Join us on October 20, 2020 as we launch a new AACE.
AACE is a dynamic organization that is leading the way in the endocrine community with clinical knowledge and experience.
- We are proud of AACE’s leadership role elevating clinical endocrinology.
- We need to evolve and adapt to what is happening in our world related to changing demographics, clinical practice developments, shifting health priorities, and financial considerations for medical associations.
- To meet our members’ needs, we are committed to building an inclusive community of individuals who work collectively to improve our patients’ care, while treating each other and our patients with respect.
We are passionate advocates for endocrinologists—leaders of the endocrine care team—who have the knowledge, skills, and experience to bring the team along with them to adopt the latest advances in clinical practice and improve collaboration.
- We will be communicating more about the exciting changes at AACE leading up to our launch on October 20, 2020.
- Please reach out with any questions or concerns to one of your peers on the AACE Board of Directors or by emailing [email protected]
We are committed to transparency. As we transition and evolve, we will post answers to commonly asked questions here on this page.
Check back for updates...
Questions & Answers:
Why is AACE looking for new revenue streams? What do our current budget and financials look like?
- At our Annual Business Meeting, AACE Treasurer Dr. Timothy Garvey discussed the latest finance committee report that contains updated budget and financial information. He also expressed the following:
- The central issue impacting the budget was a roughly $5 million/year reduction in industry support, which similarly affected almost all professional organizations. As many members know, AACE has historically depended on industry support which would account for about 70% of our budget. This means we are living in a different world and need to adapt to a new reality and a new landscape. We now need to capitalize on our intellectual capital and diversify our revenue stream. We can’t go on and function as before and still be able to sustain valuable AACE contributions to our specialty without new approaches.
- As shared during my Annual Business Meeting presentation, the three prominent strategies to address finances and to grow and diversify our revenue stream have been:
- Expense reductions: Compared to 2018, spending was decreased from by $1.8 million in 2019, and the 2020 expense budget is $1.2 million less than 2019. Therefore, in total, $3 million in expense reductions have been exacted since 2018.
- Expanded and comprehensive educational programming: With the new online learning management system, we now have a comprehensive learning platform and scalable educational technology. Our membership has responded to the call for developing new exciting CME programs and other initiatives designed to provide revenue.
- The community engagement and branding strategy to engage and support the broader endocrinology community.
- Endocrine practice is also changing concomitant with a changing landscape of health care in general. We are more and more leaders of multidisciplinary teams providing endocrine care. We need to educate these team members and thus enable endocrinologists to provide better care. In effect, this is for endocrinologists. As of now, AACE has 5,700 members - yet roughly 4,400 pay full dues (Endocrinologists Domestic and International), 1,000 pay discounted/reduced dues, and about 300 have free membership. The plan was to engage the advanced care professionals who work with us to join AACE in some way, thus offering the potential for greater revenues from fees. As per opinions expressed at our national business meeting, perhaps the participation of endocrine care professionals other than endocrinologists should not include the ability to vote or sit on the board. Alternatively, we could raise membership costs for endocrinologists.
- In regards to the annual conference cancellation - a $3 million expense is seen in the original 2020 budget and would predictably have been balanced by equal or greater revenues. With COVID-19 and the event cancellation, the actual budget was much less, although we were still liable for hotel and convention center contracts. Fortunately, we took out event cancellation insurance, and these payments from the insurance company will cover all losses. Therefore, AACE has not been adversely impacted financially.
Check back for more questions and answers...