Timing of revenue streams from newly recruited faculty: Implications for faculty retention

Keith A Joiner, Sarah Hiteman, Steven Wormsley, Patricia St. Germain

Research output: Contribution to journalArticle

12 Citations (Scopus)

Abstract

PURPOSE: To determine the timing and magnitude of revenues generated by newly recruited faculty, to facilitate configuration of recruitment packages appropriately matched to expected financial returns. METHOD: The aggregate of all positive cash flows to central college of medicine administration-from research, clinical care, tuition, philanthropy, and royalties and patents, from all faculty newly recruited to the University of Arizona College of Medicine between 1998 and 2004-was quantified using the net present value (npv) methodology, which incorporates the time value of money. RESULTS: Tenure-track faculty and, in particular, those with laboratory research programs, generated the highest positive central cash flows. The npv for positive cash flows (npv[+]) during 6 and 10 years for newly recruited assistant professors with laboratory research programs were $118,600 and $255,400, respectively, and, for professors with laboratory research programs, $172,600 and $298,000, respectively (associate professors were not analyzed because of limited numbers). Faculty whose appointments at the University of Arizona College of Medicine exceeded 15 years in duration were the most productive in central revenue generation, far in excess of their numbers proportionate to the total. CONCLUSIONS: The results emphasize the critical importance of faculty retention, because even those newly recruited faculty who are most successful in central revenue generation (tenure track with laboratory research programs) must be retained for periods well in excess of 10 years to recoup the initial central investment required for their recruitment.

Original languageEnglish (US)
Pages (from-to)1228-1238
Number of pages11
JournalAcademic Medicine
Volume82
Issue number12
DOIs
StatePublished - Dec 2007

Fingerprint

revenue
Research
Medicine
university teacher
medicine
present
Patents
philanthropy
purchasing power
Appointments and Schedules
assistant
patent
methodology

ASJC Scopus subject areas

  • Nursing(all)
  • Public Health, Environmental and Occupational Health
  • Education

Cite this

Timing of revenue streams from newly recruited faculty : Implications for faculty retention. / Joiner, Keith A; Hiteman, Sarah; Wormsley, Steven; St. Germain, Patricia.

In: Academic Medicine, Vol. 82, No. 12, 12.2007, p. 1228-1238.

Research output: Contribution to journalArticle

Joiner, Keith A ; Hiteman, Sarah ; Wormsley, Steven ; St. Germain, Patricia. / Timing of revenue streams from newly recruited faculty : Implications for faculty retention. In: Academic Medicine. 2007 ; Vol. 82, No. 12. pp. 1228-1238.
@article{5e1e6e8533d346c6a9c73d89378368ce,
title = "Timing of revenue streams from newly recruited faculty: Implications for faculty retention",
abstract = "PURPOSE: To determine the timing and magnitude of revenues generated by newly recruited faculty, to facilitate configuration of recruitment packages appropriately matched to expected financial returns. METHOD: The aggregate of all positive cash flows to central college of medicine administration-from research, clinical care, tuition, philanthropy, and royalties and patents, from all faculty newly recruited to the University of Arizona College of Medicine between 1998 and 2004-was quantified using the net present value (npv) methodology, which incorporates the time value of money. RESULTS: Tenure-track faculty and, in particular, those with laboratory research programs, generated the highest positive central cash flows. The npv for positive cash flows (npv[+]) during 6 and 10 years for newly recruited assistant professors with laboratory research programs were $118,600 and $255,400, respectively, and, for professors with laboratory research programs, $172,600 and $298,000, respectively (associate professors were not analyzed because of limited numbers). Faculty whose appointments at the University of Arizona College of Medicine exceeded 15 years in duration were the most productive in central revenue generation, far in excess of their numbers proportionate to the total. CONCLUSIONS: The results emphasize the critical importance of faculty retention, because even those newly recruited faculty who are most successful in central revenue generation (tenure track with laboratory research programs) must be retained for periods well in excess of 10 years to recoup the initial central investment required for their recruitment.",
author = "Joiner, {Keith A} and Sarah Hiteman and Steven Wormsley and {St. Germain}, Patricia",
year = "2007",
month = "12",
doi = "10.1097/ACM.0b013e318159cfa4",
language = "English (US)",
volume = "82",
pages = "1228--1238",
journal = "Academic Medicine",
issn = "1040-2446",
publisher = "Lippincott Williams and Wilkins",
number = "12",

}

TY - JOUR

T1 - Timing of revenue streams from newly recruited faculty

T2 - Implications for faculty retention

AU - Joiner, Keith A

AU - Hiteman, Sarah

AU - Wormsley, Steven

AU - St. Germain, Patricia

PY - 2007/12

Y1 - 2007/12

N2 - PURPOSE: To determine the timing and magnitude of revenues generated by newly recruited faculty, to facilitate configuration of recruitment packages appropriately matched to expected financial returns. METHOD: The aggregate of all positive cash flows to central college of medicine administration-from research, clinical care, tuition, philanthropy, and royalties and patents, from all faculty newly recruited to the University of Arizona College of Medicine between 1998 and 2004-was quantified using the net present value (npv) methodology, which incorporates the time value of money. RESULTS: Tenure-track faculty and, in particular, those with laboratory research programs, generated the highest positive central cash flows. The npv for positive cash flows (npv[+]) during 6 and 10 years for newly recruited assistant professors with laboratory research programs were $118,600 and $255,400, respectively, and, for professors with laboratory research programs, $172,600 and $298,000, respectively (associate professors were not analyzed because of limited numbers). Faculty whose appointments at the University of Arizona College of Medicine exceeded 15 years in duration were the most productive in central revenue generation, far in excess of their numbers proportionate to the total. CONCLUSIONS: The results emphasize the critical importance of faculty retention, because even those newly recruited faculty who are most successful in central revenue generation (tenure track with laboratory research programs) must be retained for periods well in excess of 10 years to recoup the initial central investment required for their recruitment.

AB - PURPOSE: To determine the timing and magnitude of revenues generated by newly recruited faculty, to facilitate configuration of recruitment packages appropriately matched to expected financial returns. METHOD: The aggregate of all positive cash flows to central college of medicine administration-from research, clinical care, tuition, philanthropy, and royalties and patents, from all faculty newly recruited to the University of Arizona College of Medicine between 1998 and 2004-was quantified using the net present value (npv) methodology, which incorporates the time value of money. RESULTS: Tenure-track faculty and, in particular, those with laboratory research programs, generated the highest positive central cash flows. The npv for positive cash flows (npv[+]) during 6 and 10 years for newly recruited assistant professors with laboratory research programs were $118,600 and $255,400, respectively, and, for professors with laboratory research programs, $172,600 and $298,000, respectively (associate professors were not analyzed because of limited numbers). Faculty whose appointments at the University of Arizona College of Medicine exceeded 15 years in duration were the most productive in central revenue generation, far in excess of their numbers proportionate to the total. CONCLUSIONS: The results emphasize the critical importance of faculty retention, because even those newly recruited faculty who are most successful in central revenue generation (tenure track with laboratory research programs) must be retained for periods well in excess of 10 years to recoup the initial central investment required for their recruitment.

UR - http://www.scopus.com/inward/record.url?scp=36749019661&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=36749019661&partnerID=8YFLogxK

U2 - 10.1097/ACM.0b013e318159cfa4

DO - 10.1097/ACM.0b013e318159cfa4

M3 - Article

C2 - 18046134

AN - SCOPUS:36749019661

VL - 82

SP - 1228

EP - 1238

JO - Academic Medicine

JF - Academic Medicine

SN - 1040-2446

IS - 12

ER -