âTraditionally, and moving into COVID, UVa may have been behind the market for some time,â she said. âIt’s been a double-edged sword to start behind the market, COVID exacerbating that, then the market changes. We have some catching up to do. COVID has changed the way the industry operates and it’s not just healthcare, it’s many different industries. “
Employees at the medical center will receive a merit raise this year, Horton said. About 40% of employees will receive an additional raise to meet the market for their jobs and specialties.
The salary is already built into next year’s budget, Horton said.
“We have a long term financial plan and we have built this compensation into this long term plan which starts in July,” she said. “But we have to do something for our people right now and the question was what will we do from now until July?” It is important to make sure that we are competitive in the market.
Officials will review the market information early next year to see what changes need to be made.
âIn January, we will be looking again to see where we are in the market as there will be updated data,â she said. âWe’ll see if we have more money and what we can do to move forward. We’re just going to continue.
To find the funds, the leaders of the medical centers sought to finance the balances and savings generated by the recent changes in efficiency at the hospital. They also tapped into savings to earn a year’s salary.