Educational debt is a looming fact for most young doctors starting their careers. The faster you can burn down that debt, the more financial freedom you will have now, when flexibility is so useful in your career. After finishing your residency, the decision to join a hospital, group, or private practice is a big one. If you have a specific career path in mind, it may take months before your ideal position is available or starting. Becoming a Locum Tenens physician is an excellent way to build diverse medical experience and pay off your medical school debt more quickly, whether you have a current position or need good work during a long hiring process.
How Locum Tenens Works
Working Locum Tenens is to take temporary medical positions. The duration could be a single day or months of filling in. Locum Tenens work is handled through an agency. You will be offered jobs and can take or turn down any temporary role you want. Working with your agency or recruiter, you can ask for a specific type, duration, location, or schedule in preferred temporary roles.
Your hours are paid by the Locum Tenens agency instead of the facility, and the on-call hourly pay is often higher than on-staff physicians. Travel and housing expenses are also usually covered. This means you can put together a full-time schedule or pick up part-time and off-hours medical work where your help is most needed.
How Can Locum Tenens Accelerate Your Medical Debt Payments?
Take Extra Shifts Around Your Day Job
If you already have a post-residency role lined up, you can increase your take-home pay by taking Locum Tenens assignments during your off-hours. Simply let your agency know your schedule. They'll then offer you assignments for a few hours per evening and off-day within a comfortable commute. You may step in at a night clinic, provide support in a few procedures, or back up medical shifts that are short-handed - one shift at a time.
By throwing in when you have the time and energy, every extra hour is a very well-paid step toward paying off your medical debt faster.
Higher Pay Per Hour of Your Time
Locum tenens pay tends to be higher - sometimes significantly higher - than your average salary. For a new post-residency doctor, the pay may be much higher than what you can find for beginner roles. The reason is that Locum-Tenens is on-demand. The pay increase is compensation for the chaos and flexibility. Whether you pick up shifts or go full-time, those hours will be well-compensated, sometimes as much as 30% higher than the salary for the position you step into.
Travel Full-Time to Reduce Living Costs
Locum Tenens agencies will pay for hotel costs, rental car and gas, airline and fees, and other travel expenses. Except for food, you can relocate on the agency's dime and significantly reduce the actual weight of your cost-of-living on your finances. Relocating usually means working a full-time and longer-term locum tenens position, which means good money and minimal personal expenses.
Work While Between Roles and Waiting for a Start Date
Getting the right medical position is not always fast hiring. The job search can take time and even after you interview with the right place, the actual hiring process can be glacial. You can accept an offer and still wait weeks - even months for a start date. Locum Tenens gives you the opportunity to pick up valuable and well-paying medical work while you wait for your dream job to clear the paperwork.
Get Started with Med X
If you're ready to explore locum tenens positions and opportunities, contact us today. We look forward to helping you find valuable experience and clearing your medical debt in one rewarding choice.
