8 Top Incentives Offered to Physicians and Advanced Practitioners
September 24, 2018
So you have a job offer, and you’re feeling pretty good
about the physician salary the hospital or practice has written into your
But how does your total compensation package look when you
consider the insurance, bonuses and other incentives that are included? Does it
compare well with the recruitment offers made to your peers?
Whether you are a physician or advanced practitioner, you
know that salary is only a portion of your total package, and you need to take
several factors into consideration when evaluating any job offer. One resource
that can help is Merritt Hawkins’ 2018
Review of Physician and Advanced Practitioner Recruiting Incentives,
which provides a current look at the starting salaries and recruiting incentives
offered by healthcare employers.
Based on a sample of more than 3,000 physicians and advanced
practitioners involved in job searches during the 12-month period from April 1,
2017, to March 31, 2018, the range of incentives in the Review can be used as
benchmarks for evaluating which recruitment incentives are customary and
competitive in today’s healthcare job market.
The 8 most frequently
offered recruiting incentives
The 2018 Review found the most frequently offered incentives
for physicians, nurse practitioners and physician assistants included:
- Health benefits – offered in 99% of searches
- Malpractice insurance – offered in 99% of
- Relocation allowance – offered in 98% of
- Continuing medical education (CME) allowance –
offered in 98% of searches
- Retirement/401K – offered in 94% of searches
- Salary plus production bonus was offered in 75%
- Signing bonus – offered in 70% of searches
- Average signing bonus for physicians was $33,707
- Average signing bonus for NPs and PAs was
- Educational loan repayment – offered in 18% of
Average salaries, bonuses
and allowances paid
For the 12th consecutive year, family physicians topped the
list of Merritt Hawkins’ 20 most requested recruiting assignments, and the starting
salary for family medicine physicians averaged $241,000, the highest amount
ever recorded in the Review.
The highest average starting salaries of physicians tracked
in the review were invasive cardiologists, averaging $590,000, followed by orthopedic
surgeons, at $533,000.
To learn more about the trends in incentive packages, and
the range of salaries, allowances and other financial incentives paid across
specialties for physicians and advanced practitioners, download a copy of the 2018
Review. This comprehensive report also looks at the current demand for
various medical specialties, and a number of trends that are impacting the
MERRITT HAWKINS offers
a range of career
placement services for physicians, advance practice nurses and
physician assistants, and our search consultants are ready to help you find and
evaluate the best opportunities across the U.S.
Understanding Match Week
The end is in sight, but before graduation comes one of the most nerve-wracking days of your medical...
How to Build a Professional Network — and Why You Should Start Now
Networking is crucial for physicians. Here are some tips on how to effectively expand your network.
Physicians, How to Accept the Offer
You've got the job offer, now what? Taking a little extra time when you receive a job offer to clarify and...