Hospitals in financial difficulty are struggling with decisions over executive bonuses and incentives, according to various reports.
Citing a sluggish economy, decreased patient loads and imminent layoffs, the board of directors at El Camino Hospital in Mountain View, Calif., voted Sept. 21 to forgo executive performance incentives for fiscal year 2010, according to a Los Altos Town Crier report.
A hospital spokeswoman said the criteria for awarding incentives — meeting accreditation surveys and financial targets — fell short in one area. While the accreditation process was passed with "high marks," the hospital's financial performance was hit with an $11 million loss in revenues in February.
The decision to withhold inventive payouts, which range from 18 to 26 percent of 11 of El Camino's top 12 executives' base salaries, comes after an August decision to freeze salaries and incentives for executives.
Larry Anderson, CEO of Tri-City Healthcare District in Oceanside, Calif., recently requested a review that could boost his current $625,000 compensation, according to a Sign On San Diego report. The CEO is currently working with a consultant who will determine his worth.
The review, which should be completed by Nov. 1, will cost the hospital district $35,000 at a tough economic time. Hospital officials reported an operating loss of more than $10 million in the year ending June 30 and planned layoffs and staff cuts to compensate for the shortfall.
Read the Sign On San Diego report on Larry Anderson.
Read the Los Altos Town Crier report on El Camino Hospital.
Read more on compensation:
-Nurses at Massachusetts Hospital Agree to 3% Pay Cut in Exchange for Staffing Ratios
-Hospitals Asked to Lower, Make Public CEO Salaries
Citing a sluggish economy, decreased patient loads and imminent layoffs, the board of directors at El Camino Hospital in Mountain View, Calif., voted Sept. 21 to forgo executive performance incentives for fiscal year 2010, according to a Los Altos Town Crier report.
A hospital spokeswoman said the criteria for awarding incentives — meeting accreditation surveys and financial targets — fell short in one area. While the accreditation process was passed with "high marks," the hospital's financial performance was hit with an $11 million loss in revenues in February.
The decision to withhold inventive payouts, which range from 18 to 26 percent of 11 of El Camino's top 12 executives' base salaries, comes after an August decision to freeze salaries and incentives for executives.
Larry Anderson, CEO of Tri-City Healthcare District in Oceanside, Calif., recently requested a review that could boost his current $625,000 compensation, according to a Sign On San Diego report. The CEO is currently working with a consultant who will determine his worth.
The review, which should be completed by Nov. 1, will cost the hospital district $35,000 at a tough economic time. Hospital officials reported an operating loss of more than $10 million in the year ending June 30 and planned layoffs and staff cuts to compensate for the shortfall.
Read the Sign On San Diego report on Larry Anderson.
Read the Los Altos Town Crier report on El Camino Hospital.
Read more on compensation:
-Nurses at Massachusetts Hospital Agree to 3% Pay Cut in Exchange for Staffing Ratios
-Hospitals Asked to Lower, Make Public CEO Salaries