Home-based care workers hear a lot about direct care worker wages, often from executives. They hear less about the wages the executives are receiving themselves, however.
Thanks to the Multi-Facility Corporate Compensation report from the Hospital & Healthcare Compensation Service (HCS), however, it’s possible to get a peek behind the curtain.
Broadly, the report showed that health care provider executives saw a modest salary increase of 3.69% in 2023. For context, salaries saw a 3.17% increase in 2022.
The report contains data from 88 “multi-facility” health care companies.
In home health care specifically, executive raises came in at about 3.72%, on average, which was mostly in line with the other sectors polled.
Home health CEOs of companies with more than $70 million in revenue make $526,276 on average, while those in the 90th percentile make $755,048.
For agencies with revenue of $50 million to $70 million, the average CEO salary was $434,245. Between $40 million and $60 million, that average dropped to $395,082. From $20 million to $40 million, the average fell to $287,182.
Top financial executives, no matter the revenue, had salaries that fell between $180,000 and $250,000, on average.
The salaries are likely slightly skewed by the much higher salaries that top executives have at some of the largest, at-scale home health companies in the country.
Of the 26 home health agencies polled, just three were for-profit.
On a national basis, the average home health CEO salary mid-point came in at $349,135, while the COO salary mid-point came in at $185,904.
Home health executives are currently dealing with a shifting landscape, one that likely has led to shrinking – at-least in the short term – margins.
Medicare Advantage (MA) penetration is hurting providers because plans tend to pay less for home health care than traditional Medicare. All the while, the Centers for Medicare & Medicaid Services (CMS) has been attempting to reduce fee-for-service rates over the past two years.
Thus, it’s likely most home health executives will see only modest salary increases in the foreseeable future.
Companies featured in this article:
