Ask any medical professional, and they will tell you locum tenens recruiters highlight the benefits of temporary work. They explain how the locum tenens create their schedule to some extent and can try different practice settings to determine which they prefer. The one area recruiters emphasize, however, is the pay. Why is this a priority when considering a temporary position? What can a medical provider expect to make when working in this role?
Locum Tenens Salary
Working as a locum tenens physician can be a great way to gain valuable experience while maintaining a flexible schedule. However, understanding locum tenens assignments and contracts is crucial to ensure a smooth transition between temporary roles. Supply and demand play a significant role in the need for locum tenens, and people are drawn to these positions thanks to the considerable financial rewards. How are locum tenens compensated?
Locum Tenens Compensation
Locum tenens earn a per diem salary. Additional compensation is typically provided if they take on overtime work, choose to serve as an on-call provider, or work weekends. Pay rates are often negotiable but must be included in the work contract before all parties sign the document. The pay rate varies by specialty, just as for permanent-paid providers.
Primary care physicians working as locum tenens often command high pay because they remain in high demand. Hospitalists can make up to $180 an hour, while critical care doctors might bring in $265 an hour. Specialized surgeons often make $300 or more an hour because few people can do their work.
Job Benefits
However, pay is only one of several factors influencing the positions locum tenens take. When considering these positions, medical professionals consider many other things. They want to ensure they will have flexibility regarding the job assignments they take on. They won’t have to deal with practice politics and can travel on someone else’s dime. Professional development opportunities are another reason some medical providers serve as locum tenens. However, two-thirds of locum tenens state pay significantly influenced their decision to serve in this role. Medical providers needing extra cash may also serve as locum tenens in their geographical area.
Insurance and Taxes
A locum tenens staffing agency pays its providers. However, the locum tenens are responsible for income taxes, Medicare, and Social Security obligations. They serve as independent contractors and must purchase insurance and fund their retirement. The agency does not handle this for them.
Nevertheless, locum tenens might receive some tax benefits when working as a temporary provider. They can claim work-related expenses on their taxes, such as meals and travel. Talk with a financial planner or tax professional to learn which items may be deducted.
However, the agency pays some costs for locum tenens. It is responsible for providing medical malpractice coverage, housing expenses for temporary workers, and travel expenses. The agency handles state licensure and privileging tasks for these medical professionals, which saves them time and money. Furthermore, the agency stays on top of malpractice policies to ensure its providers remain compliant.
Locum tenens pay isn’t consistent across the board. Many factors affect how much a temporary worker will be paid, including their specialty, experience, and assignment location. However, all locum tenens see benefits, such as competitive compensation rates and paid expenses. Any person considering work in this field might wish to take on an assignment and see if this work suits their needs. Many will find it does.
