Base Salary Increases Higher Than Projected According to 2007 Survey of Manager and Executive Compensation in Hospitals and Health Systems By Sullivan, Cotter and Associates, Inc.
Posted on: Wednesday, 29 August 2007, 15:12 CDT
CHICAGO, Aug. 29 /PRNewswire-FirstCall/ -- Sullivan, Cotter and Associates, Inc. has published the 2007 Survey of Manager and Executive Compensation in Hospitals and Health Systems, now in its fifteenth edition. This year, 219 health systems and 663 hospitals participated in the survey, a respected industry resource. Participants submitted data for over 20,000 executives and managers between January and May 2007. SullivanCotter's national survey provides not only cash compensation data for executive and management jobs in hospitals and health systems, but also data on pay practices, annual incentive plans, supplemental benefits, perquisites, nonqualified retirement plans, and much more. Modern Healthcare magazine has released portions of the survey in its July 30, 2007 issue.
When comparing the data from 154 health systems and 478 hospitals which participated in 2006 and 2007, base salaries have increased on average 5.5% and 4.2%, respectively. The increase in salaries is higher than the average projected 2007 salary increase budget, which was 3.9% for health systems and 3.8% for hospitals. "These increases are driven by market -- including such forces as recruitment for top talent, increases for outstanding performance, and turnover," noted SullivanCotter Managing Principal Tom Pavlik. Annual executive incentive plans continue to play a significant role in total compensation, with 77% of participating health systems offering an annual incentive plan and 85% of participating hospitals. "When we looked at the number of executives who actually received awards, approximately three-fourths of those executives who were eligible reported receiving annual incentive awards," said Pavlik.
The 2007 Survey of Manager and Executive Compensation in Hospitals and Health Systems will be available for purchase beginning September 4. The cost to healthcare organizations agreeing to participate in next year's survey is $600, and for those not wishing to participate, the cost is $1,500. The survey is available to non-healthcare organizations. To order a copy of the survey, please visit the SullivanCotter website at http://www.sullivancotter.com/ or contact Mary Kowalczyk, survey coordinator, at 312/739-2000, toll-free at 888/739-7039, or email maryk@sullivancotter.com.
Modern Healthcare relies on the surveys for its annual coverage on healthcare executive compensation and physician compensation. Sullivan, Cotter and Associates, Inc. specializes in the development and implementation of strategic total compensation and reward programs for the healthcare industry. Since 1992, SullivanCotter has worked closely with healthcare organization executives, boards and compensation committees to devise innovative compensation solutions that attract and retain leadership talent while satisfying not-for-profit missions and regulatory requirements. A leader in independent consulting, benchmarking, trends and analyses, SullivanCotter has developed the most widely recognized physician and executive compensation surveys in the United States. SullivanCotter has offices in Atlanta, Boston, Chicago, Dallas, Denver, Detroit, New York City, Parsippany, San Francisco and Westport. For more information, visit http://www.sullivancotter.com/ or call 888-739-7039.
Sullivan, Cotter and Associates, Inc.
CONTACT: Karolyn Raphael of Winger & Associates, Ltd., +1-312-494-0422,Karolyn@wingerandassociates.com
Web site: http://www.sullivancotter.com/
Source: PRNewswire-FirstCall
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