A physiatrist who is recruiting a new doctor with our help asked me recently what are the typical benefits offered to physical medicine and rehabilitation doctors these days. I often hear that these benefits are fairly common: Paid Time Off, CME, malpractice and health insurance. Here is the PM&R outlook regarding typical benefits. Information will later be provided about PM&R salary as I also often get asked about the average PM&R salary by physiatrists in different areas of the country.
PAID TIME OFF
The amount of Paid Time Off a PM&R doctor receives can vary based on factors such as the medical specialty, practice setting, and experience level. On average, doctors can expect to receive between 2 to 6 weeks of paid time off per year. https://www.chellelaw.com/how-much-vacation-time-do-doctors-get/#:~:text=The%20amount%20of%20vacation%20time,generally%20receiving%20more%20vacation%20days.
On average, PTO for physicians is 25 to 35 days annually. It is typical for physicians with more years of service to receive more PTO than new physicians just joining the hospital or group. Some physicians receive an additional 5–10 PTO days accrual for CME. https://physiciansthrive.com/contract-review/paid-time-off/
CME
Annual allowances for CME typically range between $3,500 and $5,000, with paid time off between five and ten days. https://sullivancotter.com/attracting-and-retaining-physicians-through-benefits/
Most employers give between 3-5 days off for CME participation. https://www.chellelaw.com/what-is-cme/
Most respondents reported receiving 1–6 days (N = 301 [60%]) and $1000–$5000 (n = 263 [53%]) per year to use in CME activities. https://bmcmededuc.biomedcentral.com/articles/10.1186/s12909-021-02595-x
HEALTH INSURANCE
There may be variations in the health insurance offered to a physiatrist, e.g., cover the new doctor only, cover the whole family, pay a percentage of it.
Additional benefits may include a 401k plan, travel expenses when there are multiple offices, relocation when a new doctor has to move. etc.
401 K START TIME
A major health employer’s 401(k) Plan starts on the first day following two months of service.
Most employers allow a new doctor to begin participating in a 401(k) plan with their first paycheck. However, some employers impose a waiting period before the new doctor qualifies for the match. Just under under a quarter (22%) of 401(k) plans require a year of service before they will match employee 401(k) contributions, and a one- to three-month wait is also common (26%), according to a Plan Sponsor Council of America survey of nearly 600 401(k) and profit-sharing plans. https://money.usnews.com/money/retirement/401ks/articles/how-to-maximize-your-401-k-match
Quote from a practice that Farr Healthcare, Inc. recently helped recruit a physiatrist:
“You have been fabulous with us which makes you unforgettable in my book. ” Steve Jones, CFO, CitiMed, a former client