How Locum Tenens Offers the Benefits of Owning Your Own Practice
The appeal of independence, flexibility, and patient-centered care that comes with owning your own private practice is undeniable for some physicians and advanced practitioners. Nonetheless, establishing and maintaining a private practice can be overwhelming, with a heavy focus on profit margins and overhead on the business side. Thankfully, locum tenens work offers the similarities of owning your own private practice while avoiding the challenges and commitments associated with ownership.
Many physicians and advanced practitioners decide to open their own practice to be their own boss and have increased flexibility within their schedules. However, owning a private practice often requires long hours and significant administrative responsibilities, making achieving their desired work-life balance difficult. Locum tenens physicians, and advanced practitioners get to control their schedules, rates, and workload without the added stress of managing a private practice. Locum tenens physicians and advanced practitioners do not have to worry about the administrative responsibilities of owning a private practice; they can focus solely on what they do best - providing quality patient care.
Bureaucratic and administrative tasks are some of the leading causes of burnout for physicians and advanced practitioners. When owning a private practice, you are responsible for all administrative and bureaucratic tasks to ensure your practice's smooth operation and management. These tasks include staff and financial management, maintaining medical records, patient satisfaction, billing and coding, and many others, making burnout for private practice owners increasingly prevalent. When you work locum tenens, your primary focus is patient care without the added stress of administrative and bureaucratic tasks. Your only required paperwork is documenting the patients you see throughout your shift. Daily administrative or bureaucratic tasks related to running a private practice are not a concern for locum tenens healthcare providers. With fewer bureaucratic and administrative tasks, locum tenens are less likely to experience burnout than private practice owners.
Private practice owners have a multifaceted impact on their communities. They play a significant role in community health, creating relationships, and are experts in their area. Locum tenens physicians, and advanced practitioners ensure rural or short-staffed communities have access to timely and quality medical care. Locum tenens bring fresh perspectives to each community they support due to their range of clinical experiences and skill sets. Locum tenens have the expertise needed to adapt to diverse patient groups, enhancing their ability to provide patient-centered care and tailor treatments to each patient's unique clinical needs.
The Potential for Higher Income
The income structure for private practice physicians and advanced practitioners differs, yet each has the potential for higher incomes than that of full-time W-2 employees. Private practice owners can make a higher income based directly on the financial success of their business. However, the average cost of opening a private practice ranges from $70,000 to $100,000, which can be a significant financial burden for many physicians and advanced practitioners, especially those just starting their careers. When working as a locum tenens physician or advanced practitioner, you work on a contract basis, which often allows for higher hourly rates and the ability to work additional shifts or hours. In addition, locum tenens physicians, and advanced practitioners can choose to work in areas that offer higher hourly rates.
Medicus Is Here to Help
Partnering with Medicus can bridge the gap between locum tenens work and owning your own private practice. Medicus offers a team of dedicated professionals behind you, ready to intervene and ensure your satisfaction so you can focus on delivering patient-centered care. Medicus helps streamline the credentialing and licensing process, contract management, malpractice coverage, travel arrangements, and more! While it is not identical to owning a private practice, Medicus offers the support and resources to make locum tenens work feel empowering and fulfilling, mirroring the benefits of private practice ownership without the added responsibilities and risks.
Interested in a career as a Medicus locum tenens? Fill out the form below to get in touch with a Medicus recruiter.