LocumLife - October 2008 - (Page 11)

High energy prices, a rocky stock market, and a severe credit crunch no doubt will conspire to put a squeeze on spending and saving this winter. Fortunately for locum tenens physicians, the outlook is very good—for those practitioners who take to the road full time, as well as for those who hold down permanent positions, providing temporary services on the side. Dennis Murray between $150,000 and $199,999 altogether, 20% posted $200,000 to $249,000, and over 13% enjoyed an average total income of $250,000 to $299,999. Doctors reporting income in those three ranges accounted for fully half of the MDs who currently utilized locum tenens to supplement their income. Although several studies show that women are entering medical school in record numbers, their relative newcomer status as clinicians may be reflected in their income. A 2000 U.S. Census Bureau report, for example, found female physicians earned 63% of the income that male doctors banked each year. Other research has shown similar gaps, for reasons that varied from differences in age and experience, to lifestyle choices, to possible gender discrimination. According to our survey, a higher percentage of female MDs reported locum tenens earnings as their primary source of income (71%), compared to male counterparts (54%). However, these women physicians (who currently or previously provided temporary services) took home $137,500 on average, while the men earned $185,400 annually. One bright spot: The gap seems to be narrowing between locum tenens professionals, with female MDs receiving 74% of the income generated by their male colleagues. Age is another factor that plays a role in income level and contract length. When considering current and former locum tenens MDs as a group, two-fifths of those under 35 and those 65 and older accepted the longest stints, practicing on location for 2 months or more. One-third of those aged 35 to 39 took 4-week contracts, and another third of 55- to 59-year-olds preferred 1-week arrangements. Regardless of age, more than half of these current and former locum tenens physicians considered this career alternative to be their primary source of income. Those MDs who were most likely to hold this mindset included those 35 to 39 (72%) and 50 to 54 (71%). » LocumLife 11 I n this, LocumLife’s first Compensation Survey, we asked medical professionals* to elaborate on their locum tenens careers, income levels, satisfaction with the industry, and valueadded perks received. Two-thirds of MDs responding to our survey said they were either currently providing locum tenens services (46%) or have done so in the past (21%). Of these practitioners, 92% expressed interest in future locum tenens opportunities. The rest of the respondents reported they had never taken a locum tenens contract but were certainly open to the idea of this career alternative. MOBILE PHYSICIANS ARE UPWARDLY MOBILE The freedom to select where and when to practice is what drives many physicians to become locum tenens professionals. According to our recent survey, this career choice has proven to be both flexible and lucrative. MDs currently providing services and considering locum tenens as their primary source of income earned $175,000 a year, on average. Over a third reported making $200,000 or more in the past 12 months, with 17% topping the $300,000 mark. Just over half took home less than $150,000 a year. (Figures were generally unavailable for DOs due to small sample sizes; however, some highlights of their responses are described on page 13.) In addition, 71% of current locum tenens MDs said they used temporary opportunities to supplement their income from a permanent practice or other regular position. How much extra did they pull down in the past 12 months? A tidy $52,300, on average. One out of ten of these physicians took home over $100,000 of supplemental income, while 27% pocketed between $50,000 and $99,999 in additional pay. That pushed this group’s total annual mean income from all sources to $222,500. In particular, 17% earned * Findings in this article represent responses from MDs only, unless otherwise indicated. OCTOBER 2008

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LocumLife - October 2008 Insights Editorial Contents From Nalto STAT! The Basics Med Ec-cerpts Last-Minute Luxury Where Do You Stand? Gastroentrerology Career Center Advertiser Index Opportunities Direct Destinations Passport - Cairo, Egypt Contest Rules Anyone's Guess La Vita Locum

LocumLife - October 2008

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