I received a call from a physiatrist asking what the compensation should be for a 20-bed rehab unit. He was given a contract with a $139/hour stipend for 4 hours per week of administrative work.
An $80,000 – $100,000 stipend is the average annual stipend at large freestanding rehab hospitals for a PM&R doctor. The average Physiatry Medical Director Stipend for rehab units varies from facility to facility. It depends on the unit’s size and what the unit’s needs and expectations are. The exact amount the Director receives is based on an hourly pre-determined fee for administrative costs only. The contract usually stipulates a mandatory 20 hours per week of administrative time. The facility typically generates a form for the Medical Director to use to document their time. The average hourly rate is from $100 to $150 per hour.
According to Bruno Stillo, CPA, MBA with Physiatry Billing Specialists, a physiatry billing company, $139/hour seems reasonable. However, four hours of administrative work/week may be less than what may be needed. He suggests that this doctor might want to negotiate more hours/week in order to increase the compensation.www.physiatrymedicalbilling.com
This PM&R doctor, perhaps like you, is not satisfied with this compensation and is now looking for a new job. If you’re looking too, is it the location in the US, your lifestyle, your spouse or significant others’ interests, etc. that will determine where you look? There’s no one opportunity that will have it all so rank order your interests.
Many physical medicine and rehabilitation doctors prefer a warm climate. Consider this Medical Director, Rehab practice opportunity in St. Augustine, Florida. This practice opportunity offers a Medical Director stipend PLUS a three-year $240,000/year income guarantee of your professional receipts PLUS relocation. A sign-on bonus is negotiable. This opening is at a rehab hospital that will open in February, 2022.
Consider this Medical Director, Rehab Unit practice opportunity in Tallahassee, Florida at a 20-bed rehab unit opening in April, 2022. It is with a company that takes a different strategy to rehab. It approaches a health system without rehab or wanting rehab expansion with the goal of providing full-spectrum and rehab continuum from acute rehab to day care. They do the administration and leave the medical care to the physiatrist.
They have operations in Chicago, Daytona, St. Petersburg, FL and more. The company is built on a strong foundation of visionary clinical leadership and industry relationships to provide best in-class care throughout the post-acute continuum. They currently have 15 physiatrists nationwide. This position requires the physiatrist to act as the primary care doctor. On the contrary, more and more inpatient physiatry practice opportunities have hospitalists who provide the primary care for patients. This physiatry job provides the option of being an employee or an independent contractor which is more flexible than most jobs.
TX is a physiatry-friendly state. If you’re looking for a position that is 7 AM – 5 PM Monday – Friday with no weekends, consider this Medical Director, Rehab position in Corpus Christ, Texas. You would act as the consultant at this hospital that is in the top 10% of outcomes in the company’s rehab hospital system. The hospital exceeds all matrix, financial, patient satisfaction and employee retention statistics. It is located in southern TX with beaches and loads of outdoor sports. Picture yourself having lunch on the bay, enjoying the cultural events at the University, great fishing and living downtown with great views of the marina and walking distance to the hospital! It offers a stipend plus a one-year income guarantee. The Medical Director stipend is $140/hour.
There is Medical Director, Rehab physiatry position with the same company but located in Bloomington, Indiana, home of Indiana University, that does require call and you would be the primary doctor for the patients with consult service available. This is a great opportunity to start a hospital from the ground up. It includes a Medical Director stipend. You can enjoy the autonomy and income advantages of being an independent contractor or be an employee. It offers flexibility with days and hours. You could make as much as $450,000 in this position, to include a one-year income guarantee and Medical Director stipend and your professional receipts if an independent contractor.
Interventional positions usually are more financially rewarding than inpatient positions. There is a sports medicine PM&R position in the highly desirable DC/MD/VA area. This is with a busy, well-established practice that uses the whole-body holistic approach and has ultrasound in every room. The practice specializes in treating orthopedic sports medicine-related injuries and pain associated with the spine, joints, muscles, and nerves. Other interventional positions are in AR, IA (regenerative), MA, MI, NC (practice purchases), NM, NY, OH, PA, and SC and can be found at https://farrhealthcare.com/openings/
Some physiatrists like the security of an employee position. Two inpatient positions, one in Georgetown and one in Dover, DE offer a base salary plus an incentive based on RVU’s. The Dover, DE hospital won the 2019, 2020 Rehab hospital of the year and #1 in quality outcomes ranking for all of the nationwide company’s rehab hospitals in 2021 (YTD). It has a full census so it’s expanding. The Georgetown, DE rehab hospital is under construction with a Spring, 2022 start date. The Dover facility has 1:4 call and only when admissions. There is Internal medicine support and 43 different specialists.
States with no income tax are a favorite of many physical medicine and rehabilitation doctors due to their financial advantage. As one physiatrist told me in NV, you could purchase a new car every year for the tax savings in NV compared to CA! The tax is $10,000 for every $100,000 earned in CA for instance so for every $100,000 you earn, you make $10,000 more than you would in CA. An inpatient opening in Las Vegas, NV offers an exciting practice opportunity with huge income potential with a highly competitive salary plus incentive. There is also the possibility of a paid faculty position.
Cost of living is another consideration. The NV position offers a lower cost of living than in CA, for instance. If you make $212,000 in San Diego or Los Angeles, it’s equal to making $300,000 in Las Vegas.
For more openings, visit www.farrhealthcare.com/openings/