Locum tenens as an alternative to retirement
The decision to retire from the active practice of medicine is a significant one. Some physicians have a retirement date in mind years in advance, and when the day comes they hang up their white jacket and stethoscope without so much as a backward glance. For others, however, the prospect of retirement conjures up feelings of uncertainty and ambivalence. Do I have enough money saved to enjoy the rest of my life? Will I be able to help out if my parents or children need financial support? What if I miss practicing medicine? If I'm not a doctor anymore, what will I identify with and how will I spend my time? How will I stay mentally sharp if I'm not working? If you are nearing retirement age and pondering questions like these, here are five reasons to consider locum tenens as an alternative to stopping practice altogether.
Flexibility. After four years of medical school followed by several more in residency, and then working full-time for decades in one of the most demanding careers around, as an alternative to retirement, practicing on a temporary basis may hold some appeal. When you engage in locum tenens, you choose how often and for how long at a stretch you want to work. One week a month? Three months a year? A six-month assignment followed by six months off? You're in the driver's seat when it comes to mapping out your schedule, not to mention where you work and in what settings (e.g., an office-based practice, rural health clinic, hospital, or government facility).
Travel. Do you dream of exploring the country - or the world - during retirement? How does getting paid to travel sound? Locum tenens practitioners who plan ahead can work in almost any state in the country, and often abroad as well. If you love backpacking, golf, diving, antiquing, history or have some other unique interest, coordinate with your recruiters to line up assignments that will allow you to pursue your passions while on location. Many physicians travel with their spouses, and with a little advance preparation you can even arrange assignments to coincide with family events like weddings, graduations, or the birth of a new grandchild.
Intellectual engagement. Physicians who retire "cold turkey" may find themselves grasping for ways to stay mentally challenged. Sure, you can re-read the classics or learn a new language to keep your brain active, but such pursuits may not turn out to be adequate substitutes for making an unusual diagnosis or successfully treating a patient who had all but given up on ever feeling better. With locum tenens, you stay active in your profession, experience how medicine is practiced in different locations, interact regularly with colleagues, and keep up on the latest advances in medicine and technology. And you'll still have time to read Moby Dick or The Scarlet Letter again and learn to speak French.
Low hassle factor. Imagine practicing medicine without having to worry about which insurance plans you're signed up with, hiring and training staff, what your overhead percentage is running this month, and paying for malpractice insurance. That's the reality of locum tenens. You show up and do what you were trained to do: take care of patients.
Financial security. If your investment portfolio is not as healthy as it perhaps could be, locum tenens offers an opportunity to supplement your income or stash away a few more dollars toward your eventual retirement. Without the expenses associated with practice to concern yourself with, you'll take home a handsome income, doing work you enjoy, in locations that you choose. For physicians helping to support elderly parents or experiencing the joys of children who can't seem to get enough higher education, locum tenens offers cash flow when it's needed.
Locums is a wonderful way to transition from full-time practice to full-time retirement. Or, you may find that you enjoy the flexibility and stimulation associated with this more relaxed way to practice that you'll decide to keep a hand in the game indefinitely. Talk to a NALTO ( nalto.org) agency recruiter and to colleagues who have gone the locum tenens route to explore the possibilities further.
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