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Contact:
Karolyn Raphael
Winger & Associates, Ltd.
312/494-0422
Karolyn@wingerandassociates.com
INCREASES IN SALARIES CONTINUE TO EXCEED PROJECTED BUDGETS
According to 2008 Survey of Manager and Executive Compensation in Hospitals and Health Systems By Sullivan, Cotter and Associates, Inc.
(Chicago) July 31, 2008 - Sullivan, Cotter and Associates, Inc. is in the process of publishing its 2008 Survey of Manager and Executive Compensation in Hospitals and Health Systems, now in its sixteenth edition. This year, 243 health systems and 730 hospitals participated in the survey, a respected industry resource. Participants submitted data for over 20,000 executives and managers between January and June 2008. 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, the nation’s largest healthcare weekly, relies on Sullivan, Cotter and Associates’ data for its annual coverage on healthcare executive compensation magazine and released portions of the survey in its July 28, 2008 issue.
When comparing the data from 165 health systems and 607 hospitals which participated in 2007 and 2008, base salaries have increased on average 5.0% and 5.2%, respectively. The increase in salaries is higher than the average projected 2008 salary increase budget, which was 4.0% for health systems and 3.8% for hospitals “These results are similar with the outcomes from last year’s analysis,” noted SullivanCotter Managing Principal Tom Pavlik. “While we do not compile data on what impacts salary increases, the competition for seasoned, high-performing executives is likely a factor. It will be interesting to see if next year’s results are different considering the increased disclosure from the new Form 990 for 2008.”
A webinar of the survey overview and trend results will be held on August 21st at 10 a.m.. Registration information can be found at www.SullivanCotter.com beginning August 5th. Downloads of the discussion are available after the broadcast.
The 2008 Survey of Manager and Executive Compensation in Hospitals and Health Systems will be available for purchase in late August. The cost to healthcare organizations agreeing to participate in next year’s survey is $600; for those not wishing to participate, the cost is $1,500. The survey is also available to non-healthcare organizations. To order a copy, please visit the SullivanCotter website at www.sullivancotter.com or contact Mary Kowalczyk, survey coordinator, at 312/739-2000, toll-free at 888/739-7039, or email maryk@sullivancotter.com.
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 www.sullivancotter.com or call 888-739-7039.
Note to media – To interview Mr. Pavlik, please call Karolyn Raphael at 312/494-0422.
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