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As hospitals and health systems realign their strategic objectives, executive compensation programs must evolve to support the organization's mission. Your board's compensation committee should determine if corresponding actions or updates are necessary.
Health care CEOs may need a little help. How about hiring a chief of staff?
The uncertainty and complexity of today’s rapidly transforming health care environment requires dynamic CEO leadership more than ever. A sound and steady relationship between the board and CEO helps support the CEO during this turbulent time and, in turn, a close and productive partnership between the board and CEO helps ensure the board’s vision and strategic direction are carried out.
Expert guidance to help leaders set priorities, make the right decisions and improve results...
Boards can play a key role in guiding, supporting young health system leaders
Boards and CEOs must constructively address the succession imperative. Succession planning for the CEO and other senior leadership positions is critical to organizational continuity and stability, especially in a transforming healthcare field.
By Steven T. Sullivan As health care transforms, boards are tying executive compensation to long-term performance Many hospital and health system boards and their leadership teams are at an interesting juncture where each is heavily reliant on the other for strategic support and execution. They have a shared goal of successfully moving their organizations forward at a time when the field is in an overwhelming state of transition.
This monograph offers guidance on proactively considering best practices in executive pay, including the changing role of incentive compensation, good governance practices to mitigate risk and choosing appropriate peer comparison data to support the compensation decision-making process.
In the new era of health care, hospital boards must consider a different kind of leadership style
Incentive compensation plans are intended to focus executives’ attention on their organizations’ most vital priorities and initiatives. As health care organizations revise their business strategies to address the ongoing transformation of care delivery and payment, health care boards also need to reassess the structure and measures of performance in their executive incentive compensation plans.
Succession planning is a high-stakes governance responsibility. The significant costs of protracted CEO searches and failed replacements are well-documented. Yet, data from the for-profit and nonprofit sectors continue to show that many boards aren’t focusing enough attention on succession planning or on getting it right.
An emergency succession plan may never be used, but it’s still a necessity for every hospital. A key function of every board is to ensure that effective leadership is in place so that the institution it governs can continue to achieve its mission, vision and strategic goals.
This article outlines agenda items for the board’s Executive Compensation Committee. It is the first of several that will further explore many of the agenda items discussed below.
Four basic rules can help boards make better executive compensation decisions. While boards and their compensation committees do a good job of overseeing executive compensation, there are several common flaws in what is otherwise a strong process.
This is the second in a series of collaborative leadership tools for CEOs. The first one presented a new model of collaborative leadership.This one focuses on clarifying trustees’ and CEOs’ expectations of each other. It includes a simple exercise for helping trustees and CEOs refine the way they work together.
Collaborative Leadership: A New Model For Developing Truly Effective Relationships Between CEOs and Trustees is the first in a series of tools developed specifically for you, the hospital or health system CEO, to help you take the lead in dealing with this change in ways that will stabilize and strengthen relationships with your board.