Gonzales, Kelly

Stoltman, Amelia

English

University of Nebraska Medical Center Research: DigitalCommons@UNMC

University of Nebraska Medical Center DigitalCommons@UNMC Posters and Presentations: College of Nursing College of Nursing 1-16-2019 Optimization of Faculty Practice Revenue: Lessons Learned from the Past Four Years Kelly Gonzales University of Nebraska Medical Center, kelly.gonzales@unmc.edu Amelia Stoltman University of Nebraska Medical Center, amelia.stoltman@unmc.edu Follow this and additional works at: https://digitalcommons.unmc.edu/con_pres  Part of the Nursing Commons Recommended Citation Gonzales, Kelly and Stoltman, Amelia, "Optimization of Faculty Practice Revenue: Lessons Learned from the Past Four Years" (2019). Posters and Presentations: College of Nursing. 5. https://digitalcommons.unmc.edu/con_pres/5 This Conference Proceeding is brought to you for free and open access by the College of Nursing at DigitalCommons@UNMC. It has been accepted for inclusion in Posters and Presentations: College of Nursing by an authorized administrator of DigitalCommons@UNMC. For more information, please contact digitalcommons@unmc.edu. Optimization of Faculty Practice Revenue: Lessons Learned from the Past Four Years Kelly Gonzales, PhD, APRN-NP, FNP-C, Chair of Faculty Practice CommitteeAmelia Stoltman, MS, Administrator for Transformational Practice and PartnershipsKate Fiandt, PhD, APRN-NP, FAANP, FAAN, Associate Dean for Transformational Practice and Partnerships College of Nursing, University of Nebraska Medical CenterLearning OutcomeIdentify strategies for optimization of faculty practice revenueFaculty Practice Income* DistributionOpportunities for OptimizationContact InformationKelly Gonzales, PhD, APRN-NP, FNP-C Kathryn (Kate) Fiandt, PhD, APRN-Assistant Professor AANP, FAAN UNMC College of Nursing Professor and Associate Deankelly.gonzales@unmc.edu UNMC College of Nursingkfiandt@unmc.eduGrowthBackground InformationThe Morehead Center for Nursing Practice (MCNP) is a University of Nebraska Medical Center College of Nursing (CON) department devoted to the facilitation of contractual relationships between nursing faculty and clinical practice sites for faculty practiceRecipient Pre FY 2017-2018FY 2017-2019 FY 2018-2019Faculty 50% 50% 50%MCNP 15% 20% 20%Faculty Practice Fund N/A 15% 2.5%Division 30% 10% 10%Dean 5% 5% 5%Fringe Benefit Pool NA NA 12.5%020004000600080001000012000FY 14-15 FY 15-16 FY 16-17 FY 17-18Practice Hours Billed$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000FY 14-15 FY 15-16 FY16-17 FY 17-18Revenue From Faculty Practice051015202530FY 14-15 FY 15-16 FY 16-17 FY 17-18Faculty and Partnership GrowthPracticing Faculty Partnership Organizations• Income distribution• Yearly review• Internal policy review and updates• Contractual details• Rates to match market value• Additional fees• Renewal periods• Specialty practice areas• Clinical agencies as partners• Mutually beneficial relationships• Training/credentialing/other billable periods• Faculty practice database• Review of hours worked - accountability• Time categorization: patient care, documentation, training, meetings• Workload assignment• Conversations with faculty, MCNP and division assistant deans• Teaching mission and precepting• EvaluationLessons Learned• MCNP found gaps in policies and guidelines related to practice• Discern the overall structure of organization, its departments and committees• Important to have short term and long term strategic organization and personal practice goals• 9 month vs 12 month faculty have different needs • Continual need for information disbursement • Created a MCNP newsletter and updated website• Importance of faculty development account • Need for a more robust evaluation of faculty practice • Need for mentorship for new practicing faculty• Importance of true partnerships and maintaining relations • Need protected time for scholarship*Income = revenue – faculty salary cost

Optimization of Faculty Practice Revenue: Lessons Learned from the Past Four Years

https://digitalcommons.unmc.edu/cgi/viewcontent.cgi?article=1002&amp;context=con_pres

Optimization of Faculty Practice Revenue: Lessons Learned from the Past Four Years

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University of Nebraska Medical Center Research: DigitalCommons@UNMC