The Vice President of Medical Affairs is often times the liaison between the executive administration and the medical staff. As such, they are often seen as the leader of the entire medical staff including physicians, nurses, and technicians. Internal conflicts may arise and it is their responsibility to address it. In addition, positions have also required physicians to oversee quality assurance or continuing medical education.
You can still expect to do some clinical work with this job. On average, 86% of your time may be devoted to administrative duties and only 14% to clinical. It’s interesting that this position requires less clinical work than the Chief Executive Officer.
Unlike other positions, the salary can vary based on what’s your medical background. An anesthesiologist in this position will make more than a family medicine physician.
In 2009, the median salary for a VP of Medical Affairs was $299,000 not including bonuses. Executive bonuses can be as high as 30% of the base salary but the majority is about 20% or less. If we use 20% as the magic number, the median salary would be $359, 880.
Here are two physicians I’ve found with public listings of their salaries :
- Dr. Robert Allen, VP of Medical Affairs for Rapid City Regional Hospital – $203,981
- Dr. Michael S. Ewer, VP of Medical Affairs for University of Texas MD Anderson Cancer Center – $306,200
Beyond our MD/DO degree, many of these positions are looking for 10+ years of experience in a management position. Doing a job search on the internet for a VP of Medical Affairs shows that several companies require an MBA, MPH, or MHA. Other job descriptions say they just prefer, not require, those extra degrees.
You might be saying, “Groan, I’ve got to go through more school?!” But the return of investment can be worth your while. Physician executives with an MBA degree have a 22% increase in salary over those without it.
A VP of Medical Affairs is the link between the hospital or company administration and the medical staff that work under them. If you have good interpersonal skills, enjoy challenges around resolving internal conflict, you should consider this position.
ACPE / CEJKA 2009 Physician Executive Compensation Survey
Rapid City Journal, “Board: Regional salaries around mid-range”
The Texas Tribune, “Ofc/VP Medical Affairs Salaries at The University of Texas MD Anderson Cancer Center”