All fitness reports at USUHS are non observed. Everyone who graduates gets promoted to O3, even the ones who failed PT tests. While in school, no mandatory PT at all ... unless you fail. Even then, as I recall, mandatory PT for failure was more of an on-your-honor do it not a group event. Also as I recall, the sum total of any "military" functions requiring attendance was a group photo each year, and a couple other formations totalling maybe 30 minutes. Except for the uniform, and a couple low-hour ankle-biter classes on militaryisms, it's just a medical school.
No mandatory PT during residency ... unless you fail. Even then probably not, most places.
Afterwards, as staff at a hospital. Mandatory PT is rare, rare, rare ... unless you fail. Then it can be really inconvenient when it comes to clinical schedules.
Failing the test will hold up promotion to O4. Barely passing vs a maximum score has no impact on promotion ... now. As rough as it's getting to make O5 though it wouldn't surprise me if it started to matter in the future though. Don't fail. It's a headache you don't need. It's a bigger headache than the minimum exercise and cheesecake restraint required to not fail.
Past medical school, the military won't let you out prior to the end of your obligated service no matter how many times you fail. I knew a guy who tried. Very fit guy who deliberately failed the test to see what would happen. It was amusing, sort of.
Many commands will give a day of special liberty (ie a workday off) for high scores near maximum, so there's some reason to do very well, if you can. Whether or not you can actually TAKE that day off depends on your department. But in my experience people get their SL days. I sure take mine for the other silly things they give them out for (like every 180 days if no one at the command gets a DUI everyone gets a day off).
As a GMO with Marine infantry it was looked upon favorably to get out and PT with the Marines and Corpsmen. I imagine other operational tours with line units are the same. But ... they'd rather you were a good doctor than a fitness maniac, so as long as you can pass and not fall out of the rare group events, it's all good. My co-GMO the first year was out of standards but did a great job so the Marines loved him. They're not *****s. They know what the doctor is there for.
Since getting back to a hospital, away from the line ... the score doesn't matter, beyond passing. I can't run fast enough to max the test, and there's no extra brownie points for doing "good" as opposed to "satisfactory" so before each test I look up the minimum passing standards, go out and do that, plus a little more, and then stop. Maybe I'm not a very good role model. I'm just a little tired of that whole circus.
Moral of the story, stay within weight standards and pass and it's a twice-a-year non event. Failing isn't worth the headache.