The license thing is true although 10 months for a simple, first license seems a little dramatic. Assume it will take 2-4 months from start to finish though.
Malpractice is a much more variable situation. I have had 4 different moonlighting gigs. Two of them at my residency institution where I'm covered by the institutional policy. One of them was at a managed care organization hospital where I was included on their standard policy, including tail coverage. The other was at an LTAC with a similar policy. But yes, there are plenty of gigs where you do need your own malpractice coverage, but certainly not all of them.
As for rate of pay:
- University hospitalist service: $65/hr (started off cush, then they changes the admitting pattern and it started sucking pretty hard...I quit signing up for shifts shortly after that)
- University BMT/Onc service: $85-95/hr with $200/shift holiday bonus (works out to $110/h on those days)...can be easy or brutal.
Managed Care Hospitalist service: $100/hr. Constant admitting churn...I admitted 14 patients in one 12 hour shift. I didn't go back after that.
- LTAC: $50/hr for residents, $90/hr for BC physicians. I did a few shifts as a resident. It was easy but didn't pay enough for the hassle.
The best moonlighting pay I'm personally aware of was a friend of mine who moonlighted as an anesthesiologist at a rural hospital in Illinois while she was doing her pain fellowship in Chicago. She worked 1 weekend a month (7a Saturday - 7a Monday) and made $8K/weekend. Usually did a case or two each day, a few OB cases (it was a <100 bed hospital) and generally slept and watched movies.