Labor Cost Management
Chief Financial Officer
Published
July 15, 2015
4:20 pm
|
Updated
November 7, 2022
8:46 am
| Average Cash Compensation | $266,000 | ||
| Average gross annual salary | $233,000 | ||
| Percentage eligible for bonus or profit sharing | 68% | ||
| Average bonus or profit sharing | $48,700 | ||
| Median Cash Compensation | $228,400 | ||
| Percentage reporting directly to top administrator | 91% | ||
| Number of Participants | 224 | ||
| DEMOGRAPHICS | |||
| Average Age | 53 | ||
| Average Years Experience in Healthcare | 26 | ||
| Average Years Member of HFMA | 20 | ||
| Average Years in Current Position | 7 | ||
| Average Number of Employees Under Direction | 156 | ||
| Median Number of Employees Under Direction | 65 | ||
| CERTIFICATIONS | Percentage | Compensation | |
| CPA | 52% | $297,500 | |
| FHFMA or CHFP | 28% | $289,200 | |
| EDUCATION | Percentage | Compensation | |
| Bachelor’s Degree | 44% | $230,000 | |
| Master’s Degree | 55% | $294,800 | |
| ORGANIZATION TYPE | Percentage | Compensation | |
| Hospital with 25 beds or less | 22% | $127,400 | |
| Hospital from 29 to 97 beds | 15% | $167,100 | |
| Hospital from 98 to 231 beds | 19% | $250,600 | |
| Hospital with 235 beds or greater | 19% | $345,900 | |
| System level, headquarters or regional | 24% | $400,900 | |
| GENDER | Percentage | Compensation | |
| Men | 70% | $286,900 | |
| Women | 30% | $217,200 | |
| NET OPERATING REVENUE OF EMPLOYER | Percentage | Compensation | |
| Less or equal to $46 million | 24% | $125,300 | |
| From $50 million to $152 million | 25% | $199,000 | |
| From $156 million to $450 million | 25% | $293,700 | |
| Greater than or equal to $465 million | 24% | $463,600 | |
| YEARS IN HEALTHCARE | Percentage | Compensation | |
| Less than or equal to 19 Years | 24% | $212,600 | |
| From 20 to 27 Years | 22% | $259,700 | |
| From 28 to 33 Years | 24% | $316,800 | |
| More than or equal to 34 Years | 23% | $290,700 | |
| NUMBER OF REPORTING EMPLOYEES | Percentage | Compensation | |
| Less than or equal to 20 Employees | 25% | $200,700 | |
| From 22 to 62 Employees | 24% | $174,000 | |
| From 65 to 150 Employees | 26% | $258,700 | |
| Greater than or equal to 175 Employees | 24% | $435,000 | |
| REGION | Percentage | Compensation | |
| Northeast | 18% | $321,000 | |
| South | 28% | $272,200 | |
| Midwest | 37% | $245,100 | |
| West | 17% | $243,700 | |
| YEARS IN HFMA | Percentage | Compensation | |
| Less than or equal to 12 Years | 25% | $198,700 | |
| From 13 to 21 Years | 25% | $246,200 | |
| From 22 to 27 Years | 23% | $333,400 | |
| More than or equal to 28 Years | 26% | $290,500 | |
All of the respondents include “Chief Financial Officer” or “CFO” in their title. Compound titles such as CFO/VP or CFO/Controller are not uncommon. These titles are included.
244 Chief Financial Officers responded to the survey, out of 800 sampled, resulting in a response rate of 31%.
There is 95% probability that the mean compensation for Chief Financial Officers in HFMA lies between $245,700 and $286,300.
