A progress report on a department of psychiatry faculty practice plan designed to reward educational and research productivity

Objective: The authors provide a progress report on a faculty practice plan that assigns a monetary value to administrative duties, teaching, scholarship, community service, and research. Methods: Modifications to the original plan are described and quantifiable results in the areas of scholarship and research are summarized. Results: During a 4-year period reported, the total direct costs of all grants increased 40% and the total number of publications increased 108% during this same time frame. Conclusion: The authors believe that a practice plan which assigns a monetary value to administrative duties, teaching, scholarship, community service, and research can incentivize faculty to be successful in each of these areas.