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If your goals include: money and getting paid on a per hour basis, or shift work, and you do not care about working 70 - 80 hours a week, I don't see why EM isn't more popular. To me it seems like the best specialty to rake the money in.
Why EM? An EM doc working locum tenens, and perhaps some other form of local shift work (to switch up what gets taxed in what manner, 1099, W2 etc.) could net 700k-800k/year. How? There is locums work available that pays 250+, sometimes 300+/hr. Working 22 12 hour shifts a month, that only comes out to 66 hours/week; 700k is possible. The only caveat is that the contracts are short, so you will need to switch your work place a lot. Living a nomadic lifestyle. Moreover EM is not a long/grueling residency, it's not as competitive as say derm or some surgical specialty, you can pay your loans off faster, no need to do research in medical school, there is an EM "shortage" right now, etc.
To be honest, after reading all of these figures I struggle to understand why more people don't opt for this, working for half a year and making just as much as other docs do, while taking the rest of the year off to do whatever you want sounds pretty great to me. Being able to work less shifts than a resident, say 17/month and being able to pay off your loans in one year sounds great to me. An extra five years of living like a resident and you could essentially retire at age 35. Why isn't this option more popular? Is it because of the lack of family time?
Some fun quotes and threads:
http://forums.studentdoctor.net/threads/locum-tenens-forever.1111083/
http://forums.studentdoctor.net/threads/economics-of-outrageous-locum-tenens-hourly-rates.1116746/
Why EM? An EM doc working locum tenens, and perhaps some other form of local shift work (to switch up what gets taxed in what manner, 1099, W2 etc.) could net 700k-800k/year. How? There is locums work available that pays 250+, sometimes 300+/hr. Working 22 12 hour shifts a month, that only comes out to 66 hours/week; 700k is possible. The only caveat is that the contracts are short, so you will need to switch your work place a lot. Living a nomadic lifestyle. Moreover EM is not a long/grueling residency, it's not as competitive as say derm or some surgical specialty, you can pay your loans off faster, no need to do research in medical school, there is an EM "shortage" right now, etc.
To be honest, after reading all of these figures I struggle to understand why more people don't opt for this, working for half a year and making just as much as other docs do, while taking the rest of the year off to do whatever you want sounds pretty great to me. Being able to work less shifts than a resident, say 17/month and being able to pay off your loans in one year sounds great to me. An extra five years of living like a resident and you could essentially retire at age 35. Why isn't this option more popular? Is it because of the lack of family time?
Some fun quotes and threads:
http://forums.studentdoctor.net/threads/locum-tenens-forever.1111083/
http://forums.studentdoctor.net/threads/economics-of-outrageous-locum-tenens-hourly-rates.1116746/
EM Locums is not too difficult. It will require travel away from where you are living. It will require flexibility. But you can make more money doing less shift working with a group.
Taking away Benefits, i would make as much doing 5 locums shifts as I do working 14 in my group.
Not a bad way to live. I know some who works alot as locums and make 750K. i know some who make 300k Doing locums and take 1/2 of the year off.
There is just not the same certainty and you never know how long the high pay will last..
Not Hard at all.
I have started doing some Locums and the money can be crazy. For 2015, I will make alittle north of 100K doing 2 shifts a month.
I have a friend who is killing himself at 22-24 shifts a month and he will pull in close to $1 mil at $300/hr. Yeah it sucks and I am sure he will be burned out soon but he is raking it in. But doing 17 shifts a month is doable and you will still pull in north of 700K.
I would never do 17 shifts a month b/c I have family and kids are important. But if you are single, want to make money as the going is good, why not. Pretend you are a resident for another 5 yr and make over 700K. When I was a resident, I worked 20 shifts a month and still had to go to meetings and lectures, read at night, do EMS runs, etc.
As a resident I would have killed to work 17 shifts a month.
No way to predict the future. Never pick a field when you are a med student b/c of finances. Todays EM could be tomorrows Pathology.
Speaking of now, there are many options to do well financially. I can only speak for the south but
300/hr is not difficult to find. Sure these places are not well staffed and specialists may be lax. It may sound scary but its really no biggie.
Locums are plenitful. You can work 10 dys a month and make 500K/yr. I know people who work 15/month for 3 months and take 3 months off for a long vacation.
As I am married with kids, my choices to do locums is less. I still try to do 1-2 shifts a month and make as much in 1 shift as i do in 3 shift at my current job. If things stay good with locums, i see myself going full locums in 3-5 yrs when kids are older. I can make my own schedule, work when I want. take all holidays off. Work only mornings if I want. I realize that I have to deal with the uncertainty of not having a secure job but hopefully in 3-5 yrs, My home will be paid off and have 1-2 Mil in retirement. travels would suck but i would work 4-8 dys a month which is bearable. I have my foot in the door so even if they stop paying such high rates, my contract is still signed.
If i just left residency and had nothing to hold me down to one place, i would do locums. Work really hard for 1-2 yrs. Save up/pay off loans. Then do 10dys/month and travel around the world.
I definitely miss this forum a lot! I was even able to get just enough internet at at the far ends of the Earth to read this thread and post. Currently I'm sitting in Abu Dhabi on my way to London.
My lifestyle has definitely improved since doing locum tenans full time. Whereas I used to work 18-20 shifts per month before, I now work 12, and with the bump in hourly still make more money. I also make my own schedule and work when I want and how often I want.
Fellow Emergency Physicians, join me and break our shackles of CMG bondage! They've decided to commoditize us, so we should return the favor. Yes we're commodities, and the going rate is $300/hour, not the $150/hour they used to pay me after deducting "administrative fees". Make them compete for our warm bodies to fill their Sh*tty contracts! Hell, there's no reason we can't make it $500/hour if we are smart.
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