How to Get the Most Out of Your CME Allowance
Understanding CME Allowances and Stipends
Before diving into strategies for maximizing your continuing medical education funds, it's important to understand what a CME allowance or stipend actually is and how it differs from other professional benefits.
What is a CME Allowance?
A CME allowance is a predetermined amount of money that employers provide to healthcare professionals specifically for continuing medical education expenses. This funding is separate from salary, vacation time, or general professional development budgets. The allowance is typically provided annually and is designed to help clinicians meet their licensing requirements while advancing their medical knowledge and skills.
How CME Allowances Differ from Other Benefits
Unlike general training budgets or conference stipends, CME allowances are specifically earmarked for activities that provide accredited continuing medical education credits. This includes courses, conferences, and materials that meet the standards set by accrediting bodies like the Accreditation Council for Continuing Medical Education (ACCME).
What if You Don't Receive a CME Allowance?
For healthcare professionals without employer-provided CME funding, several options exist:
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Tax deductions: CME expenses are often tax-deductible as professional development costs; check with your tax professional to find out more.
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Professional associations: Many offer discounted CME opportunities for members
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Free CME resources: Numerous organizations provide complimentary accredited courses
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Group purchasing: Sharing costs with colleagues for conferences or online platforms
Is $3,691 enough to cover your relicensing expenses? According to Merritt Hawkins, that was the average CME allowance offered to physicians in 2022. In 2012, the average CME allowance offered to physicians was $3,391.
So, in the last decade, CME allowances have increased by over 8% on paper, but in reality, the average CME allowance has actually decreased rather significantly when purchasing power is considered.
As healthcare professionals are increasingly expected to do more to meet their re-licensing requirements with less funding, how can you, as a physician, nurse practitioner, or physician assistant, make the most of your CME allowance?
CME Budget Management and Allocation Guidelines
Creating Your CME Budget Strategy
To maximize your CME allowance, consider allocating your funds across different categories:
Suggested Budget Allocation:
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40-50% for primary learning activities (conferences or major online courses)
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20-30% for board certification or MOC requirements
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15-20% for supplementary materials (journals, prep books, software)
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10-15% for emerging specialty certifications or niche topics
Understanding CME Expense Policies
Most CME allowances cover:
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Registration fees for conferences and courses
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Travel expenses, including airfare, lodging, and ground transportation
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Meals during conference days (often with daily limits)
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Educational materials such as textbooks and subscription services
However, policies typically exclude:
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Spouse/family travel expenses (unless specifically included)
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Personal entertainment or non-educational activities
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Alcoholic beverages or excessive meal costs
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Equipment purchases unrelated to education
Tracking Your CME Spending
Implement a system to monitor your CME budget throughout the year:
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Use expense tracking apps specifically designed for professional development
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Set up quarterly budget reviews to ensure you're on track
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Create automated alerts when you reach 75% and 90% of your allowance
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Maintain digital receipts and certificates for easy reimbursement processing
How to Make the Most of Your CME Allowance
CME courses and conferences can be costly, but the content they provide, which is highly developed and polished material that can lead to significant change in your healthcare practice, is valuable indeed.
Cost-Per-Credit Analysis and Value Comparison
Calculating Your CME Value
To make informed decisions about CME spending, calculate the cost per credit for different options:
Cost-Per-Credit Formula:
Total Cost ÷ Number of Credits = Cost Per Credit
Example Calculations:
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Live conference: $1,500 total cost ÷ 15 credits = $100 per credit
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Online course bundle: $300 total cost ÷ 12 credits = $25 per credit
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Journal subscription with CME: $200 annual cost ÷ 24 credits = $8.33 per credit
Comparison Strategies
When evaluating CME options, consider:
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Format preferences and learning style compatibility
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Additional benefits like networking opportunities or materials
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Time commitment and scheduling flexibility
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Quality of content and instructor expertise
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Relevance to your practice and patient population
1. Use Your CME Allowance to Livestream Conferences
CME live conferences are a popular way for nurse practitioners and physician assistants to obtain CME credits. However, the world has shifted toward online courses, and many healthcare professionals have made that shift as well. There are also live-streaming conferences, which allow you to split the difference and gain access to the highly-engaging CME-conference experience without travel costs.
Alternatively, if you're looking for maximum flexibility in your CME requirements, you might use your CME allowance to take online CME courses.
2. Use Your CME Allowance on Online CME Courses
One of the easiest ways to use your CME allowance is by enrolling in online CME courses. A wide variety of online CME content is available, with topics ranging from primary care to various subspecialties. Online CME courses also tend to offer outstanding value.
To get the most out of online CME courses, make sure to do the following:
Make sure the course offers the necessary credits: Different courses will offer different types of credits. Depending on the state you're registered in and your medical profession, you may require a specific type of credit. Not all courses will offer the same credits, so double-check before spending your money.
Avoid Glorified Slideshows: Not all online CME is created with the same care, quality, or production value. Therefore, it's important to verify what you're getting before you make a payment, as you don't want to sit through hours of podcasts and slideshows.
Ask yourself if the topics are important for your daily work: Many CME providers are heavily subsidized by pharmaceutical companies. While this might allow them to offer CME credits for a low price or even for free, it might not be what you—or your patients—need. CME should help you grow as a physician, so make sure that you choose topics that will push you to do your best work.
Online CME and CME webcasts or livestreams have tons of benefits: there are no travel costs, they're easier to fit into a busy schedule, and they allow you to select the topics that are most relevant to you. However, online learning simply isn't the optimal learning format for everyone. If you prefer in-person learning and making connections, CME conferences may be the best choice for you.
3. Use Your CME Allowance to Attend CME Conferences
Finally, consider enrolling in a live CME conference. While CME conferences typically require travel and are also usually the most cost-intensive type of CME, they also tend to be the most rewarding CME experience. Live CME conferences allow you to interact with the facilitator and peers and have your questions answered immediately by an expert, deepening the learning experience.
Additionally, live CME conferences are typically held in beautiful locations, allowing you to make the most of the experience. Not only do you get highly-engaging CME sessions during the day, but you will get to spend the afternoons and evenings exploring, relaxing, and enjoying time with family and friends
4. Use CME Funds for Board Certification and MOC Requirements
Maintenance of Certification (MOC) Preparation:
For clinicians who maintain board certification, some CME activities may also fulfill Maintenance of Certification (MOC) requirements. Budgeting for these activities can help ensure you stay current with certification timelines while meeting your continuing education needs.:
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Board review courses range from $500-$2,000 depending on specialty
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MOC question banks and practice exams ($200-$500 annually)
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Specialty-specific conferences that offer MOC points
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Self-assessment modules required by your certifying board
5. Leverage Medical Journal Subscriptions for CME Credits
Many healthcare professionals overlook the CME value of medical journal subscriptions. These provide ongoing education throughout the year:
High-Value Journal CME Programs:
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NEJM Journal Watch - 12-15 credits annually for $199
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JAMA Network - Up to 20 credits annually for $299
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Medscape Education - Free access to 50+ credits yearly
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Specialty journals specific to your practice area
Benefits of Journal-Based CME:
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Continuous learning integrated into your reading routine
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Current research and evidence-based updates
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Flexible timing to fit your schedule
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Cost-effective compared to traditional conferences
6. Maximize CME Reimbursement Processes
While each institution and organization has its own reimbursement processes and policies, here are some highlights of things to consider when submitting for CME reimbursement:
Understanding Reimbursement Policies:
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Confirm pre-approval requirements for expenses over certain thresholds
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Determine documentation standards including receipts and certificates
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Pay attention to reimbursement timelines and submission deadlines
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Know the expense categories that are covered under your specific plan
Tips for Maximizing Reimbursement:
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Submit expenses promptly to avoid deadline issues
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Keep detailed records of all CME-related costs
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Understand travel policies, including per diem rates and approved vendors
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Use employer-preferred vendors when available for better rates
7. Take Advantage of CME Rewards Programs and Additional Benefits
Professional Association Benefits:
Membership in professional organizations often includes:
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Discounted CME rates for members
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Exclusive educational content not available elsewhere
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Networking opportunities with industry leaders
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Free webinars and online learning modules
8. Consult with Colleagues and Maintain Proper Documentation
Peer Recommendations:
Before investing in expensive CME activities:
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Ask colleagues about their experiences with specific programs
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Join professional forums where CME options are discussed
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Seek recommendations from department heads or mentors
Essential Documentation Practices:
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Digital certificates stored in cloud-based systems
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Expense receipts organized by date and category
9. Strategic Use of CME Funds for Time-Sensitive Opportunities
Expiration Date Management:
Most CME allowances operate on a "use-it-or-lose-it" basis:
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Track your allowance period (calendar year vs. fiscal year vs. anniversary date)
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Plan major expenses early in the allowance period
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Identify rollover policies if your employer offers them
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Create reminders for upcoming expiration dates
Fourth Quarter Strategies:
If you have unused funds near year-end:
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Purchase online course bundles that can be completed over time
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Invest in educational subscriptions that provide ongoing value
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Register for early-bird conference rates for the following year
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Buy educational materials like textbooks or software licenses
Whatever You Choose, Continuing Education Company Has It
Whether you prefer a webcast, an online CME course, or a live CME conference, Continuing Education Company (CEC) has been perfecting it for more than 30 years. CEC offers a wide variety of live conferences throughout the year in stunning locations, but also offers online CME courses of the highest quality, and live webcasts that will make you feel like you're right there in the room.
To find your next CME conference or online course, browse our upcoming conferences or our online course catalog today.