ASSET INVESTMENT MANAGEMENT SYSTEM The AIMS Council Status Report Budget and Goals Retreat

1. ASSET INVESTMENT MANAGEMENT SYSTEMThe AIMS CouncilStatus ReportBudget and Goals Retreat Co Chairs: Bruce Lindsey Charles Paidas Joann Strobbe

2. “Cosa Nostra”The AIMS CouncilStatus ReportBudget and Goals Retreat Co Chairs: Bruce Lindsey Charles Paidas Joann Strobbe

3. AIMS: Objectives To support University of South Florida’s College of Medicine Mission, Goals, and Strategic Plan by: 1) Aligning resources with missions: The All Source Funding Model 2) Implementing a salary program that links assignment and performance to pay Kickoff = March 9, 2005

4. The AIMS Council Co-Chairs Bruce Lindsey Chuck Paidas Joann Strobbe Basic Sciences Clinical Sciences Finance & Administrative Members Michael Barber, Molecular Medicine Jim McKenzie, USF Health IT Robert Belsole, Surgery Vicky Mastorides, Dean’s Office Eric Bennett, Molecular Pharmacology & Physiology Jean Nixon, Business Office H. James Brownlee, Family Medicine Robert Nelson, Pediatrics Karen Burdash, Clinical Finance John Curran, Dean’s Office Duane Eichler, Molecular Medicine William Quillen, Physical Therapy Peter Fabri, Surgery Abdul Rao, Research Frank Fernandez, Psychiatry Paul Wallach, OCME Harvey Greenberg, Internal Medicine Lynn Wecker, Research Joseph Jackson, USFPG Paul Knaus, Dean’s Office

5. The AIMS Deliverables: Chapter 1COM Basic Science and Clinically Ranked Faculty • All Source Funding Model • Performance Requirements • The Data warehouse/dashboard • Annual Assignment Form • Evaluation • Faculty Guidebook* *leadership institute

6. The AIMS Future Deliverables:Chapter 2Evaluation of • Chairs • Staff • Administration

7. The AIMS Priority: “…Leave the gun. Take the cannoli…” It is a PILOT Initiative. …Let’s get it started.

8. The AIMS Process

9. Literature Review of All Source Model • 1/3 of the faculty would have realized additional compensation from the model • 1/3 would have realized no impact • 1/3 would have seen a reduction in their compensation for FY05-06. • 79% of the faculty would have been within a 20% variance of their actual Compensation • The remaining 21% would have been evenly split between those realizing a positive impact greater than 20% and those realizing a negative impact greater then 20% (Drexel, Kansas, Iowa, Georgetown)

10. AIMS: FAQ’s from Faculty • Should state resources support the three missions? •How does a college or university support quality and new educational models, such as small group learning and computer based instruction? • How does the college support instruction of residents and fellows?

11. AIMS:FAQ’s from Faculty • Everyone can be treated fairly but no one can be treated the same! • If people are happy then leave them alone. • Academic medicine means something, what exactly does it mean?

12. AIMS: FAQ’s clinical issues • Must understand sources of money. Hard money = State, TGH, Moffitt, Fed and State Contracts Soft Money = patient revenue • In order to increase revenue we must either: increase the contracts or decrease the expenses associated with soft money

13. AIMS Salary Subcommitee: The realistic solution • EXPENSES for all departments: range = 50 – 67% Dean’s Tax 7% Corporation 17.5% Department 10-14% Division ~ 30%

15. AIMS Salary Plan Implementation Timeline Clinician Ranked FacultyAttachment C Assess & Adjust Fully Implement Dept Defines AIMS Approves Dept Assignment Dept Pilot February 15, 2006 April 15 June 15 June 15 July 1 July 1, 2007 Assignments for all ranked faculty must include: College-wide minimum percentages of effort and Departmental performance requirements for base, incentive and bonus pay Revise Department criteria as appropriate Departments submit proposed performance requirements to AIMS Council Full Implementation of AIMS Pay for Performance Salary Plan Pilot of departmental performance requirements and impact on pay AIMS Council reviews and approves for 06/07 assignments Departments fully implementing the AIMS Salary Plan as of July 1, 2006 will be rewarded with a $500 Dean’s Bonus per faculty member. (11/29/05)

16. All Source Funding ModelFinance Subcommittee

17. College of Medicine Minimum Standards for Percent of Effort for Ranked Faculty (Revised by Council 3/30/06) NOTE: The minimum required workweek for 1.00 FTE Faculty is 40 hours; faculty are expected to work the number of hours necessary to accomplish their assigned responsibilities. The minimum work year is 46 weeks or 1840 hours. *Not applicable to Basic Science faculty. Clinical Faculty assignment will include patient care with and without students or house staff and will be benchmarked.

18. The Tipping Point Rao AIMS Council Wallach Belsole

21. The dashboard

23. AIMS: Accomplishments • Established COM minimum percentages of effort per assignment category for ranked faculty with substantial input from Vice Deans • Identified measurable College performance requirements for base, incentive, and bonus pay • Created a plan to develop additional measurable department-specific performance requirements for base, incentive and bonus pay • Developing combined Assignment and Effort Form • Data warehouse and Dashboard

24. AIMS: SWOT Analysis Strengths: Faculty Council and Chair Buy-In. Level the playing field. Reward the Knowledge Worker. Enhance dialogue. APT. LCME Weaknesses: Talk is cheap. Don’t stop here. Will it control expenses? Self Reporting. Cross Subsidization. LCME Opportunities: “Eat what you kill,” Align Sources and Uses of Capital. Expense Control. LCME. Threats: Disintegration of academic spirit. Legal Woes. Enforce non-Compliance. LCME

25. Closing Thoughts for Retreat: •Caution because consultant can do this •Student and Patient come first •Always family at the cash register •Evaluation for the “So What” Critical Your AIMS Council (Uncle/Aunt?)