Hospital careers involve more than patient care. Over the past few decades, leadership positions in hospitals have evolved to propel the quality of care in the increasingly competitive market. In some cases, medical facilities are seeking executives with little or no healthcare experience.
Such changes are being reflected in education as well. Accredited online Master of Business Administration (MBA) programs help executives move into leadership roles and burgeoning C-suite positions at hospitals. These professionals on a hospital’s leadership team represent the highest level of the hospital’s leadership team.
The leading online MBA programs, with concentrations in finance, marketing, and health services, allow graduates to focus on their education so they can become qualified for these roles.
Careers in Hospital Leadership
Hospitals offer many opportunities for leadership careers, with many different departments, focuses, and logistical concerns. Whether related directly to healthcare or not, careers in hospital leadership can be fulfilling and challenging.
Department Directors
In a hospital, specific departments, such as physical therapy, radiology, and pharmacy services. Departmental directors usually have advanced degrees in their specific fields. These leaders manage the day-to-day operations, budget, and staff within their departments. They set department goals and objectives, and oversee the hiring and training of their staff.
Hospital Administrator
This management role involves coordinating the various services that a hospital provides. The role typically requires a master’s degree in health administration
A hospital administrator stands to earn an average of $90,770 a year.
Patient Care Director
Sometimes known as a Director of Nursing or Patient Care Manager, this role involves overseeing patient care services within a hospital (or even within a specific department, depending on the size of the facility). The patient care director manages and coordinates the work of nursing staff to ensure high-quality patient care.
A patient care director is usually a registered nurse with an advanced degree, such as a master of science in nursing (MSN). They could also hold certifications in healthcare or nursing administration. Patient care directors earn an average of $111,717 a year.
Director of Human Resources
The director of human resources manages all aspects of a hospital’s personnel, such as recruitment, training, managing benefits programs, and addressing employee concerns and disputes. Though this figure is not specific to a hospital role, an average salary for a human resources director is $93,003 a year.
Director of Clinical Services
The director of clinical services heads all clinical departments and ensures the hospital’s adherence to healthcare laws, regulations, and standards. Someone in this role typically has a bachelor’s degree in a healthcare-related field, but a master’s in healthcare administration, nursing, or other similar field of study is often preferred. These professionals earn around $94,081 on average annually.
Careers in the Hospital C-Suite
Depending on the size and nature of a hospital, the exact roles in the C-suite can vary. However, many hospitals have similar roles at their highest level. These include executives that manage operations, finance, medical care, and other important factors for day-to-day operations.
Chief Executive Officer (CEO)
The CEO of a hospital is generally responsible for making major organizational decisions and managing the overall operations and resources. The CEO often acts as the main point of communication between the board of directors and the hospital’s various departments.
Requirements To Become CEO of a Hospital
As one of the most crucial roles in hospital administration, the CEO tends to have some advanced credentials. Becoming CEO usually requires advanced education, extensive experience in hospital management, and a demonstrated ability to lead.
A hospital CEO usually has at least a master’s degree in a field such as health administration, business administration, or public health. Because of their responsibilities, it can be helpful for a CEO to have a deep understanding of the healthcare industry, including applicable laws, hospital finance, patient care standards, and emerging technology and trends.
Given the rapidly changing nature of healthcare, hospital CEOs must be committed to a lifelong pursuit of learning and staying current on new procedures and regulations to be most effective.
Hospital CEO Salary and Job Outlook
According to Payscale, the average hospital CEO makes $157,937 a year. The upper 10% earn $311,000, while the lower 10% earn $75,000. While the BLS projects medical and health services manager jobs to increase by 28% from 2021 to 2031, their projection of chief executives expects that number to decrease by 7% over the same period. It’s important to note that number includes executives from all occupations, and not just hospital CEOs.
Chief Operating Officer (COO)
The COO is also responsible for the day-to-day administrative and operational functions of a hospital, but they take a more internal approach to the role. The COO oversees specific departments within a hospital and takes charge of implementing the CEO’s vision.
Similar to CEOs, COOs often hold advanced degrees in healthcare or business administration. A strong background in hospital operations and healthcare management is also crucial for success in this role.
Hospital COO Salary
With duties on a similar scope as CEOs, the average annual salary for a COO is comparable as well. Payscale suggests the average pay for a COO is $146,955 a year. This number reflects COOs in a number of organizations, and is not limited to medical facilities.
Chief Financial Officer (CFO)
A hospital’s finances are handled by the CFO. This C-suite position involves overseeing the financial operations and planning for the organization. CFOs are instrumental in making strategic decisions that impact a hospital’s financial stability and growth.
Responsibilities of a CFO include budgeting, financial reporting, and revenue cycle management. Developing financial plans requires many considerations, like remaining compliant with regulations, managing risks, negotiating contracts, and ensuring the hospital can stay funded and provide quality healthcare.
CFOs usually have a master’s degree in a finance-related field, such as an MBA with a concentration in finance, or a master’s in finance. Pursuing a Certified Public Accountant (CPA) status may be beneficial as well.
Hospital CFO Salary and Job Outlook
The average annual pay for a CFO in any organization is $146,415, according to Payscale. This number could differ based on the facility, or individual experience. While the BLS doesn’t have any specific data regarding hospital CFOs, they project financial manager careers to increase by 17% over the period of 2021 to 2031.
Chief Medical Officer (CMO)
A CMO is often a senior physician who oversees a hospital’s medical operations, ensuring quality care. These executives help to bridge the gap between a hospital’s clinical and administrative functions.
Because they are typically experienced physicians, CMOs often hold medical degrees. Further specialization can be beneficial as well, for example, a degree in healthcare administration.
Hospital CMO Salary
Due to their medical expertise, the salary of a CMO often surpasses that of a CEO. According to Payscale, an average CMO can expect to make $305,732 annually.
Chief Nursing Officer (CNO)
The CNO leads the nursing staff. This C-suite role is responsible for setting policies and standards for nursing care and ensuring that these standards are met. The CNO also oversees the recruitment and training of a hospital’s nursing department.
Hospital CNO Salary
A CNO is usually a registered nurse (RN) with an advanced degree in nursing. They often hold nursing administration certifications as well. According to Payscale, CNOs earn an average salary of $139,824 a year.
Chief Information Officer (CIO)
The CIO is in charge of managing and implementing the IT strategy of a hospital. As healthcare systems become increasingly digitized, the CIO’s role becomes crucial for the efficient operation of a hospital. A CIO’s primary duties involve overseeing IT infrastructure and developing plans for the use of IT to support the hospital’s operations.
Hospital CIO Salary and Job Outlook
Payscale describes the average annual salary of a CIO, whether at a hospital or other organization, as $173,644. The exact amount may vary based on factors like region, facility, and experience.
Furthermore, the U.S. Bureau of Labor Statistics projects that roles in computer and information systems management will grow by 16% from 2120 to 2031, which is an above-average increase.
Chief Experience Officer (CXO)
A CXO’s job is to improve relationships and communication between patients, their families, and healthcare organizations. The objective, in general, is to focus on treating patients like people rather than medical cases while working to promote positive health outcomes. Since many patients can choose where to get medical services, a growing number of hospitals choose to focus on improving the patient experience. A CXO can earn, on average, about $195,183 annually, according to Payscale.
Chief Population Health Officer (CPHO)
Population health focuses on healthcare for the general population, whether it is five people in a community or thousands in a city. The goal is, in part, to use research and clinical data to uncover opportunities for health improvements and reduced costs. A CPHO is responsible for developing and maintaining a hospital’s strategy for population health management.
Chief Learning Officer (CLO)
To be an effective CLO, candidates must be able to arrange innovative learning, training, educational, and development programs to ensure staff continues to work effectively. As technology changes and hospitals continue to innovate, the CLO post is becoming increasingly more important to ensure staff members remain adept.
A CLO position requires a dedication to education in a healthcare setting and utilizing ways to encourage and empower staff. Many CLOs have education, medical, and business backgrounds. CLOs can earn an average of $148,713 depending on the size of the medical facility and the scope of the position.
Chief Investment Officer
While hospitals are in the business of making sick people well, they are also in the business of making money and remaining operational. The primary goal of a hospital Chief Investment Officer is to oversee and manage the facility’s investments, manage pensions, and monitor ongoing financial performance.
In a medical setting, the chief investment officer must work through the complex environment of healthcare and understand the intricacies of business finance. Chief investment officers can earn an average of $184,609 depending on the size and scope of the medical center and position, according to Payscale.
Sources:
U.S. News and World Report, “Hospital CEOs Without Health Care Experience”
Payscale, “Average Hospital Administrator Salary”
Payscale, “Average Patient Care Director Salary”
Payscale, “Average Human Resources (HR) Director Salary”
Payscale, “Average Director, Clinical Services Salary”
Payscale, “Hospital Chief Executive Officer Salary”
U.S. Bureau of Labor Statistics, “Medical and Health Services Managers”
U.S. Bureau of Labor Statistics, “Top Executives”
Payscale, “Average Chief Operating Officer (COO) Salary”
Payscale, “Average Chief Financial Officer (CFO) Salary”
U.S. Bureau of Labor Statistics, “Financial Managers”
Payscale, “Average Chief Medical Officer (CMO) Salary”
Payscale, “Average Chief Nursing Officer (CNO) Salary”
Payscale, “Average Chief Information Officer (CIO) Salary”
U.S. Bureau of Labor Statistics, “Computer and Information Systems Managers”
Payscale, “Average Chief Experience Officer Salary”