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Department of Medicine Faculty Meeting May 23, 2017

Department of Medicine Faculty Meeting May 23, 2017. Announcements AY 17 and 18 Budget Update Research Faculty Bonus Plan Clinical Faculty Compensation Plan. Announcements. Update on SC Searches- ID and Hematology-Oncology

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Department of Medicine Faculty Meeting May 23, 2017

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  1. Department of MedicineFaculty MeetingMay 23, 2017 Announcements AY 17 and 18 Budget Update Research Faculty Bonus Plan Clinical Faculty Compensation Plan

  2. Announcements Update on SC Searches- ID and Hematology-Oncology Genetic Epidemiology and Functional Genomics for Early Stage Investigators: Applied Learning Workshop, September 10-13 (see Vanessa Xanthakis or VasanRamachandran) Changes in BU fringe rate (28 down to 26) for non-FPF faculty and non-clinical portions of clinical faculty salaries Departing faculty-50% salary withhold if documentation lag May 26 Senior Resident Academic Day, 8:30-10 am, Hiebert Lounge

  3. Last Grand Rounds • May 26, 2017 • Activity Title: Medical Education: The Evolution Continues • Speakers: Lisa M. Bellini, M.D.

  4. DOM Annual Departmental Awards • Nominations Due June 23, 2017 • The Awards Committee is now soliciting nominations for its seven annual departmental awards. • The Robert Dawson Evans Faculty Special Recognition Teaching Award • The Research Mentoring Award • The Outstanding Citizenship Award • The Junior Faculty Mentoring Award • The Award for Clinical Quality Improvement • The DOM Clinical Excellence Award • The DOM Clinical Innovations Award • Nominations consist of a letter with a detailed justification of the nominee’s relevant contributions in the award category. Please submit through the Faculty Development and Diversity website by June 23, 2017:http://www.bumc.bu.edu/facdev-medicine/faculty-awards/submit-a-nomination/

  5. Faculty Development Seminars • CV Boot Camp: Have your CV reviewed by members of the A&P Committee • May 30th from 12-1pm in Wilkins • Mentoring to Increase Your Academic Success: How to make it a win-win • Facilitated by Jane Liebschutz • May 31st from 5-6pm in Wilkins • June 6th from 12-1pm in Wilkins

  6. Faculty Grants • Faculty Development & Diversity Grants • Open toALL DOM FACULTY at all levels seeking to further their professional development in research, education, clinical skills, and/or leadership • Next deadline is July 15th • http://www.bumc.bu.edu/facdev-medicine/grants/

  7. DOM Networking Dinners • Investigators (clinical & non-clinical researchers) • June 13th from 6:30 to 8:30pm Enjoy good food and meaningful discussion with your DOM colleagues. • Emelia Benjamin’s home in Brookline • RSVP to Robina Bhasin at rbhasin@bu.edu

  8. FPF Meeting Time Standards Meetings from 8:30-5:30 p.m. Start/end on time, 5-10 min for transit Support meetings with call-in options Scheduled by member consensus of 2/3 of members

  9. Projected Year End AY 17 Budget (in $000) Revenue Actual $118,616 Budget $117,868 Variance $748 Expense Actual $118,625 Budget $118,969 Variance $344 (Loss) from Operations Actual $(10) Budget $(1,102) Variance $1,092

  10. AY 17 Year End Projection Open Items Includes ($600K) incentive payment ($60K) grant deficit placeholder Pending + HSN revenue reconciliation from AY16 (>$450K) + FPF Dept support refund of undistributed funds +$230K billing vendor fee recoup + BU fringe savings in AY15-17

  11. AY 18 Projection Revenue $124,048 Expense $125,532 Variance ($1,484) Includes: 1% COLA for faculty; 2% COLA non-faculty $960K faculty equity increases 2.4% wRVU volume increase $6.5 m Evans Endowment expenditure Open: Hematology-Oncology support, Hospitalist Medicine Unit budget, final CARE+ amount

  12. Research Faculty Bonus Plan • DOM will establish Bonus Pool for Research Faculty (FPF and non-FPF) • All faculty PI’s and Multi-PI’s who received a new grant that began in AY 17 will receive a cash bonus • Payout in early Fall as overbase payment • Size of cash bonus will be determined: Number of PI’s/MPI’s with new grants in AY 17 divided by the total bonus pool

  13. Clinical Faculty AY 18 Clinical Faculty Compensation Plan • Section Chiefs will set individual wRVU targets for faculty, the sum of which must exceed the UHC median based on 2015-16 benchmarks and should be no less than the modified budgeted wRVUtarget; • Primary Care MD’s in GIM can opt for a panel size target of 1500 unique patients over 12 month period (must include one visit during this period)

  14. Clinical Faculty AY 18 Compensation Plan (con’t) 3. For AY 18, sections will need to achieve the modified budgeted wRVU target. a. adjusted to account for alterations in cFTE during the academic year b. must exceed the UHC median 4. Bonus pool from DOM and Sections with positive operating margin will be distributed as in AY 17; 5. Criteria for Bonus will be distributed early in AY 18 by each section chief and will include wRVU based (65-85%) and non-wRVU based components

  15. Plan for Faculty who do not reach wRVU target 1. Faculty with wRVU’s between 90% and 100% of the applicable wRVU target at the end of the year will be ineligible for bonus payments; 2. Faculty with wRVU’s below 90% of the assigned target will be a. Ineligible for COLA in the following year (AY 19); b. Subject to an increase in their respective wRVU targets in the following year (AY 19) by the amount in AY 18 below 90% of their wRVUtarget; c. Placed on a remediation plan in the following year (AY 19) to help the faculty in improve their ability to meet the wRVU target; d. Subject to salary reduction only if they fail to meet the requirement for >90% of the assigned wRVU target plus the wRVU deficit from the previous year after the one year “grace period” (AY 19); e. Salary will be reduced in AY 20 by 2% per 1% below 90% of wRVU target prorated to clinical effort. f. Faculty subjected to salary reduction can restore full base salary by the start of the following academic year (AY 21) by increasing wRVU’s to an amount over target equivalent to the deficit from the prior year and by meeting 100% of their wRVU target (AY 20);

  16. Exclusions or Modifications to Possible Salary Reductions Salary reduction will not: • exceed 20% of total compensation; • apply to faculty in the first two years of their appointment; • be applied if the section reaches the section’s modified budgetedwRVU target; • be fully executed for faculty at or below the 25th AAMC northeast salary benchmark by specialty.

  17. Requirement for 45 Half Day Clinic Sessions per year per Weekly Assigned Session Faculty who do not meet the requirement of working 45 half day clinic sessions per year per weekly assigned session: • Must “make up” the missed sessions in the following academic year (AY 19) in addition to meeting the 45 half day clinic requirement; • Will be subject to financial penalty in AY 20 if they have two consecutive years of not meeting the 45 half day clinic requirement. Amount will be pro-rated to the number of missed sessions

  18. Clinical Faculty AY 18 Compensation Plan (con’t) As in past years, special mitigating circumstances (e.g., medical or family leave beyond the customary two weeks of sick leave) for individual faculty will be weighed in decisions regarding potential adverse financial impact to individual faculty.

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