The furious changes in the U.S. healthcare industry in recent years have helped improve efficiency and limit soaring costs, but they also appear to be making life more difficult for chief executive officers.
CEOs from other countries that are embarking on healthcare reforms may want to take note.
In a new survey by executive search firm Witt/Kieffer, Ford, Hadelman & Lloyd, 95% of U.S. healthcare CEOs said their workload has increased in the past five years, and 65% said it has "increased substantially."
The larger workload, along with a barrage of mergers and unceasing pressures to reduce costs, led 80% of respondents to say their work-related stress had also increased during the five years, with 54% saying it had increased substantially.
The survey asked healthcare chiefs about the balance between their personal and professional lives. It was sent to 1,560 CEOs from hospitals, health systems, insurance companies, physician group practices, professional associations and other healthcare-related organizations across the U.S. Witt/Kieffer, based in Oak Brook, Illinois, received responses from 375 CEOs whose median annual compensation was $200,000.
Two-thirds of the CEOs reported some difficulty in achieving a balance between their work and personal lives. Thirty-eight percent said they make sacrifices in their personal lives to accommodate professional demands, and 26% said both their work and personal lives suffer because of conflicts.
"Clearly, achieving this balance is something that these CEOs are grappling with right now," says J. Daniel Ford, senior vice president at Witt/Kieffer. "This issue needs more sunshine on it."
Overall, 70% of respondents said they had the ability to structure their professional lives to accommodate their personal lives, with 73% of those saying they made a "significant effort" to do so.
Apparently, many aren't entirely succeeding. Less than half of respondents (45%) who had a spouse or significant other thought they spent substantial time with that person, while 48% felt the amount of time could be greater, and 8% said they spend no substantive time with their mate.
Those numbers were similar to responses involving children: 41% were satisfied with the amount of time spent with their kids, while 51% said they needed to spend more time with them, and 8% reported spending almost no quality time with their children.
Even so, 92% of the CEOs said they were satisfied with their careers. However, while 66% said they were "very satisfied" five years ago, 54% were very satisfied today.
For more information about the study, call 630-990-1370.