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Non-Salary Compensation Incentives for Healthcare Professionals

Recruiting engagements for physicians and advanced practice professionals offer a variety of incentives outside of base salary to attract talent to new practice settings.

Healthcare staffing firm AMN Healthcare publishes an annual report on the healthcare search and consulting engagements it conducts on behalf of its clients.

The data for the most recent report was collected for the 12-month period from April 1, 2022 to March 31, 2023. During that time, the firm conducted more than 2600 professional search engagements.

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Employers are offering a variety of incentives outside of base salary. Take a look at these common incentives to ensure your compensation package is competitive.

1. Production bonuses

More than six in 10 employment contracts offered by AMN Healthcare included a production bonus along with the base salary. Production bonuses are most often calculated on Relative Value Units (RVUs). The second most common metric used is net collections. Only 25% of bonuses include a quality metric.

2. Relocation assistance

Reimbursement of moving expenses was offered in 62% of employment contracts. The average relocation allowance for physicians was $12,778. Advanced practice professionals (APPs) received smaller relocation assistance offers; the average amount offered to APPs was $7,997.

3. Signing bonus

One big benefit of accepting a new position is receiving a generous signing bonus. Signing bonuses were included in 63% of employment contracts reviewed in the report. The average signing bonus for a physician was $37,473. A typical signing bonus for an APP is $8,355.

Signing bonuses can be especially motivating to young physicians. The American Medical Association recommends Trusted Source American Medical Association Highly respected international organization Go to source using a signing bonus to create an emergency savings fund and start a retirement account before “blowing it” on big purchases.

4. Paid continuing medical education (CME)

Nearly all employment contracts include paid CME. The CME allowance offered to physicians averages $3,840. APPs receive a smaller budget of $2,299.

5. Educational loan forgiveness

Educational loan forgiveness is a very advantageous incentive that typically kicks in after you’ve been with an organization for several years. Of the employment contracts offered in the last year, 18% included educational loan forgiveness.

Among those employment contracts that do offer loan forgiveness, the vast majority (84%) kick in after three or more years on the job.

Educational loan forgiveness to physicians averages $98,665. The amount offered to APPs averaged $70,769. Considering many medical students exit medical school with $200,000 in student loan debt, this is a benefit that makes it worth sticking around.

6. Other benefits

Most physicians are offered positions as employees of a hospital or other corporate entity. As such, a typical benefits package offer mirrors those offered in the corporate world.

Here is the frequency of other benefits offered in physician employment contracts:

  • Health insurance: 65%
  • Malpractice insurance: 63%
  • Retirement/401k: 58%
  • Disability: 57%

If you’re considering searching for a new position, make sure you negotiate a comprehensive and robust compensation package beyond the salary.

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