Labor Cost Management

2017 Chief Financial Officer Compensation Survey

July 21, 2017 12:07 pm

Average cash compensation $258,800
Average gross annual salary $229,700
Percentage eligible for bonus/profit sharing 63%
Average bonus/profit share $46,100
Median cash compensation $209,000
Percentage reporting directly to top administrator 92%
Number of participants 201

Demographics

Average age 53
Average years experience in health care 25
Average years member of HFMA 19
Average years in current position 8
Average number of employees under direction  143     
Median number of employees under direction 70

Certifications

Percentage Compensation
CPA 48% $316,700
FHFMA or CHFP 36% $292,300

Education

Percentage Compensation
Bachelor’s degree 49% $231,200
Master’s degree 47% $293,700

Organization Type

Percentage Compensation
Hospital with 25 beds or less 30% $141,100
Hospital with 26 to 60 beds 11% $158,600
Hospital with 61 to 210 beds 20% $234,200
Hospital with 211 beds or greater  20%    $305,600 
System level, headquarters or regional 18% $487,000

Gender

Percentage Compensation
Men 67% $294,200
Women 32% $188,600

Net Operating Revenue of Employer

Percentage Compensation
Less than or equal to $35 million 24% $121,900
From $36 million to $100 million 24% $182,000
From $101 million to $329 million  24%    $271,400 
Greater than or equal to $330 million 24% $469,300

Years in Health Care

Percentage Compensation
Less than or equal to 15 years 24% $177,600
From 16 to 25 years 22% $247,900
From 26 to 32 years  28%    $312,700 
More than or equal to 33 years 22% $293,300

Number of Reporting Employees

Percentage Compensation
Less than or equal to 24 employees 24% $146,000
From 25 to 65 employees 24% $183,700
From 70 to 150 employees  26%    $247,700 
Greater than or equal to 160 employees  23%    $450,400 

Region

Percentage Compensation
Northeast 9% $291,900
South 25% $307,200
Midwest 44% $236,600
West 20% $237,200
       

Adjusted Medicare Wage Index 2017 

Percentage    Compensation 
Less than or equal to .7992  24%    $183,200 
From .8079 to .9001  25%    $210,200 
From .9003 to .9877  25%    $284,900 
More than or equal to .9885  25%    $353,000 

Years of HFMA membership

Percentage Compensation
Less than or equal to 11 years 24% $158,300
From 12 to 20 years 27% $248,900
From 21 to 27 years  23%    $265,900 
More than or equal to 28 years 26% $353,900

All of the respondents have the word “chief financial officer” or “CFO” in their titles. Compound titles such as CFO/VP or CFO/Controller are not uncommon and are included. 201 CFOs responded to the survey, out of 841 sampled, resulting in a response rate of 24%. There is 95% probability that the mean compensation for CFOs in HFMA lies between $231,900 and $285,700.

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