The economics of new faculty hires in basic science.

Academic Medicine : Journal of the Association of American Medical Colleges
E Ray DorseyDavid S Guzick

Abstract

To compare the streams of expenses and revenues associated with investment in a cohort of basic science investigators at the University of Rochester School of Medicine & Dentistry for seven years. The authors evaluated a medical school's financial investment in 25 basic science faculty who were hired between 1999 and 2004 to expand basic science research. The authors compared direct and indirect costs with the extramural grant support generated by these investigators through 2006. To facilitate a comparison of investments made and grants generated, the authors calculated present value (in 2006 dollars) of revenues and expenses using the school's approximate cost of capital. Of the 25 faculty members hired, 24 (96%) remained at the school through 2006. From 1999 to 2006, the school invested a total of $69.0 million ($33.1 million in start-up costs and $35.9 million in indirect costs) to support the faculty members. Through 2006, these faculty members generated $99.7 million in extramural grant revenue ($70.7 million in direct grant revenue and $29.1 million in indirect grant revenue). Whereas the faculty generated $1.45 in total grant revenue per dollar invested, start-up expenses and incomplete recovery of indirect costs requir...Continue Reading

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Citations

Nov 26, 2010·Advances in Health Sciences Education : Theory and Practice·Randy R Brutkiewicz
Aug 1, 2013·Academic Medicine : Journal of the Association of American Medical Colleges·Roberta E SonninoWilliam C Wadland
Nov 1, 2012·Science·Hunter R RawlingsM Peter McPherson
Dec 21, 2011·Infection and Immunity·Ferric C Fang, Arturo Casadevall
Feb 12, 2014·BMC Medical Education·Brenda A BucklinSteven R Lowenstein
Jan 26, 2013·European Journal of Obstetrics, Gynecology, and Reproductive Biology·Hany H Kamel
Jul 4, 2009·Journal of Pediatric Surgery·Don K NakayamaKurt D Newman
Apr 9, 2016·Journal of Women's Health·Shine ChangGina Cardinali
Jan 31, 2012·Virulence·Victoria P McGovern
Mar 19, 2021·Medical Physics·Brian W PogueDavid J Gladstone
Jun 24, 2021·BMC Proceedings·Leticia R Vega, Christoph J Hengartner
Nov 13, 2020·Health Care Management Review·E Sherwood BrownAlexandra Kulikova

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