Strategy 9
Diversify and grow revenue portfolio
Enabling Strategy Heading link
Target Completion Date: Q3 2022; Progress: 50%
Revise clinical funds flow arrangements with partners to ensure that they are performance based, mutually beneficial, and create an opportunity for reinvestment in the academic mission.
Key Activities
- Engage consultant to help develop new COM/UIH funds flow agreement
- Finalize Peoria Pediatrics Profess Svcs agree with OSF; just starting with adult clinical svcs
- Explore UIH interest in services at Peoria and Rockford campuses
- Rockford contract with Winnebago City Jail
- Opportunity in Rockford to create funds flow agreement with local hospital system
Q4 2021, at least preliminary until new Chief Adv Officer hired; Progress: 65%
Develop and execute on a comprehensive advancement plan that includes alumni and grateful-patient giving alongside other advancement initiatives.
Key Activities
- Recruit new leadership for both COM Adv and VCHA Adv, incl strong deputy to ensure continuity
- In the meantime, standardize monthly reporting on new gifts, etc.
- Formalize a grateful patient giving program
- Determine ideal org structure and reporting lines
- Set annual giving goals, based on needs, feedback from leaders, shared information about prospective donors, and trends in the academic marketplace
- Establish more robust process for capturing gifts-in-kind (e.g., equipment, software, other kinds of resources)
- Ensure that all alumni – including residents, fellows, and post-docs – are captured for tracking as prospective future donors, as well as graduating medical students and graduate students
- Feed in program plans and priorities for fund-raising plans
- Create roles/expectations so that key faculty, leaders, and admin staff all work most productively with the Advancement team; this may include dedicating certain Advancement staff with certain units within the College
Target Completion Date: Q4 2023; Progress: 43%
Pursue nontraditional revenue opportunities (e.g., global partnership agreements, technology commercialization, new program development).
Key Activities
- Identify the intellectual property that has the most appeal; this includes creating a repository of expertise within the College; also includes a general ROI formula to vet potential opportunities for their value to the College (e.g., returns beyond just offsetting existing overhead costs)
- Market our IP to potential buyers; could include expertise of our administrative staff offered as consultants to other organizations
- Strengthen continuing medical ed offerings for practicing MD’s; includes offering simulation programs – in robotic surgery, in healthcare training.
- Create a standardized framework for pitching opportunities to potential international partners
Target Completion Date: Q3 2021; Progress: 10%
Coordinate with university government relations to advocate at the federal, state, and local levels.
Key Activities
- Create process to define annual “lobbying” goals/targets/priorities
- Identify natural alliances and work with those potential partners (e.g., other medical schools in the state; other public universities; etc.)
- Ensure that we know all of the local resources & programs?
- Develop materials to advertise UI COM success in attracting and graduating new physicians of color; align with UIC undergraduate programs and units that provide a pipeline of those students
- Develop framework for measuring outcomes and demonstrating results that we produce; alert departments and programs of the need to generate these outcome measures; cf Program Review framework
- Leverage students with interest in health policy
Target Completion Date: Q3 2021; Progress: 0%
Develop additional medical education revenue opportunities (e.g. elective courses for visiting medical students) from medical/medical science/MD students (outside of current MD student-base) [OVERLAP with Student Eperience Tactic 2C – High-Value Education].
Key Activities
- Consult with curricular affairs to identify electives of interest to visiting students
- Evaluate market rate for fees
- Submit per credit hour or course fee for visiting students to UI for approval
- Begin marketing to visiting students
- Also identify opportunities to present research to the community and visiting students; cf Humanities Festival
- Create certificate for medical interpretation for non-English speakers (eg those already bi-lingual in Spanish)
- Create inter-professional education offerings, eg to fill new bldg in Rockford
Target Completion Date: Q3 2021; Progress: 30%
Develop additional “niche” biomedical masters programs that leverage existing faculty and facilities (Use existing faculty & classrooms to deliver niche Masters programs)
Target Completion Date: Q3 2021; Progress: 38%
Develop programs or classes (along with a model for distribution) specifically targeted to undergraduates (Begin providing instruction to undergraduate students)
Key Activities
- Survey undergraduate deans to identify gaps in availability of tenure system faculty
- Survey faculty capacity and expertise
- Inventory current connections with undergrad students (e.g. summer research opportunities) and determine whether any of those can/should be monetized; could include courses, certificates, internships, etc.
- Also identify programs or offerings that could be of interest to high school students (willing to pay?); interested in health science professions; maybe create more formal internship structure [note that generally pipeline programs don’t charge so as not to dissuade disadvantaged students who would struggle to pay]
Success Metrics Heading link
Percentage of revenue from sources other than tuition and state funds
DRAFT ONLY
Values
| Current Value: 0 | Target Value: 0 |
|---|---|