Have you always dreamed of being the Chief Executive Officer of a hospital? If your goal is to work your way up through the ranks in hospital management positions, you may be wondering which route is the best to become a CEO. As you might expect, to become qualified for the highest ranking management position in a hospital organization, you must have the right educational background and experience in the setting. Unlike some administrative positions in the hospital environment, being a CEO in this type of setting is not the average position where you will sit in the office between the hours of 9 to 5. Read on to learn your responsibilities as a CEO, and the routes you could take to achieve your career goals.
Responsibilities of Hospital CEOs
If you are studying for any career or profession, you need to understand your responsibilities before you put in the effort to qualify for a position. The average hospital CEO salary, as reported by the Integrated Healthcare Strategies consulting firm, ranges between $482,300 per year, and $539,200 after bonuses. This salary may attract many individuals to the career choice, but there is no denying the fact that being the CEO of a hospital can be a very difficult job. Some of the responsibilities of CEO’s include:
* Serving as the moral leader of the hospital
* Overseeing all day-to-day operations in the organization
* Leading to create a positive culture in the setting
* Recruiting staff members
* Creating the standards for operations
* Implementing and modifying clinical policies
* Maintaining a positive financial performance
Routes You Can Take to Become a Hospital CEO
There will be quite a bit of competition to become a hospital CEO whenever the position becomes available. While there are several routes that you can take to eventually become an CEO, one thing that most CEOs have in common is the fact that virtually all CEOs have taken the time to attain a Master’s degree in a relevant area dealing with management or administration in the hospital setting. Here are some of the degrees that hospital CEOs hold:
* Master’s in Business Administration
* Master’s in Healthcare Management
* Master’s in Healthcare Administration
* Master’s in Medical Management
* Master’s in Nursing
In addition to attaining a degree, a candidate to become a hospital CEO will need to have experience within the healthcare field before they can apply for a CEO position. While medical expertise is not required, holding a position in a leadership role is necessary to even be considered for a CEO position. Here are some of the types of experience that may fulfill the work experience requirements:
* Holding a position in strategic management
* Holding a position in business leadership
* Holding a position as a Chief Operating Officer (COO)
* Holding a position as a Chief Financial Officer (CFO)
Typically, you will need 15 years of experience in a hospital setting with 3 to 5 years of experience as a manager or executive to meet background requirements to become a CEO.
A CEO needs skills in business development, finance, human resources, and regulatory requirements set by the state and federal government. While a lot of experience is required, being a hospital CEO could be the fulfilling career that is right for the right candidate.
