The title "Chief Medical Officer" appears to be far more commonplace today than it was a decade or so ago. Back then, organizations seemed to be less consistent in the titles they gave to their physician leaders. If nothing else, elevating top clinicians to the C-Suite, and letting seemingly equivalent titles like "VP of Medical Affairs" and "Physician in Chief" go by the wayside, makes compensation benchmarks for these physicians easier to find.
In our study of officers and employees in nonprofit organizations, BHA identified 642 physicians with the title of Chief Medical Officer (CMO). Median compensation for CMOs was $284,000 per year. Average compensation was $342,000 per year. We saw significant differences between salaries in smaller and larger organizations. Average CMO compensation was $220,000 in organizations with less than $20 million in annual income and $723,000 in organizations with more than $1 billion in annual income.
Our study also focused on compensation for Chief Medical Information Officers (CMIOs). A CMIO is a physician leader who has the responsibility of developing and implementing an organization's clinical information systems. We found twenty-six (26) physicians with the title of CMIO. These individuals had average compensation of just over $302,000 per year.
See the infographic below for more of our findings.