Consider part-time locum tenens to boost income
Even physicians who have full-time practices can benefit from taking locum tenens assignments from time to time, or regularly on a part-time basis. There are many reasons to do this, but in most cases finances are the primary factor. If earning an extra $5,000, $10,000, or $20,000 this year could be the deciding factor in whether or not you will add to your retirement plan, contribute to a child's college fund, have a costly home repair done, or take a nice vacation, consider boosting your bottom line by accepting an occasional locum tenens engagement. Here are some scenarios in which doctors are successfully doing just that.
Do you use all of your allotted vacation time for travel and adventure, or do you find yourself at loose ends with some of your weeks or long weekends not spent at the office? If you are in the latter category, consider using some of your excess vacation time to practice locum tenens. While physicians in private practice are not likely to leave their offices unattended to pursue a locum tenens opportunity (time away equals less revenue in a fee-for-service business), employed physicians who earn generous paid leave may opt to use one or two of their weeks off to make extra money with locum tenens engagements. If you do this, be sure to let your employer know about your plans and do not accept a temporary placement with a direct competitor.
If your family is anxious for a beach or ski vacation but you are concerned about the cost of such a trip, consider a locum tenens opportunity in a location where you can both work and play. Your lodging (often an apartment or extended-stay type hotel) will be paid for by your locum tenens agency or the clinic or hospital where you practice, and your travel expenses and meals should also be covered. Don't be shy about trying to negotiate travel expenses for family members as well.
The vast majority of young doctors today finish residency with enormous outstanding educational loans and most are anxious to pay that debt down as quickly as possible. If you are in fellowship or a full-time employee in a practice or hospital, pursuing locum tenens engagements on weekends or your days off may be a good way to put a dent in your debt. Urgent care clinic opportunities are ideal for locum tenens physicians who have only a couple of days at a time to devote to temporary practice. Be sure, however, to take enough time off that you do not slip into burnout mode or damage your health.
Many recently retired or semi-retired physicians use locum tenens to build up their retirement savings. If you are worried that you might outlive your nest egg, practicing as a temporary physician a few weeks each year might be just what you need to keep your financial house in order.
There are many advantages to locum tenens practice, in addition to the extra income. Your travel expenses and malpractice insurance are taken care of and you will enjoy seeing how physicians in other parts of the country and in different practice settings deliver care. Plan ahead, especially if you need to obtain a license to practice in a new state in order to accept an engagement. If you contract to practice in a federal facility, such as a VA clinic or hospital, any state license will suffice. How much you can earn as a part-time or occasional locum tenens provider will depend on your specialty, the locations in which you are able or willing to practice, and, of course, the number of days per year you have available. Check with your NALTO member agency (www.nalto.org) to find out what your earning potential might be.
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