Chief Executive Officer Not Always the Highest Paying Job
The highest-paid physician executives on average earned $499,000 and served in emerging roles that include: Physician in Chief, Chief Strategy Officer, Chief Transformational Officer, Chief Innovation Officer and Chief Integration Officer.
"Physicians in these transformative roles are often tasked with 'connecting the dots' across the organization and care continuum to achieve the greater efficiency and effectiveness of care required by newer reimbursement models, including population health management and accountable care," said Joyce Tucker, Cejka Executive Search EVP and Managing Principal.
Trending Compensation for C-Suite Physician Leaders
(Median compensation 2016 vs. 2013)
Emerging Roles, C-Suite: $499,000 vs. $469,000, up 6%
Chief Executive Officer/President: $437,500 vs. $410,000, up 7%
Chief Medical Officer: $388,000 vs. $365,000, up 6%
Chief Quality/Patient Safety Officer: $375,000 vs. $375,000
Chief Information Officer/Chief Medical Information Officer: $372,500 vs. $315,000, up 18%
The Growing Role of "Big Data" Drives Compensation Higher
The greatest increase in C-suite compensation since 2013 was 18% for physicians in the Chief Information Officer (CIO) or Chief Medical Information Officer (CMIO) roles. The spike can be explained by the roles' shift in focus ― from electronic medical records implementation to ensuring the usability of data to support preventative care at the individual provider level and risk-based accountable care at the enterprise-level. "Clearly, there is perceived value in having a physician leader drive these initiatives and facilities are willing to compensate accordingly," said Esselman.
Other Pathways to Higher Compensation
Those who operate at a system-wide level, hold post-graduate degrees or certifications or whose compensation is most aligned with organizational goals, also earned more. For example, physician leaders working at the corporate or parent-level of a health system saw an average 67% spike in median compensation since 2013. As compared to physician leaders with no post-graduate degrees, a master's in business administration (MBA) earned respondents on average 13% more and a certified physician executive (CPE) on average earned 4% more. In addition, leaders who allocated more time to administration and whose performance-based pay was a higher percentage of total compensation earned more as well.
Demand for Clinical Quality Leadership Remains Strong
Outside of the C-suite, the highest three-year pay gain was 26% for physician leaders focused on clinical initiatives serving as president of the medical staff or medical director, assistant or associate. The number of respondents in these positions also rose as a percent of total physician leaders, from 5% in 2013 to 8% in 2016. This indicates an emphasis on building the next organizational level of quality leaders in response to quality outcome measures now increasingly tied to reimbursements.
More Complex Physician Leader Roles Call for Expanded Skills
Physician leaders are serving in more strategic and complex roles than in the past. For example, 61% say they have more strategic input than the previous year, and more than half (54%) have multiple or shared administrative reporting relationships. Of those, 49% (versus 24% in 2013) are administratively accountable to more than one person, and 29% (versus 19% in 2013) have shared direct reports.
"Education areas selected by physician leaders as those having the greatest ability to enhance their job performance, demonstrate the strategic nature of physician leader responsibilities," said Dr. Peter Angood, American Association for Physician Leadership® CEO and President.
These include: financial analysis, change management, strategic planning, population health management, physician engagement and conflict resolution.
About the Survey
The 2016 Physician Leadership Compensation Survey was conducted by Cejka Executive Search in partnership with the American Association for Physician Leadership®. It contains self-reported compensation data collected from 2,353 physician leaders in July 2016 based on 2015 total compensation. This includes salary, bonuses, incentive payments, research stipends, honoraria and distribution of profits. The data also includes the total compensation received for both administrative duties and the clinical practice of medicine. For more research results or to purchase a copy of the full 2016 Physician Leadership Compensation Survey visit www.cejkaexecutivesearch.com/2016-physician-leadership-compensation-survey
About Cejka Executive Search
Cejka Executive Search ranks among the top five largest health care executive search firms in the United States, providing services exclusively to the healthcare industry for more than 35 years. The firm partners with health care organizations to identify and recruit talented C-level executives, physician leaders, key members of senior management and academic medicine faculty. Cejka Executive Search is a Cross Country Healthcare Inc.® (Nasdaq: CCRN) company, a diversified leader in health care staffing services.
About the American Association for Physician Leadership®
The American Association for Physician Leadership® is the preeminent U.S.-based organization for physician leaders worldwide. Since its founding in 1975, the association, formerly known as the American College of Physician Executives (ACPE), has grown to serve physicians at all stages of their careers through leadership education, career support and policy advocacy. The organization has an active membership — including chief executive officers, chief medical officers, vice presidents of medical affairs and other leadership physicians in 47 countries. The expanding portfolio of the association includes more than 100 courses, numerous certificate programs, five master's degree programs and a specialized career support program customized for physicians.
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SOURCE Cejka Executive Search