Have you contemplated pursuing a locum tenens career path, but were afraid of it lowering your earning potential? Unfortunately, many nurse practitioners avoid exploring locum tenens jobs because they believe they’ll take a major pay cut. Before you make any decisions, it’s important to know the facts about what you can expect from locum tenens employment. Here are some things you should know so you can fully inform yourself about locum tenens jobs:
Locum tenens pay is based on many factors. When it comes to locum tenens pay, you should never assume there’s a standard hourly salary. Pay for locum tenens nurse practitioners is based on many factors, including location, facility, shift, sub-specialty and need. For example, if you’re willing to work in a rural healthcare facility where there’s a greater demand for locum tenens providers, you’ll likely receive a more competitive hourly pay. Also, if you have an in-demand medical specialty (such as being a nurse practitioner), you’ll have more leverage when it comes to negotiating higher pay with employers. Overall, your background, area of expertise and location preferences will affect your earning potential as a locum tenens employee.
Locum tenens providers are compensated for travel and housing. If the thought of having to pay for your travel and housing has deterred you from locum tenens, you’ll be happy to know these expenses will be covered. In addition to your hourly pay, you’ll be compensated for many of your living and travel costs – including lodging, car and gas, and even licensure (if applicable). This can make the prospect of locum tenens work much more appealing, as you’ll be able to save money earned from your assignment while enjoying life in a new city. In many cases, locum tenens assignments afford nurse practitioners the financial freedom to pay down more student loan debt while working and enjoying a higher quality of life.
Locum tenens providers are eligible for special tax benefits. Many healthcare professionals don’t realize that locum tenens employment allows for special tax benefits, as locum tenens providers are considered independent contractors. By working in the locum tenens field, you can tax-deduct job-related expenses, such as health insurance or a new laptop for your assignments. If you also happen to pay out-of-pocket for any portion of your housing or travel costs, you can tax-deduct those expenses as well.
In addition to competitive pay and the other perks listed above, there are countless other benefits to working as a locum tenens nurse practitioner – all which will help you build a rewarding healthcare career.
Are you a nurse practitioner who’s ready to get your locum tenens career started?
Get in touch with MPLT Healthcare and let us get your locum tenens adventure under way!