What is the Salary Range of Locum Tenens Providers?

As we embark on a journey into 2024, strategic planning and dynamic goal-setting are essential for healthcare staffing success. In this ever-evolving landscape, staying ahead of shortages and identifying staffing needs are paramount. Let our locum recruitment agency team guide you through the seven high-demand specialties shaping the locum doctors market in 2024, based on our 2023 Locum Doctors Market Growth Assessment.

To know further about the 2023 Locum Doctors Market Growth Assessment, refer to https://www2.staffingindustry.com/Research/Research-Reports/Americas/Locum-Doctors-Market-Growth-Assessment-2023-Update

Top 7 high-demand specialties for a locum in 2024

1. Emergency Medicine: Emergency medicine remains pivotal, with the demand for locum emergency physicians expected to soar in 2024. These healthcare providers are instrumental in ensuring timely and quality care amidst fluctuating patient volumes in ER departments.

2. Telemedicine: The exponential rise of telemedicine continues to reshape the healthcare industry, with no signs of slowing in 2024. Locum doctors proficient in telehealth technologies are sought after as healthcare organizations strive to bolster their virtual care capabilities.

3. Psychiatry: Increased mental health awareness drives the need for psychiatric services, leading to a rise in demand for locum psychiatrists. These professionals are crucial in areas where access to mental health services is limited.

4. Primary Care: The demand for locum primary care physicians and nurse practitioners remains steady, fueled by the ongoing need for comprehensive and preventive healthcare services. They fill vital gaps in primary care coverage, ensuring patients receive timely and holistic care.

5. Radiology: In the dynamic field of medical imaging, locum radiologists play a pivotal role in interpreting diagnostic images accurately. Their expertise enables healthcare facilities to manage heightened diagnostic demands without compromising on quality.

6. Hospitalist Medicine: Hospitalists are indispensable in efficiently managing inpatient care, making locum doctors particularly well-suited for hospital positions. This flexibility allows healthcare facilities to adapt to fluctuating patient admissions while upholding quality care standards.

7. Pediatrics: Locum pediatricians are anticipated to be in high demand, addressing the persistent shortage of pediatric specialists. They play a crucial role in ensuring children receive quality healthcare, especially in regions where access to pediatric services is limited.

With the increasing healthcare needs across the United States, the demand for locum doctors continues to grow. Factors such as an aging population, rising health complications, and complex care plans underscore the necessity for flexible staffing solutions. Staying abreast of these demands is vital for healthcare facilities, and this is where our locum healthcare staffing agency plays a pivotal role in nurturing talent pools to bridge staffing gaps effectively.

ProLocums: Your Trusted Locum Healthcare Staffing Agency

At ProLocums, we pride ourselves on being a valued partner between healthcare facilities and clinicians. Our commitment is to provide exceptional service to both parties, ensuring a seamless and satisfying experience. What sets us apart is our unwavering transparency and honesty, guaranteeing your satisfaction throughout the process. With our concierge service, we facilitate a smooth transition to ProLocums, ensuring your staffing needs are met efficiently and effectively.

In 2024, locum doctors are not just in demand; they are indispensable in filling staffing gaps within healthcare facilities. Whether you're seeking a locum doctors staffing partner or a recruiter to help you achieve your goals, ProLocums, the best locum recruitment agency, is the right partner for you.

Connect with ProLocums today to learn more about how we can support your staffing needs and propel your healthcare facility forward in 2024 and beyond.

A long-term healthcare staffing agency like ProLocums recognizes the difficulties healthcare facilities face in optimizing service line revenue due to the healthcare labor shortage and increased demand for physicians. To counter this, hospitals and medical facilities are investing a higher percentage of their budget in temporary staffing.

By strategically utilizing locums, healthcare facilities can boost patient visits and procedures, thus recovering potential lost revenue. Healthcare revenue issues stem from patient backlogs and labor shortages. Many hospitals are still struggling to bounce back from the pause on elective procedures, resulting in monthly revenue losses ranging from $16.3 to $17.7 billion for US hospitals, totaling nearly $200 billion yearly.

Furthermore, margin projections at the end of 2022 were down by 37% compared to pre-pandemic levels, according to research by Kaufman Hall. Patient backlogs and an anticipated shortage of 124,000 physicians by 2033 continue to impede care delivery and harm hospital revenue.

Integrating a flexible workforce into your healthcare facility’s staffing plan can swiftly aid in recovering untapped revenue. Let’s read how.

How locums can boost hospital revenue

Locum tenens can assist hospitals and health systems in addressing revenue challenges through the following means:

1. Rapidly Fill Open Positions

Temporary staffing provides a more flexible option compared to permanent hiring, which can be a lengthy process. Having a long-term hospital staffing solution can credential and onboard a qualified locum within just 30 days. Our services extend beyond simple placement, as we take the time to match you with the ideal locum that not only fits your workplace culture but also seamlessly integrates into your team. We also conduct thorough vetting to ensure they possess the necessary qualifications to support your strategic goals. Patient demand fluctuates, and utilizing locum staff offers a swift and adaptable solution to guarantee access to care for your community while maximizing revenue opportunities.

2. Boost Procedure Utilization for Revenue Growth

Engaging locum staff allows you to ramp up revenue-generating procedures during peak demand periods. Revenue generation in healthcare facilities can vary by specialty, making locum support crucial. It enables an immediate uptick in high-value procedures that your facility can offer. Furthermore, locum services ensure your team has a diverse range of medical specialties, optimizing all service areas with the right expertise.

3. Combat Burnout with Locum Staff

Utilizing locum staff can be a valuable way to support your permanent healthcare team, alleviate work pressures, and enhance employee morale. Hiring temporary professionals can help minimize recruitment expenses, streamline onboarding processes, and enable healthcare facilities to provide top-notch care. With the current challenges in physician recruitment, prioritizing the satisfaction of your locum team is crucial for staff retention.

4. Boost Patient Satisfaction Scores and Referrals

Ensuring patients have timely access to healthcare services is essential for retaining them and encouraging referrals. By lightening the workload of full-time employees, medical facilities can offer superior care to both new and existing patients. Forge beneficial staffing alliances with a long-term hospital staffing solution to swiftly acquire the necessary resources for your community. This approach results in heightened patient satisfaction levels and increased referrals.

5. Achieve Strategic Objectives & Increase Revenue

ProLocums can assist you in reaching strategic goals and objectives through tailored staffing solutions that meet your specific requirements. We can aid in the expansion or introduction of new service lines at your medical facility, as well as in transitioning your program from an outsourced to an in-house structure. We aim to help your medical institution generate additional revenue while accomplishing strategic objectives that pave the way for sustained success.

As your trusted staffing ally, ProLocums is tasked with ensuring all necessary shifts are filled with high-quality personnel, guaranteeing consistent patient care, and optimizing revenue generation. We offer comprehensive assistance in enhancing collections, curbing prolonged locum expenditures, and ultimately boosting revenue for your medical center.

To discover more about how we can assist in reclaiming overlooked revenue at your hospital or medical facility, contact our long-term healthcare staffing agency - ProLocums today.

Wondering how to find locum jobs that pay you high? At times, high pay latest locum jobs are not enough. Just learn how to handle tax deductions to maximize your earnings.

It's tax season again, and for locum providers, navigating through the process can be trickier than for traditional employees. Unlike W-2 workers who have taxes automatically deducted, independent contractors, like many medical professionals, must handle all deductions themselves. This can be overwhelming, especially for those more focused on healthcare than finances.

To simplify the tax filing for locum physicians and advanced practice providers, here are six essential tips.

1. First, keep meticulous records of expenses and income.
2. Second, understand allowable deductions, such as travel and licensure costs.
3. Third, consider setting up a dedicated business entity for potential tax benefits.
4. Fourth, stay on top of quarterly estimated tax payments.
5. Fifth, leverage tax software or professional help for accurate filing.
6. Lastly, be aware of any state-specific tax obligations.

These tips aim to ease the tax process, ensuring locum providers file correctly without unnecessary stress. Let’s go through every key tip in detail.

Employee vs. Independent Contractor

Locum physicians work as freelancers. They're not on the regular employee gig, meaning no benefits or automatic deductions from the facility or agency. Instead of a neat W-2, they get a 1099-MISC from each client, just stating their earned income without any automatic deductions. It's a bit different and might need a tax pro to sort it out. So, in a nutshell, locum physicians are independent contractors dealing with 1099-MISC forms, and for tax matters, a professional is the go-to person.

Tip 1: Work with a professional

Navigating tax rules is tricky, so having a tax expert by your side is crucial. To find a reliable Certified Public Accountant (CPA), start by seeking recommendations from colleagues. Look for someone well-versed in the unique tax situations of locum providers, especially if you work across different states.

Your CPA should not only handle your tax filings but also be available for advice and to address any financial queries throughout the year. This partnership ensures you cover all bases and avoid legal hassles. Remember, a seasoned CPA can be your financial guide, making the complex world of taxes more manageable and keeping you on the right side of the law.

Tip 2: Track your income precisely

Employers are obligated to send out 1099-MISC forms to independent contractors by January 31st. If you're a locum provider, you should have received your tax forms by now. In case you haven't, reach out to your employer promptly. It's crucial to maintain accurate records of your earnings throughout the year to ensure proper tax calculations.

Additionally, be aware that if you owe $1,000 or more in taxes at the end of the year, the IRS may require you to make quarterly payments. This is especially relevant if your locum work is your primary source of income. Collaborate with your accountant to determine the appropriate percentage of your paycheck to set aside for taxes. Your accountant can also provide you with the necessary quarterly tax payment forms and schedules.

Staying on top of these tax obligations will help you avoid any penalties or surprises come tax time. Regular communication with your employer and accountant ensures that you are well-prepared to fulfill your tax responsibilities in a timely manner.

Tip 3: Main a detailed record of your expenses

When managing your finances as a locum, it's crucial to not just track your income but also keep a keen eye on work-related expenses. Consider common tax deductions like per-diem for meals, expenses related to your business cell phone usage, purchases of electronics for work, health insurance premiums, and even bank or credit card fees tied to your contract work. Don't forget the professional needs like license renewals, continuing education, and work attire such as scrubs and lab coats.

To simplify tax time, keep a meticulous record of all receipts and collaborate with your accountant to ensure you claim every eligible deduction. This proactive approach not only makes the process smoother but also ensures you benefit from all the legal entitlements available.

Tip 4: Set up your savings plan

When you're an independent contractor instead of working for a single entity like a hospital, you have to handle your retirement accounts. Luckily, there are tax-deductible options available for saving for retirement, such as IRAs, Roth IRAs, or SEP-IRAs (Simplified Employee Pension Plan).

Another useful tip is for those who purchase their health insurance independently. Combining a "high deductible" plan with a health savings account (HSA) can be beneficial. In 2021, an individual can contribute up to $3,600 to an HSA (or $7,200 for a family), and these contributions are tax-deductible. The HSA funds can then be utilized to cover medical expenses that aren't covered by insurance. This approach provides flexibility and tax advantages for individuals managing their retirement and healthcare independently.

Tip 5: Pay your quarterly estimated taxes

When you work for someone and get a W-2, your employer takes care of tax stuff. But if you're freelancing or doing your own thing, you're in charge. You have to pay taxes on your own, and it's not a once-a-year thing. You'll be on the hook for quarterly payments throughout the year. These payments cover income tax, self-employment tax (that's Social Security and Medicare), and another thing called alternative minimum tax.

You'll need to figure out how much to pay for the upcoming year based on what you made last year. Your accountant can help with that when you're doing your taxes. They'll give you an estimate, but you can adjust it if your earnings change a lot.

To make sure you're ready for these quarterly tax dates, set up a separate account. Every time you get paid, put some money in there. This way, you won't be caught off guard when tax time comes around. It's all about staying on top of things and avoiding any surprises. If you need info on when these tax payments are due, check out the IRS FAQs. They've got all the dates you need.

Tip 6: Ensure to submit both federal and state tax returns to comply with all relevant tax regulations.

If you've worked in different states, you'll need to file taxes in your home state and any states you've worked in. Hiring an accountant, especially one experienced with independent contractors or locum providers, is crucial. Look for someone well-versed in tax laws across your work locations. Their expertise will be invaluable in navigating the complexities of multi-state tax filing.

Locum Tax Deductions

Exploring tax deductions for the latest locum jobs? Here's a checklist to delve into, but remember to verify with your accountant for confirmation of eligibility.

1. Health and Dental Insurance Premiums: Covering yourself, your spouse, and dependents.
2. Medical-related Expenses: Fees for licenses, ongoing education, journal subscriptions, and professional memberships.
3. Professional Services Fees: Including CPA and legal services.
4. Practice-Exclusive Purchases: Equipment, clothing (like scrubs and lab coats), and tools solely used for your practice.
5. Business Devices: Deduct a portion of your laptop, cell phone, and iPad costs dedicated to your practice.
6. Home Office Supplies: Printer, paper, toner, etc., exclusively for your home office.
7. Contribution for Retirement: You can contribute to your retirement account.
8. Home Office Expenses: If you regularly use a part of your home for work, consider a portion of rent, mortgage, and utilities.
9. Travel and Accommodation: Out-of-pocket expenses for work-related travel, lodging, meals, and mileage are not covered by your agency.

Navigating taxes as a locum provider may seem complex initially, but with a well-established system, it becomes a smoother process. The independence and perks of the locum life make the effort worthwhile. Don't forget to consult your accountant for personalized advice tailored to your situation.

Final Thoughts

Doctors are interested in finding locum jobs to maintain the proper work-life balance they want. Despite a bit more paperwork, the freedom, flexible schedule, and career growth opportunities make it worthwhile. Locum doctors also enjoy more tax benefits, but it's crucial to consult a licensed tax professional for advice on self-employed deductions. With guidance from a qualified tax professional, managing locum physician taxes becomes a manageable aspect of a rewarding career.

In conclusion, with proper preparation, filing taxes doesn't have to be stressful. Hiring a professional and staying organized with paperwork ensures you're well-prepared when tax time comes. For further details on taxation, consider reaching out to ProLocums.