The Cost-Saving Benefits of Practicing Locum Tenens
If you have owned a solo practice or been a partner in a private practice group, you know the financial formula required to operate a modern medical practice can be complex. There’s the cost of renting or buying office space and equipment, and paying salaries for staff. Other expenses include malpractice insurance premiums; outside professional fees, such as legal or accounting services; and investing in electronic medical records, billing, and coding programs. Industry researchers attribute these factors to the changing employment preferences among physicians.
Over the past decade, the ranks of solo private practice owners have waned; however, the American Medical Association’s biennial Physician Practice Benchmark Survey in 2020 found that nearly half of physicians still worked in physician-owned practices. At the same time, a growing percentage of doctors chose to be employed by hospitals, clinics, or health systems. As employees, especially in unit leadership or management positions, providers still must contend with budgetary concerns and relative value units (RVUs).
But, as the saying goes, time is money. The hours devoted to administrative duties as a group member or staff employee are hours not treating patients and add to the cost of time on the job on any given day. For physicians and advanced practice providers who prefer to concentrate on the clinical aspects of the profession, locum tenens offers a cost-effective alternative.
Competitive Earning Potential
Generally speaking, locum tenens professionals earn the current market rate for doctors or advanced practice providers working in the region and specialty, or sometimes even more. For instance, an urgent assignment could boost the overall pay or facilities may offer sign-on bonuses for hard-to-fill positions.
Staffing Company Savings
From the first call with an All Star Healthcare Solutions consultant, your journey into locum tenens is supported because we know your time attending to patients is valuable. Not only do our experts guide you through the credentialing and licensing processes, but we also handle many of the assignment details. All Star covers fees for travel and living accommodations of each contract. Also, providers are covered under All Star’s malpractice policy while fulfilling locum tenens contracts. These agreements limit providers’ out-of-pocket expenses while on assignments, thereby shifting the cost-benefit ratio in your favor.
Independent Contractor Status
Locum tenens professionals function as independent contractors, neither employees of All Star nor of the facilities requesting their services. Many physicians and advanced practice providers find that, even after accounting for taxes and personal insurance premiums, the overall income balance swings in their favor.
Personal Rewards Pay Dividends
Healthcare professionals who accept locum tenens opportunities oftentimes discover multiple benefits beyond just the financial. Without the added administrative responsibilities, you are able to devote more time with patients. Traveling to new locations, practicing in new facilities, and meeting new colleagues, helps keep a fresh perspective as well as presents chances to explore clinical environments and personal interests. Additionally, the idea of determining your own schedule—when to accept assignments, when to take time off—is priceless.
To learn how an investment in the locum tenens lifestyle can pay off for you, call an All Star Healthcare Solutions consultant at 800-928-0229, or contact us online, today!