| Position Overview: The Leader of Physician/Faculty Compensation is responsible for the oversight, management, and technical direction of the Physician/Faculty Compensation Program and the physician/faculty compensation data repository and reporting solution. Under the direction of the University of Minnesota Medical School (UMMS) Faculty Compensation Committee, leads the planning, development, documentation, communication, and analysis of physician productivity and physician/faculty compensation plans. Provides support for the communication and implementation of physician/faculty compensation plans, policies and procedures and assists with modifications, as necessary. The Leader will report directly to the Executive Vice Dean and work under the direction of the UMMS Faculty Compensation Committee Chair, and work closely with UMP and UMMS human resources and finance leadership along with department chairs and school leadership. The leader serves as a liaison between departments and the Deanâ™s office and provides consultation to stakeholders on physician/faculty compensation projects, reporting, financial impacts, and program design. Duties/Responsibilities: Physician/Faculty Compensation Program Design and Management - In support of Physician/Faculty Compensation Program Design
- Directs physician/faculty compensation program design and execution, including incentive pay plans where applicable.
- Conducts internal evaluations and assessments of plans to ensure compliance with UMMS and University guidelines and monitors the effectiveness of existing compensation practices.
- Provides subject matter expertise on market trends and strategies that impact physician/faculty compensation and recommends changes that are consistent with those trends and health system objectives.
- Ensures the alignment of compensation programs with the UMMS missions (clinical, administrative, research, teaching, and service), related strategies and goals including the recruitment and retention of world class faculty.
- Supports and ensures a consistent approach to the financial analysis and impact modeling required for compensation plan development, effectiveness, and sustainability.
- Provides an analysis of the impact of compensation principles and processes on the department.
- Ensures that all plans are compliant with State and Federal employment regulations.
- Conducts market reviews of physician/faculty compensation by specialty.
- Compiles and analyzes data to complete various external compensation and productivity surveys.
- In support of the UMMS Departments
- Collaborates with department leadership in the development, evaluation, documentation, and implementation of department physician/faculty compensation programs.
- Guides departments as they develop department level educational and communication tools regarding compensation principles and processes, as well as policies and procedures.
- Advises departments in the design of department compensation models, ensures the accuracy of data and models, and assists in the standardization and enhancement of processes and systems.
- Participates in the annual budgeting process, provides insights regarding the impact of payment rates, salary trends, recruitment plans, program development and start-up proformas and guarantees on physician/faculty compensation expenses.
Physician/Faculty Compensation Governance - Assists UMMS Faculty Compensation Committee Chair to manage the duties and responsibilities related to the operations of the Faculty Compensation Committee.
- Works closely with the Chair of the Faculty Compensation Committee to ensure the effective and efficient execution of the Compensation Committeeâ™s goals.
- Provides a variety of reports and analysis to educate Committee members and in support of program design and management including internal evaluations and assessments of plans and their compliance with UMMS and University guidelines, the effectiveness of existing compensation practices, market trends and strategies that impact physician/faculty compensation, the business impact of compensation plan changes and alignment of compensation programs with the UMMS missions.
- Plans and implements the annual UMMS physician/faculty compensation plans update and review.
- Advances a multi-year strategy for physician/faculty compensation plan development.
- Acts as a liaison between the UMMS Faculty Compensation Committee, department leadership and Department Compensation Committees.
Data Repository and Reporting Solution - Leads the development, refinement, implementation, and communication of needs, enhancements, and on-going operations of the physician/faculty compensation data repository and reporting activities.
- Understands reporting requirements and uses of the data and ensures reports and dashboards support the development of data-driven insights.
- Plans the rollout of enhancements to the data repository and reporting solution, engaging the Faculty Data Analyst and/or other key operational and technical resources as needed to support this effort.
- Manages the physician/faculty compensation database, ensuring the collection, consolidation and reporting of data related to physician/faculty compensation and productivity.
- Manages staff members who design and implement a standard process for productivity and compensation report distribution and mechanisms to support transparency.
- Interprets analysis results and present findings to support informed decision-making.
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