Shore Memorial Hospital in Somers Point, N.J., offered buy-outs to 368 employees this week in an effort to eliminate about 90 positions, according to a Press of Atlantic City report.
Compensation Issues
Here are eight statistics on average annual anesthesiologist compensation from 2010 data, according to LocumTenens.com's Compensation & Employment Report.
Linda Shyavitz, president and CEO of Sturdy Memorial Hospital in Attleboro, Mass., made around $1.18 million from Oct. 2008-Sept. 2009, far more than her peers at similarly small hospitals, according to a Sun Chronicle report.
Munson Healthcare distributed more than $547,000 in bonuses and incentive pay to 10 top administrators in 2008, raising the group's total compensation to $3.6 million for the year, according to a Traverse City Record-Eagle report.
Jim Otto, senior consultant at Hay Group, offers six steps to help hospitals determine executive compensation through benchmarking and building a clear compensation philosophy.
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In response to the Becker's Hospital Review report, "Senate Passes One-Month Fee Fix; House to Vote Just Before Deadline," a comment attributed to the American Medical Association read as the following:
Benchmarking can be an invaluable tool for determining how much to pay your hospital's employees. Nell Mitchell of Hay Group discusses six steps to determine compensation for different staff members at your hospital.
Donald Nestor, the former COO of non-profit Aurora Health Care in Milwaukee, received $8.2 million in salary, bonus and other compensation after his retirement in Jan. 2009, according to a Milwaukee Journal Sentinel report.
Two CEOs from the healthcare industry fell in the top 10 CEO compensations in the country, according to the Wall Street Journal CEO Compensation Study conducted by management-consulting firm Hay Group.
Various hospitals across the country are doling out pay raises to staff members, even as some still struggle financially, according to reports.