Update: Economic Recovery Plan
At the start of Fiscal Year 2022, all expense reduction initiatives that were implemented during the height of the pandemic have been restored, with the exception of a few discretionary items that have been analyzed further, including travel, hosting and gifts.
The organization has benchmarked with other academic medical centers and vetted different options with chairs and administrative leadership.
Based on this feedback, the following plans are in place for FY22:
- Professional development: Learning and development are key to Michigan Medicine’s culture, and it will be demonstrating that commitment by restoring faculty professional development at 100% of FY19 budget, but not to exceed the FY22 budget. For administrative staff, professional development is being restored at 100% as well, with the only reductions targeted at travel since a great deal of education is available through digital conferences and online learning.
- Travel not involving professional development: Travel outside of professional development should be at 75% of pre-pandemic spend, not to exceed FY22 budgets. However, at this time, university funds are not permitted for travel to life stage celebrations, elective off-site rotations and internal honorariums.
- Hosting: Meetings are remaining virtual in many areas, including resident recruiting. As a result, a decision has been made to limit hosting to 75% of FY19 budgets, with the exception of events sponsored by Medical Development.
- Gifts: Gifts for events that are covered under the Standard Practice Guide are now fully restored, not to exceed FY22 budgets.
Thank you for all you do to help Michigan Medicine carry out its mission of advancing health to serve Michigan and the world!