Physician/Faculty Compensation Leader

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 Dean'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 Committee'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.

Required Qualifications

• Bachelor of Arts or Science in business, finance, human resources, or other relevant field plus10+ years experience with complex financial and data analysis with at least 3 years of physician compensation modeling
• 1+ years management experience
• Strong analytical, critical thinking, problem solving and decision making skills
• Demonstrated project management experience
• Polished communication skills. Ability to explain complex financial issues, deliver difficult communications, and educate leadership, clinicians, and administration. Comfort with working directly with physicians/faculty and multiple levels within and across the organization
• Knowledge of federal, state, and local regulations and compliance requirements, and ability to interpret, explain and apply knowledge to policies and requirements
• Ability to work within deadlines with a high degree of detail
• Effective written and oral communication skills
• Ability to actively listen, provide constructive feedback, and demonstrate respect for differing views

Preferred Qualifications:

• Master of Arts or Science in Business or Healthcare Management or Administration
• Experience supporting a governing body

Committed to innovation and diversity, the Medical School educates physicians, scientists, and health professionals; generates knowledge and treatments; and cares for patients and communities with compassion and respect. We value excellence, inclusiveness, collaboration, and discovery.

The mission of the regional campus located in Duluth is to be a national leader in improving healthcare access and outcomes in rural Minnesota and American Indian/Alaska Native (AI/AN) communities. In partnership with CentraCare, the regional campus in St. Cloud offers a wide range of patient experiences throughout students' education in Greater Minnesota and prepares them to become exceptional clinicians and leaders for rural and immigrant populations.

Founded in 1888, the University of Minnesota Medical School has three campuses. A four-year MD program and the MD/PhD program are located on the Twin Cities campus in addition to MD programs at regional campuses in Duluth and St. Cloud.

Pay Range: $160,000 - $190,000; depending on education/qualifications/experience

Time Appointment Category: 100% Appointment

Position Type: Faculty and P&A Staff

Please visit the Office of Human Resources website for more information regarding benefit eligibility.

The University offers a comprehensive benefits package that includes:

• Competitive wages, paid holidays, and generous time off
• Continuous learning opportunities through professional training and degree-seeking programs supported by the Regents Tuition Benefit Program
• Low-cost medical, dental, and pharmacy plans
• Healthcare and dependent care flexible spending accounts
• University HSA contributions
• Disability and employer-paid life insurance
• Employee wellbeing program
• Excellent retirement plans with employer contribution
• Public Service Loan Forgiveness (PSLF) opportunity
• Financial counseling services
• Employee Assistance Program with eight sessions of counseling at no cost
• Employee Transit Pass with free or reduced rates in the Twin Cities metro area

Applications must be submitted online. To be considered for this position, please click the Apply button and follow the instructions. You will be given the opportunity to complete an online application for the position and attach a cover letter and resume.

Additional documents may be attached after application by accessing your "My Job Applications" page and uploading documents in the "My Cover Letters and Attachments" section.

To request an accommodation during the application process, please e-mail employ@umn.edu or call (612) 624-8647.

The University recognizes and values the importance of diversity and inclusion in enriching the employment experience of its employees and in supporting the academic mission. The University is committed to attracting and retaining employees with varying identities and backgrounds.

The University of Minnesota provides equal access to and opportunity in its programs, facilities, and employment without regard to race, color, creed, religion, national origin, gender, age, marital status, disability, public assistance status, veteran status, sexual orientation, gender identity, or gender expression. To learn more about diversity at the U: http://diversity.umn.edu

Any offer of employment is contingent upon the successful completion of a background check. Our presumption is that prospective employees are eligible to work here. Criminal convictions do not automatically disqualify finalists from employment.

The University of Minnesota, Twin Cities (UMTC)

The University of Minnesota, Twin Cities (UMTC), is among the largest public research universities in the country, offering undergraduate, graduate, and professional students a multitude of opportunities for study and research. Located at the heart of one of the nation's most vibrant, diverse metropolitan communities, students on the campuses in Minneapolis and St. Paul benefit from extensive partnerships with world-renowned health centers, international corporations, government agencies, and arts, nonprofit, and public service organizations.

At the University of Minnesota, we are proud to be recognized by the Star Tribune as a Top Workplace for 2021, as well as by Forbes as Best Employers for Women and one of America's Best Employers (2015, 2018, 2019, 2023), Best Employer for Diversity (2019, 2020), Best Employer for New Grads (2018, 2019), and Best Employer by State (2019, 2022).