Author: Mark C. Royer, MD, MBA
Medical Director, ENTLocums.com
As a locum tenens physician, you have the opportunity to enjoy many
financial benefits. Here are the top five financial considerations to
keep in mind, along with some additional positive insights:
Tax Implications: While paying taxes as an independent contractor may
seem daunting, it also means that you have the ability to deduct many
expenses, which can help reduce your tax burden. Plus, you have the
flexibility to structure your finances in a way that suits your needs.
Retirement Savings: As a locum tenens physician, you have the ability
to take control of your own retirement savings. By opening an IRA or
solo 401(k), you can invest in your future and reap the rewards of
compounded growth. You may even be able to save more than you would
with an employer-sponsored plan.
Health Insurance: Shopping for health insurance as a locum tenens
physician can actually be an advantage, as you have the ability to
choose a plan that works best for you and your family. Plus, you can
often deduct the cost of your health insurance premiums on your taxes.
Liability Insurance: While malpractice insurance is a necessity, it
also provides peace of mind and protection for your practice. You can
rest easy knowing that most locum tenens companies provide malpractice
insurance. Be sure to use a @NALTO company to have the best peace of
mind that your policy meets industry standards.
Travel Expenses: Many locum tenens physicians enjoy the opportunity to
travel to new places and work in different environments. In fact,
travel expenses are often included in your contract, and if they're
not, you can negotiate for a higher daily rate to help cover these
costs.
Being a locum tenens physician provides many unique financial
opportunities, from deducting expenses to choosing your own health
insurance plan. By taking advantage of these benefits, you can create
a financial plan that suits your needs and provides long-term
stability.
About the Author: Mark C. Royer, MD, MBA, is an Otolaryngologist and medical director at ENTLocums.com. While employed at a hospital, Dr. Royer and his Wife, Allison (also an ENT surgeon) experienced an overwhelming call burden and began using locums as a solution to this challenge. Their experience led to the creation of
ENTLocums.com, a locum tenens company addressing the unique needs of
physicians and hospitals and health systems. For more information,
please contact them at info@ENTLocums.com or visit their website at
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