions in long-term care was top administrative/operations executives with an average total compensation of $296,806.
The report used data from over 100 multi-facility companies including the long-term care sector, the home health and hospice sector as well as the hospital sector. The long-term care sector was defined as nursing homes, continuing care retirement communities, assisted living communities and independent living multi-facility companies. However, only those companies that shared their bonus data were included in the average salaries.
On the other end of the spectrum, positions with the lowest average total compensation included regional nurses with $101,682, regional administrative/operation executives with $141,683 and top compliance executive with $170,897, the report found.
Of the 43 long-term care providers in the report, 30 were not-for-profit and 13 were for profit. Twenty four providers averaged in revenue under $1 million per year, 12 had a revenue between $100,000,000 and $999,999,999 and seven made over $1 billion.
Written by Alana Stramowski