Academic managers turn results into raises
Survey: More revenue leads to more money
If you need more proof that academic practices are looking more and more like their private practice counterparts (see related story, p. 91), a look at the Medical Group Management Association's (MGMA) latest compensation survey for academic practices should be enough to convince you.
According to the survey (for a copy, call MGMA at number listed in sources, below right), a department administrator who earns the median compensation of $75,000 has some $5,600 of that package depending on personal and departmental performance.
The survey also found that the greater the department revenue, the more money the administrator will earn. For instance, median compensation is only $52,041 for departments with revenue of $2.5 million or less. But if the department earns $25 million or more, then that compensation rises to $92,000.
It's yet another reason why academic practice administrators are more and more interested in actively marketing their practices.