Witt/Kieffer President and CEO Jim Gauss, along with other healthcare leaders, discuss four ways to make CEO transition a success in a recent issue of Trustee magazine. A brief excerpt follows; click the link below to read the full article.
Hospital chief executives sit at the top of the health care hierarchy, numbering about 4,500 strong, the face of acute-care hospital treatment around the country. Their selection has frequently followed cross-country searches, lengthy and sometimes acrimonious board meetings, many months and a potentially hefty price tag. Bringing in a new CEO can cost an organization at least $1 million once severance, recruiting and organizational disruption costs are factored in, according to one consultant.
Despite what’s at stake, hospital leaders are moving elsewhere at a turnstile clip. Slightly more than half—56 percent—of the nation’s hospital chief executives have held their current job for fewer than five years and 14 percent for less than one year, according to the American College of Healthcare Executives. The group’s analysis, conducted in January 2009 and based on American Hospital Association data from 4,464 facilities, determined that the median CEO tenure was 4.16 years.