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What are the insurance company CEO’s salary? I imagine their salaries and compensation packages would make the hospital’s look meager.
100% agree Mary Ann! The salaries of hospital executives pale in comparison to insurance company executives. Where’s the outcry?
And the employees of IU got a one percent raise this year while they raised prices in the cafeteria by 7 percent! I wish this article could be sent to every IU employee.
Since we’re talking about inflated health care costs… I recently discovered Mark Cuban’s Cost Plus Drug company (an online prescription drug company). A prescription at CVS cost $120 while I transferred to this online pharmacy for $20. The website explains prices. 15% above manufacturer cost. One way to cut health care costs! Just wish Congress was an actual working, functioning branch of government to get things done for the people they represent. Please, no R or D commentary. I’m just tired of he said, he said, she said, she said!
This is an article about only one piece of the puzzle for hospital pricing. For the true picture multiple industries would need to be reviewed and not just the tip of the healthcare pyramid, which make hospitals the natural lightening rod for healthcare in general. Look at the following contributors as well: pharmaceuticals, non-drug suppliers, insurance, etc. for the true picture of contributions to healthcare costs.
CEO pay packages in The United States are out of line with the rest of the world and have been for decades. It is not limited to any one sector. CEO’s are grossly over paid for what they actually do.
If you have never been a CEO, then you don’t know what your talking about. The burden of leadership is heavy and very few know what it takes to perform at a high level and answer to banks and equity partners and boards. Rather, many just want to complain because they don’t make as much. We all set out to accomplish what we want in life and in our career, so satisfaction should a virtue and should not be turned into envy and jealously of others to have more. If you want to compare, use professional athletics! What service do they provide?
I was comparing CEO’s in other countries to American CEO’s in a comment on the large difference in compensation for similar responsibilities. Similar to why are we paying so much more same medications here compared to what the exact same medication cost in other countries.
IU health is supposed to be a non profit NOBODY who works for a non profit should get that type of pay. I don’t care how heavy the burden of leadership is- are you kidding me???? Try working a 12 hour shift in the ICU or the ER or the Pharmacy then tell me about the HEAVY burden.
As a CEO i would be ashamed and embarrassed that IU Health actually puts out food collection containers for their EMPLOYEES! People working 40 hours a week can’t afford food for their families. It makes me sick that this man pulls in over 5 million a year while the employees have to rely on their coworkers to donate food. How about that for a HEAVY BURDEN??? Disgusting.
“Senate President Pro Tem Rodric Bray, R-Martinsville, said executive pay should be decided by hospital boards, not by lawmakers.
… Bray told IBJ. “That said, I believe it is a fool’s errand for the state to try to get involved in the compensation of individual employees.”
Yet the legislature is perfectly fine inserting itself in the medical care of individuals and the decisions which should be made between a patient and the patient’s care provider. The hypocrisy of Rep. Bray is laughable.
You mean like pulling the plug on grandma in September, so that the grandkids can rake in on the $$$ in her will right before the holidays?
Teri – as a CEO I worked 12 hours shifts and more 7 days a week in healthcare so the ICU, ER and Pharmacy careers pale in comparison. You have no idea.
Even so, why are CEO pay increases growing much larger than worker pay increases on a percentage point basis? For example if the CEO gets a 10% pay increase, why not give the workers a 10% pay increase also? The CEO still makes more, but at least all employees benefit too. In an economy where the average working American has been hit hard with double digit inflation, sympathy is hard to come by for disproportionate CEO pay increases.
Much of Dennis Murphy’s incentive compensation is coming from cutting patient care, employee benefits and medical student programs that are actually funded by the state (which is ironic). He’s cost-cutting his way to his own bonus and incentives.
There is no non-profit CEO that should be making this type of money. It’s ridiculous.
And I completley agree with what David S said above…..
“Senate President Pro Tem Rodric Bray, R-Martinsville, said executive pay should be decided by hospital boards, not by lawmakers. Bray told IBJ. “That said, I believe it is a fool’s errand for the state to try to get involved in the compensation of individual employees.”
Yet the legislature is perfectly fine inserting itself in the medical care of individuals and the decisions which should be made between a patient and the patient’s care provider. The hypocrisy of Rep. Bray is laughable.
Kelly, I am the reporter who wrote this story. If you have any hard info on the cost-cutting, I would like to hear it. You can reach me at 317-250-6261 or jrussell@ibj.com.
I would love to see more information on cost cutting. I heard a few years ago that IU North purged all their long term employees making their balance sheet look better so they could get a lower interest on a loan. As usual, money trumps patient care.
Philip C when you have worked 12 hours in the ICU or in healthcare then you can compare. Working 12 hours at a desk job is no comparison. Try cleaning vomit and excrement off intubated patients during COVID and then getting a one percent raise. If Dennis Murphy can get a 49 percent raise then the employees of IU who do the heavy lifting of healthcare deserve more. I have done both kinds of jobs desk jockey and healthcare – there is no comparison. I bet CEOs can go to the bathroom and eat during their 12 hour shifts and I bet they are not standing on their feet 12 hours either. Try it then tell us about the heavy burden of leadership. Get real.
Teri – I am thankful that you are in your position as a nurse. We need people who work hard like you and others do each day. I don’t discount for a moment your role and contribution to the overall healthcare experience. I too have cleaned up vomit and excrement so I have walked in your shoes as well. Each job has their own challenges and demands. The heavy burden of leadership falls on people like me that have to decide how to make the financial piece of an organization work so employees can keep their jobs, that they still have benefits even though the costs may skyrocket and so that the organization as a whole can continue to be in existence and thrive for the patients and community they serve. Whether for profit or not for profit, the work is the same and demands are equal. I see nursing staff come and go and the thing that sticks in my mind is that they can just go get another job if things don’t work out or they don’t like a company. With CEO’s, we don’t have those options as we are often financially committed to the organization and have a long term commitment and expectation for employment. The CEO’s job is not just a desk job, it’s a constant decision making and solutions mindset that is demanded each day, 7 days a week, not just in the company but also in the community and the legislature and in the governmental state and federal programs and so forth. We have to solve your problems and the problems of the entire organization with a coordinated team of experts. So when you purport to know what we should be paid or should not be paid; it’s hardly in your realm of expertise. You sound like you have an entitlement mindset by looking at others and comparing your work to theirs and expecting more. That’s a dangerous way to live and not fair to the many CEO’s who have the demands of the organization on their minds constantly.
I also doubt that you have any evidence of cost cutting measures solely so the CEO can get more or higher compensation. It doesn’t work like that. We often have to make decisions that are hard ones and financial ones to keep the organization running and meet the financial ratios, such as net interest margin (NIM), provision for credit losses (PCL), and efficiency ratios, if you even know what those are. These formulas are often complex like the Net Interest Margin = (Interest Income – Interest Expense) / Total Assets, Efficiency Ratio = Non-Interest Expense / Revenue, Operating Leverage = Growth Rate of Revenue – Growth Rate of Non-Interest Expense, Liquidity Coverage Ratio = High-Quality Liquid Asset Amount / Total Net Cash Flow Amount, Leverage Ratio: Tier 1 Capital / Total Assets (Exposure), CET1 Ratio = Common Equity Tier 1 Capital / Risk-Weighted Assets, Provision for Credit Losses Ratio = Provision for Credit Losses / Net Loans and Acceptances and so forth.
I urge you to appreciate and take pride in the work you do each day, and let others like me do the same, despite what our role and contribution is to or from the organization.
How have these mergers and the corporatization of healthcare improved care and access? Perhaps the job of top administrator would be less of a heavy burden if hospitals were still an important part of the local community with strong relationships. There are always stressors with leadership, and the current scale of operations has not yielded the quality or cost savings promised.