The Bureau of Labor and Statistics defines a Chief Executive Officer (CEO) as a professional who determines and formulates policies and provides overall direction of companies or private and public sector organizations within guidelines set up by a board of directors or similar governing body. They are involved in the planning, direction, and coordination of day-to-day operations at the highest level of management with the help of assistant executives and staff managers.
A Hospital CEO has the responsibility to ensure almost every aspect of how hospitals perform is working efficiently. They need to find a balance in managing the day-to-day operations while leading strategic development initiatives required for long-term success. Some of the areas of responsibility for a hospital CEOs include:
- Responsible for delivering the best quality of patient care
- Leadership while creating a positive and productive culture
- Setting an following standards for operational excellence
- Hire and retain qualified staff
- Implement clinical procedure and policy
- Safeguard required compliance with State, Federal and CMS regulations as well as hospital policies
- Develop a relationship with outside organizations, including the medical community, referring physicians, and the media
- Deliver strong financial performance
A hospital CEO is the top administrator in a hospital organization.
What is the Best Degree to Pursue if I Want To Pursue A Career as a Hospital CEO?
Some of the more typical degrees held by Hospital CEO’s are:
- A Master of Health Administration in Hospital Management (MHA) allows students who have business experience or who currently work in Healthcare as a doctor or nurse to focus on skills needed for becoming a hospital administrator. Coursework for the MHA program generally covers management of human resources, clinical administration, government and public policy, healthcare ethics, operations, population health, marketing and communications, health informatics, and finance. Most MHA programs require two years for completion and at least four or five years experience in healthcare administration or management.
- A Master of Business Administration (MBA) degree allows flexibility to work in a variety of fields or pursue a specialization in healthcare, by taking hospital management courses. Students who already have clinical experience or have e worked in healthcare may choose to pursue an MBA for the focus on the business aspects of Healthcare. Most MBA programs focus on finance and accounting (not the emphasis of most MHA programs. MBA programs generally require two years for completion and many require previous experience in either business or Healthcare.
- A Dual Master of Business Administration (MBA) and Master of Health Administration (MHA) is offered by many colleges in order to achieve their career goals and educational needs.
What is the Salary level or a Hospital CEO?
Salaries for Chief Executive Officers in the United have an average pay well above six figures, with the mean of $177,000 per year and can include bonuses on top of salary. Salary levels vary depending on years of experience, location, and specific employer. Highest areas for salaries include:
- Massachusetts with a mean average salary of $201,970
- New York with a mean average salary of $199,650
- Florida with a mean average salary of $196,200
- California with a mean average salary of $191,550
- Illinois with a mean average salary of $165,020
Although CEO’s have the rewards of top salaries, the position also comes with a large degree of responsibilities and long hours. Those aspiring to become CEO’s in a hospital setting will require education and experience to meet these goals.