Long-term care CFOs, COOs jockey for second-best pay position based on company revenue: survey

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Long-term care CFOs, COOs jockey for second-best pay position based on company revenue: survey
Long-term care CFOs, COOs jockey for second-best pay position based on company revenue: survey

Whether the chief financial officer or chief operating officer is the highest-paid executive other than the CEO in a long-term care organization depends on the organization's total revenue, according to the “2017-2018 Multi-Facility Corporate Compensation Report” published by the Hospital & Healthcare Compensation Service.

The report's long-term care category includes companies that own multiple independent living, assisted living, continuing care retirement (life plan) or skilled nursing communities.

Overall CFO pay in long-term care was $255,000, and COO pay was $256,000, the survey found.

CFO pay topped COO pay in multi-facility long-term care companies with less than $100 million in revenue. In such organizations, CFOs made $246,910, whereas COOs made $203,443.

In long-term care systems with more than $100 million but less than $200 million in revenue, however, CFO pay was $247,500 compared with $252,855 for COOs.

But in organizations with $200 million or more in revenue, CFO pay was to $330,907, whereas COO pay was $324,854.

All data reflect total compensation, national 50th percentile.

Additionally, the survey found that almost all multi-facility long-term care companies, hospitals and home health agencies offer 401(k) or 403(b) retirement plans (100% of the former two and 97.1% of the latter), although matching contributions are lower in long-term care (3.72%), on average, compared with home health (4.13%) and hospitals (3.88%).

The “2017-2018 Multi-Facility Corporate Compensation Report” contains data from more than 100 multi-facility companies. The report covers corporate salaries and total compensation for long-term care, hospital and home health/hospice systems. Data are reported nationally by individual healthcare type according to organization revenue size as well as regionally for all healthcare facilities combined. It also includes data on pay policies and corporate benefits.

The 140-page report is available in hard copy, PDF or Excel for $675 from HCS.

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