How does your benefits package stack up?

Physicians considering employment contracts often focus a great deal on the salary and the bonus structure. These components are critical, but other aspects, including the number and quality of benefits offered, must be reviewed to ensure the contract is fair and competitive. The following benefits were most commonly offered in contracts reviewed by physician search and consulting firm Merritt Hawkins & Associates:

• Health insurance – 98 percent,
• Malpractice insurance – 98 percent,
• Retirement plan – 95 percent,
• Relocation allowance – 95 percent ($10,072 average for all physicians),
• CME allowance – 95 percent ($3,613 average for all physicians),
• Disability insurance – 91 percent,
• Signing bonus – 76 percent ($22,050 average for all family physicians),
• Education loan forgiveness – 25 percent.

Note that this information is derived mostly from larger employers such as hospitals, health systems, large medical groups, and community health centers. The employment terms offered by smaller groups may vary from what is described.

Adapted from "Evaluating Physician Employment Contracts: How Do Your Benefits Measure Up?"

Posted on Aug 16, 2018 by FPM Editors