Straight talk!
This is an interesting article:
http://www.pmrjournal.org/article/S1934-1482(13)00370-5/abstract
I interviewed mostly at acgme pain progs. My buddy on the interview trail put it best: "The more pain interviews I go on, the less I want to do pain." I found as time went on, I agreed more and more. In fact, I think a lot of PM&R people on the pain interview trail feel this way. But they want "that paper" - the "legitimacy" that ACGME accreditation ostensibly brings.
I want to be a comprehensive musculoskeletal physician. When I brought up this concept at interviews, the anesthesiologists were like "Huh?" A little better at the PM&R-based places but still, this is not pain medicine.
I consulted a senior SDN member who's been out in practice for some time on the matter. He said: "I think that most medical students that choose Physiatry... do so with the purpose of becoming musculoskeletal doctors, but let themselves become tracked into “pain management”... and... as "pain management" continues to move away from opiates and procedures/fee for service, the typical "pain management" job will entail serving as medical director for a multidisciplinary pain program."
One PD on the interview trail asked me what ideas I had to fix pain medicine, because it clearly wasn't working. Because chronic pain patients don't respond (well) to meds and epidurals. Look on the pain forum and there's a ton of great clinical info, but unfortunately you'll also see a lot of early burn out; it can be a tough patient population.
I found myself halfway through the interview season strongly considering applying to the some of the better PM&R-based sports med programs that allow you to do interventional spine as well. This probably wouldn't work for everyone, but if you get good interventional skills in residency (we do), it could work. But after all the work I put into the pain and spine interviews, I figured one would work out and I'd have a hard time saying no just to hold out for a potential spot in the much later sports match. Plus I was tapped out. The process is exhausting and expensive.
I'm glad I applied to interventional spine & sports programs. I found a program doing really just what I wanted to be doing. The best of pain without all the crap and the best of sports without all the primary care (albeit, minimal elite/pro stuff, but that's not my thing).
Interesting thing I discovered along the way: the good Interventional Spine & Sports fellowships are *competitive*! I got way more pain interviews. As an example, UMich has excellent progs in both pain med (anes dept) and interventional spine (pm&r dept). I got invited to interview for pain, but not for spine. Certainly there are some crap non-acgme fellowships out there (acgme ones too, actually), but the good ones are highly competitive.
I do find it interesting that just a few years ago, a PM&R grad could grandfather into both pain and sports certification without a fellowship in either. I'd like to see a certification for interventional spine/MSK. What the heck happened to PASSOR? I think maybe those were the guys who grandfathered in. Politics. I was disappointed that some of the better spine/MSK fellowships jumped ship as well and joined the primary care sports match. PM&R sports doesn't really belong there, IMO.
As far as what to choose... I think it depends on what you want to do professionally. If you want to be a pain physician, or you want to take a real pain medicine job down the line, then obviously pain is the best choice. If you want to be a MSK physician but have the ability to do spine procedures at an academic place where the Anes dept rules the roost, pain will probably keep your doors open too. But if you want to be an MSK physician and interventionalist, and you want to work in PP, or outside a saturated major metro, or at an academic place that understands the PM&R model to MSK medicine and interventional spine (Stanford, UMich, PENN, HSS, etc), then you will be best served in one of the good interventional spine/sports programs.
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As an aside: as others have said, if you want to focus on pro athletes, be a NCAA team physician, etc, and don't care about high-end procedures, then go sports med. Ideally a PM&R-based sports med program, because most of the primary care progs target family med type skills and will prob not fit the bill, though there are notable exceptions.