High-earning hospital CEOs deserve their pay, according to William Mooney, president and CEO of the Westchester County Association.
Mr. Mooney wrote a letter in response to an investigative article published by The Journal News on New York nonprofit hospital executives and physicians who earn millions. He found the argument that hospital CEO pay is excessive to be "misguided and erroneous." He wrote that running a hospital is a unique, complex business that provides a service crucial to public wellbeing. Additionally, he said industry transformation and technology and infrastructure changes are challenges of running a healthcare institution. However, these institutions are vital "economic engines" to our communities, according to Mr. Mooney.
"Our community derives great benefit from the transition taking place among our local healthcare institutions," Mr. Mooney wrote. Hospital CEO compensation does not explain growing healthcare costs, he said. Rather than judging hospital CEO compensation, readers should closely examine other major cost drivers like the insurance industry, according to Mr. Mooney.
Read the full opinion here.
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