Salaries for home health and hospice corporate executives will see a planned increase of 2.73% in 2019, a new industry compensation report has found. Execs from agencies with under $30 million in annual revenues are set for the biggest salary bump.
Findings come from the recently released 2018-2019 Multi-Facility Corporate Compensation Report, produced by the Hospital & Healthcare Compensation Service (HCS).
In addition to home health and hospice executives, the HCS report also includes salary and bonus data on top corporate positions in hospital and long-term care organizations.
Overall, the HCS report included feedback from three dozen home health and hospice companies, the majority of which operated under not-for-profit models. Of the three dozen, nine had revenues at or above $100 million and 11 had revenues under $30 million, with the remainder falling somewhere in between.
Despite widespread industry financial success, the planned salary increase for home health and hospice executives in 2019 is down slightly compared to the actual salary increase from October 2017 to November 2018.
Nationally, home health and hospice CEOs have an average salary of $387,901, according to the HCS report. COOs and CFOs have average salaries of $248,313 and $207,749, respectively.
Generally, there is a high degree of separation in total compensation for all listed executive positions depending on company size. At the largest participating home health and hospice companies, CEOs have an average total compensation of $748,919. At the smallest participating companies, they have an average total compensation of $248,132.
In addition to salary information, the HCS report also highlighted different benefits offered by home health and hospice companies. For example, 100% of participating home health systems offered 401 (k) plans. Participants reported an average match of 2.96% of salary, with an average maximum contribution of 4.57%
The Multi-Facility Corporate Compensation Report is one of 10 annual compensation reports prepared by Oakland, New Jersey-based HCS, which provides salary and benefits studies, along with custom marketplace studies, for the health care industry.
In December, a separate HCS salary report found that home health employees saw a slight pay bump from 2017 to 2018, though so too did turnover rates.
“Salaries in home health agencies continued to increase, resulting in an increase in turnover rates for all areas of home health,” Rosanne Zabka, director of reports at HCS, previously told Home Health Care News. “Increased wages throughout home health agencies grants employees the confidence to switch health agencies, as similar wages are attainable throughout the industry.”
Salaries for hospice employees also increased slightly during the same timeframe.