A chief executive officer (or abbreviated CEO) is a corporate officer and one of the leaders of an institution. CEO can be an executive of both public and private organizations. The top priority of every CEO is to improve the quality of the organization he or she works in.
Healthcare is one of the fast growing industries, so there is a high demand of an employment position such as a hospital CEO.
The professionals that are named hospital CEOs can either have a firsthand healthcare expertise, since some of them were nurses and physicians before becoming CEOs, or they can lack that kind of expertise.
What Are the Hospital’s CEO’s Responsibilities?
As a part of a hospital’s executive team, CEO works together with a chief medical officer (CMO), chief financial officer (CFO), chief nursing officer (CNO) and other in order to provide the best possible healthcare to patients.
The tasks CEO performs on a daily basis are various. A hospital’s CEO:
- Develops strategic plans so the hospital provides healthcare to patients at the highest level
- Formulates and implements health policies and regulations
- Leads the hospital organization so the success of the hospital is guaranteed
- Plans, coordinates and directs activities within hospital
- Works within a HR (a human resources) sector to recruit physicians and other medical staff
- Maintains finances and both reviews and approves the patients’ billing accounts
- Communicates with public, especially the community and media in order to build a good relationship with them
- Makes sure that every department of a hospital works smoothly so that the patients’ get the needed healthcare
- Participates in creating a business-related plans with the other members of a hospital’s leadership team
- Makes decisions in relation to fulfilling the hospital’s mission and meeting both short and long-range goals
How To Know If You Meet the Requirements Needed to Become a Hospital CEO?
A hospital CEO is one of the top job positions within a hospital and such high positions always require an exquisite professional whose expertise is a combination of a relevant education, work experience and interpersonal skills.
There’s a minimum of qualifications that a hospital CEO must possess; those qualifications are:
- Experience – Some hospitals require a minimum of three to five years of experience in working as an executive in healthcare system as well as an experience in maintaining a senior manager position within a hospital. As some CEOs have previously worked as physicians or nurses, they may have the required healthcare experience.
- Education – Most of the hospitals require a Master’s degree in these fields:
- Business Administration;
- Healthcare Administration;
- Hospital Administration;
Some hospitals accept applications from those that have obtained only a bachelor’s degree in aforementioned fields or healthcare-related fields, but have an equivalent work experience as those that have obtained a master’s level degree. It also implies that a CEO can hold a doctoral degree in these fields since it is a higher level degree than both bachelor’s and master’s degree.
- Skills – Every CEO has to be able to communicate effectively with medical staff, patients and public when needed. Also, he or she has to be a great leader in order to supervise other employees. Other skills that this position requires are: organizational skills, time-management, analytical and other. A CEO has to be detail-oriented because of the complexity of every healthcare institution.
How Much Would You Get Paid for Doing This Job?
The average salaries for the position of a hospital’s CEO vary widely. There are certain factors that affect the average annual wage. These factors are:
- An employer – CEOs can be employed in both private and public sectors, so the annual income can depend on this. Private hospitals will pay more for this employment role.
- A size of a hospital – Directing, coordinating and leading a smaller hospital with approximately 200 employees means lower level of duties in comparison to the larger hospitals with more than 2000 medical staff. Larger hospitals with larger number of the employees will offer better salaries than the smaller ones.
- A location of a hospital – A medical institution, such as a hospital, can be located in either rural or an urban area. CEOs that work at hospitals situated in urban areas will certainly earn more per year than those that work in rural hospitals. Some of the reasons that refer to this are the size of a hospital and higher living standards in the cities than in countryside.
The lowest annual salary is $67,000 and the highest is $260,000. As we’ve already said, how much a hospital CEO will earn a year depends on the facts mentioned above. Some say that an average salary can exceed the amount of approximately $600,000 per year.
In order to perform successfully, a hospital requires an outstanding employee for the role of a CEO.
This is a good job opportunity for the job seekers that have a relevant degree and are result-driven, authoritarian and focused on the quality of an organization they work in.