Salaries for the nation’s long-term care CEOs range from $318,168 to $600,846, with average total compensation landing at $555,340, according to the 39th edition of the Multi-Facility Corporate Compensation Report.
Produced annually by the Hospital & Healthcare Compensation Service, the report covers executive compensation of larger-revenue assisted living communities, independent living facilities, continuing care retirement communities and nursing homes, as well as top executives over multi-site organizations.
The average CEO salary, excluding bonuses or benefits, was $482,701 across all categories, with bonuses averaging 24.28%.
Average salary for CEOs within companies reporting revenue of less than $50 million was $349,922. CEO average salary was $400,267 for companies reporting revenues between $50 million and $80 million, $562,141 for those reporting revenues between $80 million and $100 million, $522,767 for those with revenues between $100 million and $200 million, and $643,471 for companies with revenues of more than $200 million.
Fringe benefit offerings vary
When it comes to fringe benefits, most respondents (57.7%) reported offering executive retirement benefits in the form of 457(b) plans. All who responded indicated that their organizations offer 401(k)/403(b)/defined contribution plans, with 94.4% saying that the company matches employee contributions.
Incentive plan offerings varied, with a 50-50 split whether short-term incentive plans are provided to CEOs and only 35.5% saying that they offer a formal long-term incentive plan.
Severance pay is not a popular benefit, with only 39.3% offering it. Those who do so say that it is not contingent on years in service (77.8%).
Professional association dues are provided by 97% of respondents. Only 15.4% reported providing a car, and 32% provide a car allowance.
On the insurance end, only 38.9% of respondents said they offer long-term care insurance, and only 35.7% of those that do said the company pays the premiums.
Most respondents (91.7%) said they carry long-term disability insurance at an average of 59.68% of salary. A majority (74.3%) also provide group life insurance, with about half (52.2%) providing a level of one times an employee’s salary.
The report includes data from 83 multi-facility companies on salaries and total compensation for long-term care, hospital/health systems, and home health/hospice agencies. The full 85-page report is available for purchase on the HCS website.
