For some physicians, a bump in pay isn't always enough to justify making major life changes for a new position.
This was the case for Holly Wyatt, MD, who worked at the University of Colorado School of Medicine in Aurora for over 20 years, according to an Aug. 30 article in Medscape Medical News. In 2020, the University of Alabama at Birmingham offered Dr. Wyatt, an endocrinologist, a position that included a pay increase and a bump up to full professorship.
The initial deal was not enough to entice Dr. Wyatt to move across the country. UAB then sweetened the offer with fewer clinic hours and "paid time to create."
"I didn't have to fit into the typical 'see patients five days a week, bill this many dollars," Dr. Wyatt said in the article. With no minimum billing hours, she could spend her time on clinical trials, designing programs and creating podcasts –– enough to seal the deal for Dr. Wyatt.
Here are other perks that support physicians' work-life balance, interests and financial stability:
1. Continuing medical education: This might look like a specific budget for CME, paid time for research and personal projects or sabbatical opportunities.
2. Signing bonuses: The average signing bonus for physicians is about $31,000, according to AMN Healthcare.
2. Relocation allowance: The average relocation allowance is $11,000. Signing bonuses and relocation allowances may be of particular interest for younger physicians.
3. Loan repayment assistance: This has become popular given the increasingly high costs of medical training.
4. Four-day work week, flexible scheduling and remote options: Scheduling perks have become increasingly popular post-pandemic. Some physicians are negotiating multi-state telehealth licensing paid by their employer and work-from-home telehealth hours, according to Medscape Medical News.
5. Dedicated charting hours and paid days or half-days for EHR maintenance: This is particularly popular among primary care physicians.