There is really something to be said about hourly work. If you’re in demand, you want to know that you’re gonna be compensated for doing stuff that someone else can’t or doesn’t want to do because of time constraints. The psychological boost is immense
When you work late as a partner in a practice, you might be getting extra money, but if it’s a poor payor you may be resentful of the late work if no one’s gonna bank off of it. Hospital call stipends are nice to counteract this and I view them as essential for any private group now.
Letting people have “luck of the draw” on how good or bad their call compensation is is a recipe for instability in retention since it won’t ever feel fair. Stipends with production is the only way.
Also I think post call work should be compensated double or triple normal in any group. That’s what truly burns people out.
Yes.
It's funny you bring this up. Actually, this was the primary motivation behind taking some control back and starting to do locums on the side.
The AMC model is totally biased towards the regular W2 docs who will always end up staying late, ensuring that locums and CRNAs are taken care of before them, i.e. they are the gatekeeper for the 3 pm and 5 pm day staff exits LOL.
This gets old - it got old for me real fast in my previous employed AMC practice, so I had to return to the drawing board and find a long term sustainable solution that would give me some control back. I am blessed with a fantastic chairman who himself believes in financial independence, happiness, and other more important things in life than just slaving away for someone to practice anesthesia. Solid people exist - they're rare, but you have to find them, and work for them (both my job as well as locums I do. I genuinely enjoy working for all my locums groups - otherwise i would not do it)
Basic math:
40 hours x $300/ hour x 46 weeks worth of work = 552K. You dont need 10 weeks off if you're doing locums and not staying late or doing call.
Add in 5 hours of overtime per week = 1500/ week extra = $ 69K (VERY CONSERVATIVE)
Total income 1099 = $621 K.
We paid a locums doc who came out of retirement to help us @ $350/hour for 7-3 shift for 3 months for basic cases from December ti February. So...Its real...
No call, no weekends. Combo of doing your own cases and medical direction/supervision. Whatever they want. 6 am starts - sure why not.
Alternatively, you can do 4 x 10s and get a similar annual compensation. I would probably do that when I slow down...take Wednesdays off for example. And if you set up your LLC correctly and have a good accountant who does your bookkeeping, its hard to go back to W2 only. The benefits of being self employed are immense. Write off all expenses, gas, lease, etc...Combo of W2 and 1099 is best in my opinion given health insurance cost, and thats what I have as my wife is a home maker. But when she goes back to work, I'm doing 1099 only.
Many locums guys make much more than these numbers by the way. I didnt even mention weekends, esp OB weekend call.
However, the key is to find reliable and solid groups to work with. Don't nickel and dime people. Be respectful and on time and give them a good notice to cover. Finish the last case if needed, etc etc. This is how you build a good reputation. Its not *just* about money.
Rates vary between 250-350 in my market, but generally, if you're paying for your own malpractice, you can get $300/hour. Overtime is extra, but I dont charge additional OT rate - i just do straight $300 or thereabouts. I keep it simple. I don't charge travel, lodging, meals etc...I can and maybe I will down the road, but it's not a deal breaker for me.