Continuing medical education (CME) is required for most healthcare professionals. However, your “allowance” (budget) can vary widely depending on where you work and your specialty.
If your workplace offers little CME coverage or you’re self-employed, you may need to get a little crafty with your CME budget. Luckily, there are plenty of ways to get the most out of your CME allowance.
What Is a CME Budget?
Many employers provide a fund for medical professionals to use toward CME activities. Because there’s no specific requirement for CME budgets, employers can offer a wide range of allowances.
Typically, employer-provided CME funds cover:
- Registration fees
- Travel and lodging expenses
- Online courses
- Subscriptions to medical tools and programs
- Subscriptions to medical journals and other enduring materials
No matter the size of your budget, you can use it for activities that help you meet licensure and certification requirements.
5 Tips to Maximize Your CME Budget
Make the most of a small CME allowance with these tips:
1. Check for Accreditation
Prices for CME materials and conferences can vary widely, but regardless of cost, always make sure the provider is accredited. Conferences, on-demand courses and other materials should come from providers with these accreditations:
- Accreditation Council for Continuing Medical Education (ACCME)
- State medical board
- American Medical Association (AMA)
- Specialty organizations (e.g., the American Academy of Pediatrics or the American Academy of Family Physicians)
Think of it this way: accreditation matters because it ensures you don’t spend money on something that doesn’t help you maintain your license and certification.
2. Opt for Alternatives
Although an in-person CME conference on the beach might seem appealing, it may not be feasible. If you have a limited CME allowance, you may find it easier to focus on online options.
Many providers offer webinars, on-demand programs and enduring materials to help you earn credits without breaking the bank.
You can also reduce out-of-pocket costs by seeing if your workplace offers access to online libraries, databases or CME platforms.
3. Try Budget-Saving Options for In-Person Conferences
That said, a smaller budget doesn’t mean you can’t attend in-person CME conferences. You can still make it work; you just have to be a bit more savvy about it.
First, check with the provider to see whether registering early can help you save money. If so, you’re off to a great start!
Next, explore accommodation options beyond the conference venue, as well as any conference-specific room rates. Remember, the earlier you book, the more likely you are to save.
4. Record Your Expenses
If you’re an independent contractor or run your own private practice, you must record CME expenses. Contractors and business owners can often deduct some CME costs from their taxes, including:
- Registration fees
- Textbooks or course materials
- Medical journal subscriptions
- CME travel arrangements and lodging
- Clinical support tool subscriptions
Remember, only the parts of a CME vacation directly related to the educational experience are deductible. That doesn’t include added costs for longer stays, family members tagging along or extra activities.
5. Negotiate Your Contract
Before signing a contract, read over the employer’s CME offerings. You may be able to negotiate better CME benefits, such as more paid CME time off, expense coverage or a larger total allowance.
Explore Budget-Friendly In-Person and Online CME
At CME Seminars, we make it easy to find opportunities that fit your budget. Check out our upcoming events for early-bird deals, plus affordable webinars and on-demand courses!