Student loan debt has ballooned in the past several decades: many physicians now come out of medical school carrying upwards of $200,000 in debt. But while paying off medical student loan debt can be daunting, locum tenens can help.
Loan forgiveness programs aren’t the only option for physicians who want to get out of debt: locums can earn you more income—and in some cases, help you save on living expenses—allowing you to tackle debt now, instead of waiting for the future.
Here’s how locum tenens can help you pay off your student loans faster:
Earn More Income
It’s no secret that locums assignments tend to pay at a higher rate than full-time hospital roles. Hospitals use locums when they have a specific need that they haven’t been able to fill, and are thus willing to pay a higher rate. In addition, using a locums firm allows them to save on overhead costs of recruitment, licensing, and benefits. That means you have the opportunity to earn more while working the same amount of hours (or sometimes even fewer).
These rates can shift depending on what kind of assignment you take. For example, if you are supplementing your regular job with locums assignments, you might consider taking on a locums assignment over the holidays, which pay at time and a half, so you can make more in a comparatively short period.
As a 1099 employee, you will be responsible for paying your own taxes on whatever locums income you earn, so be sure and remember to set money aside, and work with an accountant to help prepare your annual taxes. It’s also important to remember that locums does not cover typical employer benefits like health insurance, so if you’re planning on working locums full-time and don’t get benefits through a spouse or partner, make sure to factor that into your budget or explore your other coverage options.
Lower Your Living Expenses
In addition to paying at higher rates, some locums assignments can also enable you to save on cost of living. Hayes Locums always covers the cost of travel and living expenses while on assignment.
For short-term assignments, this may not make a huge impact on your living expenses. But for physicians with the ability to travel for long periods of time, you can look for longer term assignments that will allow you to save on living expenses like rent and transportation, since those will be covered while you are on assignment. We can cover your living expenses, so you can put your additional income toward paying off debt instead.
In addition to travel, housing, and transportation expenses, Hayes Locums will sometimes cover licensing fees, making one less cost for you to worry about.
Find Assignments to Fit Any Schedule
One of the chief benefits of locum tenens is its flexibility. Especially right now: given the recent shortage of physicians, there is a wide variety of locums opportunities that can fit anyone’s schedule.
For physicians who are early in their career and/or don’t have obligations tying them to a particular location, full-time locums can be a great option. That might look like working many short-term assignments in different locations, or looking for long-term assignments that keep you in one place.
If you already have a full-time job, you can also find temporary assignments to work around your schedule. Look for locums assignments during higher-paying holiday periods, or search for opportunities that align with your scheduled time off.
Whether you want to work locums full-time, or supplement your regular job with temporary short-term locums assignments, there is an opportunity that will fit your schedule.
Get Career Support
One of the most undervalued benefits of locums is the career support you receive from working closely with UrologyLocums.com. Not only are we there to facilitate your needs during a particular assignment and offer support if and when you run into issues—we’re also there to help you think through what you want out of your locums career, and how to get it.
It’s important to communicate openly with your UrologyLocums.com consultant, because knowing what your priorities are will help them tailor their search to find the best possible fit for you. If you’re looking for opportunities that will allow you to travel, they can help find assignments in areas that you’re particularly interested in visiting.
Whatever your priorities, your consultant is there to help you meet them.
Supplement Your Next Trip with Locums
Paying off debt is important, but you don’t need to put traveling on hold in order to do it. If you love traveling, there’s no reason to forego it until you’ve paid off enough debt to afford a vacation. Locums give you the opportunity to travel at a low cost, since all of your travel expenses are covered, and see parts of the country that you might not otherwise have the opportunity to visit.
You can schedule a locums assignment near a national park that you can explore during your time off, or look for locums assignment in a state or city that you’ve always wanted to visit.
You don’t have to put off traveling just to pay off debt—with locums, you can do both
To learn more about how you can use locums as part of your financial strategy, get in touch with us by visiting this page.
UrologyLocums.com understands that the healthcare labor shortage, coupled with increased demand for urologists, has made it challenging for healthcare facilities to optimize service line revenue. Hospitals and medical facilities are now allocating a higher percentage of their budget to temporary staffing to recoup lost dollars. Strategically leveraging locum tenens urologists can directly increase the volume of patient visits and procedures a healthcare facility can offer, regaining potential lost revenue.
The healthcare revenue challenges are rooted in patient backlogs and labor shortages. Many hospitals haven't fully recovered from the suspension of elective procedures, resulting in US hospitals losing between $16.3 to $17.7 billion per month in revenue, totaling almost $200 billion annually. In addition, margin projections were down 37% compared to pre-pandemic levels at the end of 2022, according to Kaufman Hall research. Patient backlogs and physician shortages, estimated to reach 124,000 urologists by 2033, have continued to delay care and negatively impact hospital revenue. Medical facilities have wrestled with staff shortages for several years, and to add to the pressure, in December, there was a quit rate of 2.7% in the healthcare sector.
Incorporating a flexible workforce into your healthcare facility’s staffing strategy can quickly help regain unclaimed revenue. Demand for locum tenens urologists has been high, with the locum tenens market projected to experience year-over-year growth of 7% in 2023, according to data from SIA.
Locum tenens can help hospitals and health systems offset revenue challenges in the following ways:
1. Fill Urologist Vacancies Quickly
Temporary staffing offers a more flexible solution than permanent hiring. Permanent hiring takes time; UrologyLocums.com can credential and onboard a skilled urologist in as little as 30 days. UrologyLocums.com goes beyond just providing locum tenens urologists. We take the time to connect you with the right locum tenens, ensuring each urologist is a great cultural fit and a seamless extension of your team. We also conduct an extensive vetting process to confirm they have the qualifications needed to help you advance your strategic initiatives. Patient volumes vary, and locum tenens offers a quick and flexible way to make sure your community has access to the care they need, and you are able to capitalize on revenue opportunities.
2. Increase Procedure Utilization to Generate Revenue
With locum tenens, you can increase the volume of revenue-generating procedures during periods of high demand. The amount of revenue urologists drive to a healthcare facility can vary across specialties. Locum tenens urologists can offer an immediate increase in the volume of high-value procedures your healthcare facility can perform. In addition, locum tenens ensures your team is equipped with a broad range of medical specialties to ensure all service lines are optimized with the right mix of talent.
3. Combat Urologist Burnout with Locum Tenens
Locum tenens are a great resource for supplementing and supporting your permanent healthcare professionals, easing their workloads and boosting employee satisfaction scores. Temporary staff can help keep hiring and onboarding costs down and also enables a healthcare facility to deliver high-quality care and service. In a time when urologists are so difficult to recruit, keeping your existing urology team happy is paramount for retention.
4. Increase Patient Satisfaction Scores and Referrals
Ensuring your patients have access to the healthcare services they need is critical to retention and referrals. By reducing and offsetting the workload for full-time staff, your medical facility can deliver a premium level of care and service to new and existing patients. Quickly gain the resources you need for your community through leveraging
strategic staffing partnerships with UrologyLocums.com. As a result, the service you offer leads to stronger patient satisfaction rates and more referrals.
5. Achieve Strategic Objectives & Increase Revenue
UrologyLocums.com helps you achieve strategic goals and objectives by creating custom staffing projects that align with your unique needs. UrologyLocums.com can help your medical facility expand or launch new urology service lines or even transition your program from an outsourced to employed model. We help your medical facility capture additional revenue while achieving strategic objectives that lead to long-term success.
As your strategic staffing partner, UrologyLocums.com locum tenens is responsible for filling all required shifts with quality urologists while ensuring continuity of patient care and maximizing revenue generation.
UrologyLocums.com provides complete support for maximizing collections, reducing long-term locum tenens spending, and ultimately increasing revenue for your medical facility.
To learn more about how we can help recover unclaimed revenue at your hospital or medical facility, contact us today.
As a healthcare professional, you understand the importance of both knowledge and reputation in your field. When hospitals and clinics seek locum tenens providers, they want to be confident that these physicians and advanced practice providers not only meet the necessary clinical qualifications, but also integrate seamlessly with the permanent staff and patients.
At UrologyLocums.com, we recognize the significance of this and take a proactive approach to ensuring our candidates are the best fit for the job. As part of our initial credentialing process, we require three professional references to provide a more complete picture of our candidates. And, as the National Association Medical Staff Services (NAMSS) suggests, we encourage you to choose these references with care.
When selecting your references, consider the following factors:
At UrologyLocums.com, we are dedicated to providing the best possible information about locum tenens opportunities for urologists and urology NPs. To learn more, visit us today.
Question: What are the best kinds of urology locums jobs for someone who is trying to maximize their income?
Answer: Urologists who can work a minimum of seven consecutive days or shifts are in high demand for locum assignments due to the shortage of urologists in the field. This demand results in higher rates of pay for those professionals who can commit to extended coverage periods, such as long-term locum assignments.
These longer blocks are attractive to hospitals because they tend to align with the call schedules of their staff physicians as well as with the standard clinic flow of most urology practices.
Conversely, urologists who are only available for weekend coverage have a lower job market, as many full time employed urologists are available to work during this time, resulting in highly competitive and lower-paying opportunities. Generally speaking, these weekend positions are highly competitive (20+ interested doctors) and lower paying (>50% lower) than more substantial locums positions.
The economics of locums assignments for urologists are heavily influenced by the principles of supply and demand. Here at UrologyLocums.com, we understand the urology locums market and how to best take advantage of it. If you’d like a more in-depth analysis or have any questions, please contact a team member now.
Written by Nick Stratman, President, UrologyLocums.com
February 03rd, 2023
Proposed FTC Ban on Noncompete Agreements is Potential Boon to America's Urologists