Issue link: https://beckershealthcare.uberflip.com/i/1530792
20 CIO / HEALTH IT 8 notes on CIO pay and employment By Giles Bruce While health system CIO pay continues to rise, turnover for IT chiefs has also been accelerating. Here are eight things to know: 1. More than 1 in 5 healthcare CIOs now earn more than $600,000 annually, while 15% make between $451,00 and $500,000 a year, according to an October report from executive search firm WittKieffer. 2. However, more than half of healthcare CIOs started at their roles in the past three years, the report found. 3. Big health system CIO exits in the past year-plus have happened at Nashville, Tenn.-based HCA Healthcare, Cleveland Clinic, New York City-based Mount Sinai Health System, Renton, Wash.-based Providence, Salt Lake City-based Intermountain Health, and Clearwater, Fla.-based BayCare Health System. 4. One reason for CIO turnover: When healthcare IT chiefs moved to their most recent roles, a quarter reported that their pay increased by more than 20%, according to the WittKieffer report 5. Across industries, CIO compensation is up 7.48% at large organizations and 9% at midsize enterprises over the past year, according to data from consulting firm Janco Associates cited in July by the Wall Street Journal. One explanation? e rise of interest in artificial intelligence. 6. CIO pay has climbed more than 20% since 2019, according to IT recruitment firm Heller Search Associates data mentioned in a September CIO story. IT chiefs' pay is now catching up to CFOs'. 7. CIOs' median base pay increased to over $220,000 for large enterprises and neared $210,000 for midsize organizations, with new CIO compensation packages ranging from $1.5 million to $1.8 million at those enterprises, according to the Journal. 8. CIOs are also taking on more responsibility: More than half now report directly to the CEO, compared to five years ago, when at least 60% reported to lower-level leaders, according to Heller Search Associates data cited by CIO. n The state of the health system CIO role: 12 notes By Naomi Diaz H ealth system CIOs are adapting to the demands of a rapidly digitizing healthcare landscape, with 71% holding the traditional CIO title and 20% transitioning to the broader designation of chief digital and information officer, according to WittKieffer's findings. A recent survey by executive search firm WittKieffer sheds light on the evolving scope, compensation, and career paths of healthcare chief information and digital officers. Here are 12 key insights into the CIO role and the journey these executives take to reach it, according to the report: 1. Seventy-one percent of individuals in the health system CIO role maintain the traditional CIO title. 2. Twenty-percent of CIOs hold the title of chief digital and information officer. 3. Many traditional CIOs are taking on significant digital transformation responsibilities. 4. The inclusion of "digital" in CIO titles has grown significantly in recent years. 5. Two-thirds of individuals with "digital" explicitly in their title were appointed within the past three years. 6. Healthcare CIO appointments are almost evenly split between internal promotions and external hires with industry experience. 7. Eighty-three percent of healthcare CIOs came from a previous role in healthcare. 8. Over half (53%) have served less than four years, showing high turnover in this role. 9. Most CIOs follow a linear career path, often advancing from mid-level IT positions reporting to the CIO. 10. Thirty-three percent of healthcare CIOs were recruited from CIO roles at other organizations. 11. Many healthcare CIOs have MBAs. 12. Thirteen percent of CIOs are licensed physicians, combining clinical expertise with IT leadership and reflecting interest in tech-oriented careers among MDs. n