Chief Medical Officer

The Chief Medical Officer, or CMO, directs the staff and develops policies for an organization's clinical programs. They provide leadership and expertise in order to uphold proper medical standards within a facility, company, or governmental organization.

Chief Medical Officers are also considered Top Executives and must handle business administration and management duties within corporations and other organizations, in addition to their scientific and/or medical duties.

Duties:

Chief Medical Officers typically do the following:
• Participate in meetings with the CEO or board of directors
• Stay updated on local, state and national healthcare laws and regulations
• Research new medical equipment, technologies and practices
• Make sure there is proper IT software and hardware to store and process information
• Establish and carry out departmental or organizational goals, policies, and procedures
• Direct and oversee a department’s financial and budgetary activities
• Consult with other executives, staff, and board members about general operations
• Negotiate or approve contracts and agreements
• Appoint department heads and managers
• Analyze financial statements, sales reports, and other performance indicators

First and foremost, Chief Medical Officers are medical doctors, so training, education, and licensure will be similar to physicians and surgeons. Business management training and education will help with the executive administrative duties a CMO needs to perform.

Medical Doctor-
Physicians and surgeons have demanding education and training requirements. Physicians typically need a bachelor’s degree, a degree from a medical school, which takes 4 years to complete, and, depending on their specialty, 3 to 7 years in internship and residency programs.

All states require physicians and surgeons to be licensed; requirements vary by state. To qualify for a license, candidates must graduate from an accredited medical school and complete residency training in their specialty.

All physicians and surgeons also must pass a standardized national licensure exam. M.D.s take the U.S. Medical Licensing Examination (USMLE). D.O.s take the Comprehensive Osteopathic Medical Licensing Examination (COMLEX-USA). For specific state information about licensing, contact your state’s medical board.

Certification is not required for physicians and surgeons; however, it may increase their employment opportunities. M.D.s and D.O.s seeking board certification in a specialty may spend up to 7 years in residency training; the length of time varies with the specialty. To become board certified, candidates must complete a residency program and pass a specialty certification exam from a certifying board including the American Board of Medical Specialties (ABMS), the American Osteopathic Association (AOA), or the American Board of Physician Specialties (ABPS).

Executive-
Many top executives have a bachelor’s or master’s degree in an area related to their field of work. Top executives in the public sector may have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations may have a master’s degree in business administration (MBA).

Chief executives typically need extensive managerial experience, and this experience is expected to be in the organization’s area of specialty. Most general and operations managers hired from outside an organization need lower-level supervisory or management experience in a related field.

The average Chief Medical Officer salary in the United States is $421,906 as of January 27, 2022, but the range typically falls between $369,624 and $490,976.

Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Wages for physicians and surgeons can be among the highest of all occupations, with a median wage equal to or greater than $208,000 per year. The median annual wage for chief executives was $185,950 in May 2020.