Corporate executives at long-term care facilities saw their average salary increase by 2.98% over the past year, according to an annual report released by the Hospital & Healthcare Compensation Service.
The “2020-2021 Multi-Facility Corporate Compensation Report” revealed that national average base salaries for chief financial officers ranged from $196,421 for facilities with up to $49.9 million in revenue; to $200,452 for facilities with revenues between $50 million and $99.9 million; to $365,420 for those with revenues of $100 million or more.
The average salary for chief executive officers of LTC companies was $476,071, with an average annual bonus of nearly $212,641, the report found. For chief operating officers, the average salary was $318,440, with an average bonus of $96,198.
The data for long-term care executives includes information from the largest single-site continuing care retirement communities, assisted living communities, nursing homes and multi-site organizations, the firm noted.
Overall, the report revealed that smaller CCRC and nursing home systems whose total revenue was less than $100 million received a “slightly higher salary increase for top executives than the largest LTC chains/systems whose overall average revenue was more than $1 billion,” explained HCS Director of Reports Rosanne Zabka.
“Essentially, the little guys did better than the larger players in the industry,” she told McKnight’s Long-Term Care News on Monday.
She also added that rises in executive salaries are a good sign for facility staff members who are “seeing increases, as well.”
The full report can be found here.