Although Daytona Beach, Fla.-based Halifax Health CEO Jeff Feasel received a 9.5 percent raise in June, he is still paid less than his counterparts, according to a Daytona Beach News-Journal report.
Mr. Feasel's raise, his first since 2008, brings his yearly compensation up to $575,000. In 2008, Mr. Feasel earned a base salary of $525,000. In 2009, he took a 5 percent cut in pay as part of a larger effort to reduce costs, lowering his base pay to $498,750. In 2010, he elected to maintain his salary at that level.
According to the consulting firm The Hay Group, the median base salary of CEOs at similarly sized hospitals is $775,582, which is 26 percent more than what Mr. Feasel was earning. However, Mr. Feasel will also receive a pension that is 60 percent of the average of the three top salary years when he retires and receives an extra payment into his retirement plan every year. Last year, this extra retirement payment totaled $270,000.
The consulting firm also recommended increased compensation totaling $282,080 for eight other executives, many of whom have not had raises since 2006.
The system's policy is to compensate employees the median salary for their position at similar facilities.
Read the Daytona Beach News-Journal report on Halifax Health.
Related Articles on Healthcare Compensation:
Healthcare CFO Compensation Varies by Company Size
Trends in Hospital Executive Compensation: Q&A With Deedra Hartung of Cejka Executive Search
10 Factors Limiting Physician Compensation
Mr. Feasel's raise, his first since 2008, brings his yearly compensation up to $575,000. In 2008, Mr. Feasel earned a base salary of $525,000. In 2009, he took a 5 percent cut in pay as part of a larger effort to reduce costs, lowering his base pay to $498,750. In 2010, he elected to maintain his salary at that level.
According to the consulting firm The Hay Group, the median base salary of CEOs at similarly sized hospitals is $775,582, which is 26 percent more than what Mr. Feasel was earning. However, Mr. Feasel will also receive a pension that is 60 percent of the average of the three top salary years when he retires and receives an extra payment into his retirement plan every year. Last year, this extra retirement payment totaled $270,000.
The consulting firm also recommended increased compensation totaling $282,080 for eight other executives, many of whom have not had raises since 2006.
The system's policy is to compensate employees the median salary for their position at similar facilities.
Read the Daytona Beach News-Journal report on Halifax Health.
Related Articles on Healthcare Compensation:
Healthcare CFO Compensation Varies by Company Size
Trends in Hospital Executive Compensation: Q&A With Deedra Hartung of Cejka Executive Search
10 Factors Limiting Physician Compensation