With physician shortages in some specialties reaching staggering numbers the market for locum tenens physicians has grown. With more and more physicians entering the locum tenens game, there are several things that need to be considered when evaluating locum tenens physician salary.
No doubt about it, the locum tenens world is driven by supply and demand. There are a number of variables that come into play when considering what to pay a locum tenens physician. Geography is one of the biggest determinations when evaluating a physicians salary. If you are considering a physician job in a rural community hospital you can expect a lower physician rate than a larger metropolitan hospital will be willing to offer. While most physicians are driven by earnings potential it is imperative to weigh the locum tenens rate against the amount of work you are willing to take on. A rural setting may not offer a higher physician salary, but the pace will be much lower than that of a busy hospital in a large metropolitan city.
The only factor that trumps geography in terms of rating locum tenens salaries is specialty. Some specialties will bring in a much higher physician rate than others based on the market and current physician shortages. For example, an emergency medicine physician can expect to earn a higher physician salary than a hospitalist.
One of the most important tools in negotiating your locum tenens salary will be your locum tenens physician recruiter. A locum tenens staffing agency has the market knowledge and experience to guide you through the negotiation process and can be the go between for you and the facility you are considering working a locum tenens assignment for. While a locum tenens recruiter cant dictate how you practice medicine, they can be a powerful ally in this competitive market.
When considering the value of a locum tenens assignment bear in mind you will be on an independent contractor status. This means taxes will not be withheld from your physician salary. Setting aside a separate escrow account is highly recommended to avoid and tax surprises at year end.
Locum tenens physicians also need to think about protecting their most important asset, their ability of securing an income. It is imperative to secure 65% of your physician salary. Your chances of becoming disabled are 3 times higher than the chance of premature death. Will you be able to sustain your day to day expenses for you and your family in the event of a disabling illness? As a locum tenens physician your ability to travel is vital in securing employment. If you developed an illness or injury that did not allow for travel it is essential to have a safety net set up to compensate for the loss in your physician salary.
There are many things to consider when deciding your worth as a locum tenens physician. Once you get a feel for the types of assignments you are comfortable accepting, enlisting the help of an experienced locum tenens recruiter will become an invaluable asset. They have the knowledge required of both the client and the market in general and will negotiate the best possible outcome for your locum tenens pay.
