Senior living corporate execs should expect slight increases in compensation in 2019.
According to a new report on corporate compensation published by Hospital & Healthcare Compensation Service (HCS), long-term care facilities reported an average salary increase of 2.61% for corporate positions.
The study also predicted an 2.72% average salary increase for hospital corporate executives, while their home health counterparts should expect a 2.73% average increase in compensation.
Forty-three long-term care communities — 37 nonprofit and six for-profit communities — participated in the survey. A total of 101 facilities were surveyed.
The long-term care communities participating in the survey were a mix of nursing homes, assisted living facilities and continuing care retirement communities. They were fairly split between three different groups: communities with annual revenues below $50 million (12), those earning between $50 million and under $100 million (18), and those with average annual revenues above $100 million (13).
Executives in the first group of communities earn an average annual salary of $116,249. The middle category averaged $160,195 and executives in the third group averaged $297,647 in annual compensation.
CEOs and CFOs topped the earnings list in each category. On a nationwide basis, the average compensation for long-term care CEOs was $400,639, with another $143,470 in bonuses. CFOs, meanwhile, earned an average of $244,484 in salary and $80,656 in bonuses.
Respondents said the main reasons for the salary increases in the survey were performance-based merit (86.69%) and cost of living increases (31.15%).
Hospital CEOs in the study averaged over $1 million annually, with another $422,235 in bonuses. Home health care CEOs averaged $387,901 in salary and $87,977 in bonuses, while CFOs averaged $207,749 in salary and an additional $41,519 in bonuses.