Salary increases for senior living corporate executives continued to climb in 2019.
According to the 2019-2020 Multi-Facility Corporate Compensation Report published by Hospital & Healthcare Compensation Service (HCS), long-term care facilities reported an average salary increase of 2.81% for corporate positions last year.
HCS reviewed data from 53 care communities — 42 nonprofit and 11 for-profit communities — participated in the survey. A total of 108 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 (20), those earning between $50 million and under $100 million (17), and those with average annual revenues above $100 million (16).
Long-term care CEO total compensation ranged from $260,385 for organizations with less than $50 million in revenue to $445,720 for organizations with revenues exceeding $100 million. CFO total compensation ranged from $177,328 in organizations with less than $50 million in revenue to $533,104 for those with revenue exceeding $100 million.
A full 100% of participants offered 401(k)/403(b) plans. Participants reported an average match of 3.63% of salary, with an average maximum contribution of 4.57%.
Respondents said the main reasons for the salary increases in the survey were performance-based merit (85.14%) and cost of living increases (25.68%).
Hospital CEOs in the study averaged over $962,951 annually, with another $514,486 in bonuses. Home health care CEOs averaged $424,282 in salary and $97,207 in bonuses, while CFOs averaged $245,326 in salary and an additional $37,622 in bonuses.