Compensation

From Farr Healthcare, Inc. experience, the numbers vary from area to area:
New Graduates: $200,000 plus incentive
Medical Director: $300,000 plus incentive

The following information was posted on January 20, 2017 by Farr Healthcare, Inc.

  • The median annual Physician – Physiatry salary is $217,613, as of December 28, 2016, with a range usually between $196,907-$242,723, however this can vary widely depending on a variety of factors.

From Salary.com, data as of 12/28/16

  • The median annual salary for physiatrists ranges between $180,000 to $250,000 for professors on medical school faculty.

From AAPMR.org who obtained it from the American Association of Medical Colleges

  • A physiatrist earns an average salary of $202,884 per year. Salaries range from $124,519 – $287,123.  Bonuses range from $4,932 – $59,598.  Total pay ranges from $129,072 – $296,508.

From payscale.com, data as of 10/28/16

  • The median annual salary for clinical physiatrists — those directly assisting patients — is $224,000, according to the American Association of Medical Colleges. The median salary of physiatrists working full time in academia, such as professors in medical schools, is $210,000, the association reports.

Starting Salaries

After completing medical school and a four-year hospital residency program in general clinical training and physical medicine and rehabilitation, starting salaries for physiatrists range from $90,000 to $200,000 a year, according to the Association of Academic Physiatrists. The lower end of the scale represents salaries for those going full time into academia.

Academic Salaries

Median compensation for assistant professors is $180,000. Associate and full professors earn median salaries of $210,000, the American Association of Medical Colleges reports.

Locations

An Economic Research Institute survey of physiatrist salaries in a sampling of cities shows that in New York-Manhattan, physiatrists earn an average annual salary of $259,173. In Los Angeles, they earn $254,079 a year; Houston, $239,832; Miami, $234,091; Charlotte, N.C., $233,469; Atlanta, $226,839; and Phoenix, $221,418.

Considerations

The American Academy of Physical Medicine and Rehabilitation notes that physiatrists typically earn more in clinical practice settings. But academia and other institutional positions can offer more stability, more regular schedules, and opportunities for research and grant funding. The academy also points out that physiatrists can earn significantly more in geographic areas where there are few physiatrists.

From work.chron.com, no date noticed

  • The starting salary for a graduating resident is $200,000.

From the 2016 Medical Group Management Association 2016 Physician Placement Starting

Salary Report, based on 2015 survey data, as found on the aamc.org website

  • The average salary for NY, NY physiatrists is $190,434 which is 25% more than the national average.

From indeed.com, salary estimated from 2,458 employees, users, and past and present job advertisements in the last 12 months, last updated 1/18/17

  • The average salary of a Physiatrist in United States is $259,499.

From salaryexpert.com, no date specified

 

  • Salary.com information for a specialist in Physiatry shows that the median income is around $205,000 a year with lows of $166,315 and highs of $254,200 in annual salary. You can also look at the state by state salary listings for Physiatrist and see that you can make nearly $60,000 more a year by getting a job in one of the higher paying states for Physiatrist positions.

From Salarybystate.org, dated 4/16/13

  • The average yearly physiatrist salary is $134,997 – $222,943. They can also receive a yearly bonus of $5,014 – $35,608 on average per year. Again the average yearly salary of a physiatrist depends on where they are working, their geographical location, their work experience, and their specialties. It is a very high paying medical field with a physiatrist having 1 – 4 years experience making an average yearly salary of $184,022. Although the salary of a physiatrist is not as high as a neurosurgeon it is quite competitive. There are even some very experience physiatrists that are making an average yearly physiatrist salary of over $420,000. On average a physiatrist who works for private companies are the ones that will make the most money.

The average yearly physiatrist salary according to various factors includes:

  • Working for an organization or company that employs 10 – 49 people earn $152,283 – $280,284
  • Having a certification from the American Board of Physical Medicine and Rehabilitation earn $152,605 – $250,000
  • Those who have a specialty in pain management earn $51,064 – $318,082.
  • Have a Doctor of Medicine degree earn $102,129 – $411,060

It is also shown that women earn on average a yearly salary of $148,738 – $245,659 while men earn on average a yearly salary of $75,000 – $399,959.

The average yearly physiatrist salary in the top 5 states is:

  • $218,180 in Minnesota
  • $212,180 in Indiana
  • $209,380 in Georgia
  • $205,680 in New Hampshire
  • $205,410 in Nevada

The lowest average yearly physiatrist salary in the lowest 5 states is:

  • $151,080 in Illinois
  • $150,600 in Delaware
  • $150,490 in Maryland
  • $141,250 in Nebraska
  • $126, 380 in Rhode Island

Physiatrist Salary in 2016

A physiatrist income for the year 2016, in the United States, varies greatly according to some influential factors that affect the earnings but usually stand to be relatively high. The most encountered factors in the increase or decrease of payment are based on the industry, company size, the level of education, geographical location, and let’s not forget about the years of experience that one has gained in the field. The set of skills is very important and necessary in this particular branch leading you to be a very successful physiatrist.

In other words, your income is mainly dictated by the company in which you are being hired. The years of experience will take you to a higher salary and will grant you more benefits. The national average pay for these professionals is estimated to be around $201,105 per year according to some of the sources while based on other the average income reaches around $116,100 per year. On a simple base, the income of these specialists is being comprised between $135,010 per year and up to $222,968 per year or even higher.

According to the demographic factor, the earnings also vary according to each state and city. The higher incomes offered that are above the national average are to be found in Sacramento, California, or Washington, DC, and other. The cities that are below the national average can be found in regions such as San Antonio, Texas or Fort Worth, Texas and other. The salaries are mainly influenced by the costs of living, the living expenses and the number of demanding.

The healthcare industries pay a lot better than the jobs offered for physiatrists in Pharmaceutical facilities or education, government agencies and other nonprofit organizations. The income also varies if you are in the public sector or the private one, even as a self-employed you earnings are different then of other specialists in the same branch.

Conclusion on physiatrist salary

On average starting salaries for a physiatrist is $201, 000 a year but again it depends on many different factors. For the first 5 – 10 years working as a physiatrist you will see your salary increase somewhat. To get a higher way you would need to have a skill in pain management. Once you have 20 years experience as a physiatrist you can have an average yearly salary of $250,000, which is the top tier or cut off for going any higher in pay working as a physiatrist. There may be some exceptions but it depends on the state and city and employer where you are working if you are not in private practice. This is a high paying field of medicine that offers a wide array of working environments. For those that want to help patient’s to have a life that is pain free or almost pain free using non-surgical methods a physiatrist would be one of the medical professions that you can choose. Working in a large city instead of a rural area can help to ensure that you will be earning a high starting physiatrist salary.

From salaryvoice.com, updated 8/17/16

Compensation formulas

There are a number of ways that practices, hospitals and other entities  compensate physicians.       There are  a multiple of variations on these formulas  that are possible.   As the physician looking at the compensation formula that involves collections and/or office expenses, the most important thing to do is to get a handle on what  these items realistically might total.

PARTNERSHIP POTENTIAL

1.   $175,000 – $185,000 salary plus incentive. Incentive plan   is 20% of collections on physician-provided services after 3x salary.   For example, a salary of $180,000 with collections of $600,000 would results in a $12,000 incentive bonus ($600,000 – $540,000 x 20% = $12,000).

2.   Salary range of $200,000 plus 20% of any collections over 3x the salary ($600,000).

3.   Salary for the first 2 years then 100% production

4.       Base salary of $250,000 with 10% share after expenses for the first year, second year salary increase of $20,000 with a 15% share and the third year is partnership

5.   $175,000 – $250,000 salary based on experience; will include an incentive program which is 10%-20% of 3 x salary

6.     $160,000 – $175,000 plus an incentive; the first year incentive formula is 20% of the difference between the net income minus expenses to cover overhead (salary, malpractice, phone, etc.), 2nd year=30%, 3rd year=40%, 4th year=partnership

7.         Base salary of $150,000 plus bonus based upon what is done in terms of collections.   The bonus has no limit and is based on productivity and length of service.   The bonus is calculated as a percentage of “net” revenue, once general practice overhead and physician expenses (including base salary) are deducted.   The percentage is 40-, 45- and 50% in years 1-, 2- and 3 respectively.   Net earnings are defined as gross earnings minus professional physician expenses and 50% of the practice administrative expenses.

Professional physician expenses include the base salary, the cost of health and malpractice insurances and the cost of professional society dues, journal subscriptions and other professional fees.   Administrative expenses of the practice include all items not included in professional physician expenses.   There include expenses such as rent, utilities, employees €™ salaries and benefits, marketing and advertising, legal and accounting expenses and equipment purchase or lease payments.

Partnership will be considered after 2 -3 years in practice.

An example sometimes helps.   This is all very hypothetical and numbers are only used that make for easy calculations:

Gross Collections for the quarter $ 150,000

Overhead expenses 60,000

Physician expenses   60,000

Net 30,000

Bonus (based upon 40%)   $ 12,000 for the quarter

8.   Draw plus stipend plus productivity bonus.   Can set the draw up to $250,000.   The physician plan allocates overhead in 2 ways.   Part of the overhead (20%) is distributed equally, and the rest is allocated based on receipts.   Thus all physician partners have a basic share of the overhead and those who produce more revenue (and consume more resources) are allocated a greater share fot he rest of the overhead.

New physician are paid the draw until their practice grows to the point that receipts cover the incremental costs incurred by adding the new doctor.

No good will practice buy-in; responsible for a buy-in of one times the depreciated assets, however, that number is insignificant since the practice doesn’t own their buildings

EMPLOYEE AFFILIATION:

Compensation Type 1:   Income guarantee of $200,000 + and incentive which is 33% of production after overhead is covered

Compensation Type 2:    Income guarantee of $160,000 – $180,000 for 12 months with an incentive.   If the percentage method pays more than the salary then the candidate can switch over to it before the first year.

The incentive will be available if the candidate makes two times his/her income guarantee.   The incentive formula is the amount which is at least two times the salary guarantee minus two times the salary.   The doctor gets 50% of the difference.

For example, if the net income is $400,000 and the income guarantee is $150,000, then:

$400,000 (net income)

-$300,000 (2 times the income guarantee of $150,000)

$100,000

x                   50% (to cover overhead)

$ 50,000 Incentive payment

Compensation Type 3:    $120,000 – $135,000 plus an incentive which is 30% of triple the salary

Compensation Type 4:     Salary of $195,000 – $205,000.   Also, the potential to earn two separate bonuses.   One is up to 10% of their salary and the other bonus is 35% of their gross billings above their business plan.

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