I break down the conversation into components- awareness and prestige
From an awareness standpoint, PM&R is low. We are not a small specialty- I think in the latest issue of the Physiatrist, it said we ranked #13 of 24 specialties in size, which would classify us as a mid-sized field.
However, in polling other specialists as to what a physiatrist does, the awareness is clearly pretty low. One recent poll, for example, showed that many primary care physicans are only aware of the inpatient scope of our practice. I interpret this to mean that they know physiatrists will take patients from their inpatient services into an acute rehab facility, but beyond that, are unaware of what we do.
Similarly, there are many physiatrists that are known on a national level, but they are not necessarily known as physiatrists. For example, I regularly pay attention when I hear mention of physiatrists in the media, and whether they mention they are a physiatrist. Oftentimes, that is not the case. The Wall Street Journal has referenced physiatrists over a dozen times in the past few years, but in none of the articles did they refer to the physician as a physiatrist. They would often use terms like "orthopedic specialist" or "sports medicine physician." There is a popular radio show in the NY area that is hosted by a physiatrist, but only occasionally notes that the physician is a physiatrist (BTW, I am by no means calling this doctor out. This is true of many specialtisits- Dr Dean Edell has a very popular radio show, and only rarely mentions that he is an opthalmologist by training).
This appears to be changing, though. For example, or XM Radio's ReachMD channel, they recently had an interview with Dr. Richard Harvey from RIC. He represented himself extraordinarily well, and mentioned clearly that he was a physiatrist. It made me very proud as a physiatrist to hear him mention this, and it was clear the radio host came away impressed. He should have- Dr. Harvey is an impressive guy.
Similarly, the AAPM&R has made this a stated initiative- to make people aware that what we do is physiatry, so that our field gets credited for our good deeds.
Ok, so that addresses the question of awareness, but what about prestige?
From a prestige standpoint, I would say PM&R is lacking. While it is certainly true that for many years PM&R attracted some sub-par physicians, I think the prestige is on some level associated with the lack of awareness. When physiatrists do a good job, the credit is often attributed to other fields, but when we do a poor job, other physicians may then become aware of who we are.
I also think there are some structural issues. For historical reasons, PM&R has not often exerted their influence on other fields, and have been somewhat subservient to other specialties. That is changing, however. For example, many spine centers are realizing the benefit of having a physiatrist as not an employee, but rather as a medical director. Physiatrists are starting to chair associations where they have only minority representation (e.g., the North American Spine Society).
There is also the issue of publication. While physiatrists certainly do publish in premier journals with a high impact factor like JAMA, NEJM, and MSSE, they still do not do so to the extent of some other fields. Much of that has to do with industry support- we simply do not use expensive patented medications and DMEs to the extent of some other industries, so there are fewer physiatrists who have independent and dependable funding sources.
So, what does this all mean for the burgeoning physiatrist in medical school who is deciding what they want to do with the rest of their life? It's not a great field for ego gratification, and you will have to be explaining to friends, family members, physician colleagues, and patients what exactly you do.
But..... I see this as a great opportunity. For example, today I was doing some spinal injections at a local facility that is also used by other spine specialists from other specialties. Since I was training my resident, we were working at a slower pace and I had more time to talk to the nurses and radiology techs about what we do. I think they came away impressed about how physiatrists take a more comprehensive approach to the spine and that we are "not just about the needle." I happen to love educational opportunities like that, so if that is something you enjoy, then being a physiatrist is a great opportunity.