Abstract of Journal Article -- August 2002
Symposium on Medical Education
By Charles M. Stiernberg, MD, MBA
Although American medical schools contributed to tremendous scientific advances in the last century, they were slow to conform to changes in the business of medicine. In today's health care industry, some schools are going to have to make substantial revisions in their business operations to remain financially viable. An important aspect of transformation will be changing the way faculty members are compensated for their clinical work. Use of productivity-based variable pay formulas in compensation plans has been successful in many industries and can be adapted by clinical faculty practice plans. Success requires skillful leadership, changes in organizational culture, and knowledge of pertinent financial principles. No incentive plan is perfect, but the benefits of paying clinical faculty in proportion to their contribution to the practice plan's success include a sense of ownership and pride by the faculty.
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