Recent graduates of medical schools have more student loan debt than any generation before them; more than 86% of graduates, to be exact. Of all the challenges facing new physicians, managing medical school debt can be among the most imposing. Although today’s physicians have a bright future ahead of them, the first few years on the job can be tricky to navigate, given the burden of debt so many physicians shoulder. Luckily, among the solutions available for dealing with this problem, locum tenens work is both widely available and lucrative.
Many physicians, advanced practitioners, and dentists choose locum tenens work as a means to achieve their ideal financial situation. The 1099 income is negotiable and in many if not most instances exceeds the comparable rate of an employed physician.
Paying down student loan debt was a big priority for one particular physician candidate and locum tenens offered ways to help him accomplish that goal. As he was finishing his residency training program, hecommitted to engaging with Pacific Companies to plan ahead and have a locum tenens assignment lined up. This allowed him to then begin practicing immediately after graduation. When deciding which opportunities to consider, he let his recruiter, Amanda Long, Director of Physician Recruitment, Locum Tenens,know that earning the highest possible income was more important than geography*.
Our candidate ended up taking a 1-year locum tenens assignment in which his housing, travel and rental car was all covered; he had no overhead cost while on assignment. He was paid $10,000 per week for working Monday through Friday with an 8-hours of work-per-day guarantee. Because of this Locum Tenens assignment, our candidate was able to pay over his minimum loan payment every month and after 52 weeks, his entire $350,000 student debt was completely paid off. Not only was locum tenens away to pay his debt, but this assignment opened the door to gain a vast amount of experience and accelerated his career growth. He expanded his patient base and was exposed to a variety of medical cases and new technologies. Overall, working locum tenens changed his life, jumpstarted his career, and became a decision that he will never forget.
If this story inspires you, then locum tenens could be your next adventure. Since it’s temporary, flexible, and of an abundant source, working locum tenens gives you the option to customize your career and financial future. At Pacific Companies, we always have a variety of locum tenens assignments available. Give us a call today to explore your options and accelerate your career.
*Pay rates do not vary all that much from agency to agency, but they can be significantly higher in remote locations where the need for physicians is greatest. In areas where demand is high and doctors are in short supply, it is not uncommon for locum tenens practitioners to earn attractiverates and pick up extra shifts and added call to boost income. Some locum tenens assignments also offer bonuses such as an increased hourly rate, housing, car, and air transportation, to physicians who are willing to practice in one location for an extended period of time.