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Understanding the Locums Pay & Salary methods - medtigo

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Understanding the Locums Pay & Salary methods

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Locum tenens recruiters frequently discuss the several career advantages of locum tenens jobs. Physicians, physician assistants, and advanced practice nurses who work locums assignments are well aware of the benefits of working a flexible, tailored schedule as well as the ability to get experience in practice environments of all shapes and sizes across the country. However, money is another important consideration for people seeking a locum tenens job. This begets the question – How does a locum tenens income compare to a regular practice salary, and how can physicians and practitioners navigate the sometimes complex world of locum tenens finance? 

Locum tenens work can be quite fulfilling, as it allows you to assist healthcare facilities that are experiencing staffing shortages. Working locum tenens jobs can also come with a substantial financial payoff, thanks in part to the country’s persistent physician shortage. In fact, due to supply and demand, locum tenens physicians can currently earn more money than permanent physicians in several specialties. 

When physicians or advanced practitioners accept assignments with a locum tenens staffing organization like medtigo, they will be paid per diem, including overtime, on-call, and weekend pay. Some compensation rates are negotiable, but they must be agreed upon in writing before a job begins. In terms of salary, the hourly or daily wage for locum tenens physicians varies by medical specialization, just as it does for permanent positions. Indeed, according to our most recent data, locum tenens remuneration can range from a few hundred dollars per day to over $2,000 per day. 

Here are the average Locum Tenens Pay Range when working with medtigo :

Family medicine physician: $150/hour 

Hospitalist: $200/hour 

Critical care physician: $250/hour 

Emergency medicine physician: $250/hour 

Psychiatrist: $250/hour 

Radiologist: $250/hour 

A staffing agency like medtigo pays locum tenens physicians and practitioners, but no income taxes, Medicare, or Social Security are deducted from their remuneration. Independent contractors are also expected to offer their own insurance, perks, and retirement funds. Most locums, on the other hand, benefit from tax advantages since they can deduct more work-related expenses than employees, such as travel, lodging, food, and equipment. Working with a tax professional and a financial planner, according to experienced locums, can help you maximize the prospects accessible to you. 

medtigo also provides medical malpractice insurance, travel expenses, free housing, and aid with state licensure and privileging – all of which are highly convenient and can save practitioners a lot of time and money. Working with a locum tenens employment service has the extra benefit of constant monitoring of malpractice policies to ensure no issues. Each locum tenens physician or advanced practitioner earns a different amount of money depending on various characteristics such as medical specialty, experience, skillset, and assignment area. 

Regardless of the specifics, there are clear advantages for every locum tenens doctor, including fair remuneration rates and flexible scheduling choices that make locum tenens positions appealing. 

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