Locum tenens positions have long been known for providing a lucrative income. If you are curious about whether locum tenens make more money than full-time healthcare positions, the answer is a resounding yes. In fact, earning a higher salary is one of the most significant advantages of choosing a locum tenens career path. But what makes locum tenens so financially rewarding? Let’s explore the reasons behind their higher pay.
What Are Locum Tenens?
Locum tenens physicians are in high demand due to healthcare facilities struggling to find doctors and physicians in their area. These healthcare professionals take on assignments in other states for contracts ranging from 1 day to 1 year, providing flexibility in scheduling, location, and income. While unexpected positions may arise, it’s an excellent opportunity to showcase skills and knowledge not previously utilized. Furthermore, locum tenens roles can offer a break from work/life balance issues, particularly burnout, promoting mental health healing. With fresh energy and new experiences, this job appeals to many healthcare professionals seeking a change in 2023.
Why Are Locum Tenens In Demand?
Locum tenens are highly sought after due to their ability to command a higher income. But what is driving this demand for locum tenens? The answer lies in the current physician shortage, a pressing issue affecting the healthcare industry as a whole. The overwhelming influx of patients requires more doctors, yet there simply aren’t enough to go around. Healthcare facilities must turn to locum tenens to fill in the gaps.
Discover How Working as a Locum Tenens Can Significantly Boost Your Income
In terms of finances, locum tenens positions can be very attractive. However, before making a decision to pursue this career path, it’s important to have a clear understanding of what it entails.
How Locum Tenens Salary Rates Are Determined
- Location matters: Not every state or role pays the same. Heading to Kansas, Vermont, or Nebraska could result in a higher paycheck than California or Oregon, but you must consider if those states align with your preferences.
- Specialties and skills: Your specialty or specialized skills can impact your income. Whether you specialize in OB/GYN, cardiology, internal medicine, or family medicine, the demand for your expertise can create more opportunities and higher salaries.
- Type of facility: Larger hospitals and healthcare facilities usually offer more compensation than smaller local clinics, which could affect your salary.
- Experience counts: With more years of experience, you can negotiate a better salary. This is especially useful for those comfortable working in rural areas where experienced specialists are scarce.
Financial Benefits of Locum Tenens
Although this section may not be directly related to your income, it is crucial to understand how much you can benefit from a locum tenens job. Since you will be working in states that are not your home, you might think that you have to pay for your travel and accommodation expenses. However, this is not the case. Many locum tenens agencies cover the costs of travel and housing when you work across state lines. This includes flight tickets, rental cars, and hotel stays. In addition, agencies usually provide medical malpractice insurance coverage and assist with paperwork, which saves you both time and money.
How Much Do Locum Tenens Make?
Due to the ongoing and projected physician shortage until 2034, locum tenens positions offer higher compensation compared to permanent positions. The principle of supply and demand dictates that when there’s a scarcity of a service, its value increases. This is precisely the situation with healthcare providers, and hospitals are increasingly turning to locum tenens to alleviate the staffing shortages.
Determining the income of locum tenens can be quite complex and is influenced by several factors we’ve mentioned earlier. These include location, specialty, and facility type. To provide you with a rough estimate of what you can expect to earn, we’ve compiled a list of the most common specialties and their corresponding average rates:
- Family Medicine: $90 – $124 p/h
- General Surgery: $1,000 to $1,400 p/d
- Hospitalist: $140 to $190 p/h
- Radiology: $185 to $220 p/h
- Emergency Medicine: $100 – $300 p/h
- Hematology-Oncology: $150 to $175 p/h
- Obstetrics and gynecology (OB/GYN): $100 – $140 p/h
- Cardiology: $175 to $200 p/h
- Psychiatry: $180 – $210 p/h
Highest Paying States For Locum Tenens:
- Kentucky
- Tennessee
- Nebraska
- Missouri
- Alabama
- Oregon
- Indiana
If you are curious about the highest-paying states for locum tenens, you can find more information in the following link: Highest Paying States For Locum Tenens.
When it comes to earning potential, locum tenens can offer a significant advantage over permanently positioned doctors. On average, locum tenens earn approximately $32 more per hour than their permanent counterparts, which can add up to a substantial difference over the course of multiple assignments. However, it’s worth noting that the exact salary you can expect as a locum tenens will depend on a variety of factors, including your specialty, the state you work in, and the type of facility you’re working at.
TheraEx Locums
Discover the benefits of becoming a locum tenens physician with TheraEx Locums. It’s not just about the money, but the opportunities for travel and unique experiences that come with the job. By working as a locum tenens physician, you can explore various medical facilities and specialties that you may have never considered before.
While earning potential is a crucial factor to consider, there are additional benefits to working as a locum tenens physician that make it an attractive career choice. You can receive coverage for travel and housing expenses while on assignment, as well as assistance with medical malpractice insurance and paperwork. Additionally, locum tenens physicians have the flexibility to choose where and when they work, allowing for a better work-life balance.
