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If you are a Physician seeking a new employment opportunity, it's important to keep up to date regarding compensation trends. One trend that continues to expand for Physicians in a positive direction is signing bonuses. These bonuses can add a notable increase in your income so it's important to know what you should be getting in a competitive offer.
It's no secret that Physicians are in-demand and that employers are increasing utilizing benefits like signing bonuses to attract them to their organizations. According to the results of The Medicus Firm's 2019 Physician Placement Summary, 82% of Physicians reported being offered a signing bonus. This is good news for Physicians, as these bonuses have been steadily rising with offers over $50,000 increasing by nearly 7%.
Signing bonus ranges can vary considerably based on the specialty, location and the difficulty involved with filling the vacancy. Physicians can expect anywhere from $2,500 to $150,000 when it comes to bonuses, with average bonuses totaling close to $33,000.
The Upper Echelon: Approximately 3% of Physicians reported being offered top-level signing bonuses of $100,000 or more.
Mid-Range Offers: Around 72% of Physicians endorse bonuses that lie between $20,000 and $99,000. This range represents a more realistic scope of what to expect when negotiating, as 23% report offers between $50-$99,000 and another 33% report offers of bonuses that fell between $25,000 and $49,000. The Lower End of the Spectrum: Not all bonuses can break the bank, but they can be still noteworthy. Close to a quarter of Physicians on the job hunt report bonus offers of $20,000 or less.
*2019 Physician Placement Summary—Signing Bonuses