Do you work in the healthcare sector and are extremely ambitious?
Perhaps you’ve set your goals very high and see yourself as a leader. You may even have a desire to command a high salary and to make a difference.
If so, then maybe you should aim for the very top by becoming a hospital CEO. This is the highest level administrator job in the healthcare field.
Whether public or private, a team of executives runs almost all hospitals. This team includes a chief medical officer, chief communications officer, chief operating officer, and chief financial officer.
A hospital CEO heads this team of executives. Therefore, the CEO leads the hospital as an organization and institution.
Of course, you must climb up the ladder to become a hospital administrator. But you might be wondering what formal education you’ll for such an important role.
Well, here’s all you need to know if you wish to become a hospital CEO.
What are the Duties of a Hospital CEO
This job is not for the faint of heart. As a CEO, you’ll carry the greatest responsibility for the smooth operations of the hospital. And, of course, you’ll be making potential life or death decisions.
Your responsibilities will typically include:
Improving Quality of Healthcare
This is an essential hospital CEO role. A commitment to improving the quality of healthcare is essential for hospital function. The quality of healthcare can be gauged by such indicators as re-admission rates and mortality rates.
Ensuring Patient Safety
Hospital CEOs play a vital role in developing, implementing, and analyzing patient safety measures.
Hospital administrators should promote a conducive environment for the recruitment of good healthcare staff. They are responsible for hiring quality senior management staff within the hospital.
Communication and Relationships
Hospital CEOs need to have great communication skills. Moreover, they should be able to cultivate a good relationship with key players in the hospital. These include the medical staff, community leaders, board of directors, and other important stakeholders.
Maintaining Financial Stability and Health
Hospital CEOs should have knowledge of financial management practices. This can help them support the hospital’s chief finance officer in decision-making.
Promoting Patient Satisfaction
This has now become an important indicator of performance, and a recent study shows that it’s linked to hospital CEO remuneration.
Hospital administrators are responsible for ensuring that the organization complies with laws, regulations, procedures, and policies.
Policies and Procedures
A hospital CEO plays a key role in developing the policies and procedures of a hospital. They regularly review policies and procedures, as well as revise them whenever it’s necessary.
This is a critical role of any hospital CEO. It involves regularly holding meetings with senior management staff to discuss the hospital’s future objectives and goals.
To be a successful hospital CEO, you need to be a proactive person. In other words, you need to make important decisions, take control of situations, and take responsibility for the consequences of your decisions.
You need to develop the skills required for managing the facility by gaining experience in healthcare management and administration, as well as finance, operations management, and human resources.
Moreover, you need solid business development skills, as well as a proven history of high quality of care and financial success. In addition, you should be able to build relationships within the community and have good knowledge of state and federal regulatory requirements.
Does a Hospital CEO Need Experience?
Yes, of course! But not all hospital CEOs will rise through the ranks.
Each hospital is unique and it’ll pick a leader suited to its own specific needs. In some cases, a strong track record of leadership in an unrelated field may be preferred to medical knowledge.
A hospital seeking to increase its market share may go for a growth-focused administrator with marketing expertise. Another struggling to manage its electronic health records might prefer someone with experience in health information systems.
And one wanting a smooth transition might promote from within, such as their current chief operating officer.
Apart from gaining experience, you must also further your education if you want to be a hospital CEO. Many hospital CEOs have a Master’s Degree in either Public Health (MPH) or Health Administration (MHA).
While both the MPH and MHA are specialty degrees, they’re usually not affiliated with medical schools. Moreover, anyone wishing to pursue these degrees may not need a science background.
Higher learning institutions have started offering a healthcare management course to those taking an MBA. An MBA, like an MHA, provides degree holders with a strong foundation in accounting, finance, marketing, informatics, ethics, public policy, and organizational behavior.
The MBA route can be especially attractive to healthcare providers and clinical employees who want to improve their knowledge of business leadership. For others, MBA is an appealing option since employers across multiple sectors recognize it as a valuable asset.
Hospital CEO Salary
When choosing a career, money is an important consideration. As such, it’s no surprise many healthcare professionals would like to become hospital CEOs.
Hospital CEO jobs are well paid because they are far from easy. After all, hospital CEOs also hold MHA or MBA degrees.
Hospital CEO Salaries will vary based on experience and location. Those with less than one year experience take home at least $50,000, while those with no more than four years experience earn at least $60,000.
Hospital CEOs with at least five years experience earn at least $70,000, while those with at least a decade of experience earn $90,000 or more.
Getting into senior management in the healthcare field can be a great way to advance your career, especially if you have the drive to make a difference.
If you’ve got a knack for managing individuals, passion for quality, and ability to lead, then you should consider becoming a hospital CEO. It’s time to make the most of your skills.
If you want to become a hospital CEO and are looking for a quality Master’s Degree program, please take a tour of our blog to learn more.