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Tax tips for locum tenens physicians

Although it is only January, April 15 will be here before you know it. Physicians who practice locum tenens are independent contractors and, as such, have certain financial opportunities and responsibilities related to their tax status. Here are six ways to reduce stress and help you save on taxes when it is time to file your returns.

KEEP GOOD EXPENSE RECORDS

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Reduce your carbon footprint on the road

There is no shortage of information available today about how to "go green" and reduce your carbon footprint. At home, many people take steps toward this effort by adjusting the thermostat, recycling, combining errands to save gas, or buying locally grown food. But what can you do while traveling to and from locum tenens engagements, and practicing in unfamiliar surroundings? Plenty.

Before you leave home. If your house will be empty while you are away, unplug electronics, put your water heater on the lowest possible setting, adjust thermostats to a "protect the home" level, and suspend newspaper delivery. Do you prefer to prepare your own meals while on location? Then, use the Internet or call ahead to find out where to buy local produce and other goods.

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From NALTO: Managing student loan debt

According to the Association of American Medical Colleges, the average debt for a 2008 medical school graduate is $139,517, and more than 75% of graduates have debt in excess of $100,000. These figures are comparable to a home mortgage in some parts of the country. This enormous debt can be daunting, especially considering that a physician does not begin earning (residency salary aside) until his or her late 20s or even early-to-mid 30s.

Doctors often want to pay off student loans as quickly as possible, but investment executive Joe Potosky of MV Financial Group in Bethesda, Maryland, ( http://www.mvfgroup.com/) says they should approach debt management strategically. "People get psychologically attached to accomplishing an objective that may not be the most sound," says Potosky. "Don't let your emotions get in the way of a good business decision."

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Volunteer opportunities for locum tenens physicians

A sizeable percentage of physicians are altruistic by nature and give of themselves—professionally and personally—in various ways throughout their careers. Locum tenens practitioners are in a unique position to take part in volunteer opportunities because they have such flexible schedules. In this article, we explore how you can volunteer at home, away from home, and even during your locum tenens engagements.

As a physician who is away from home for weeks or months at a time, serving on a community board that meets every fourth Wednesday or being a scout troop leader may not be practical. Instead, seek out one-time and short-term volunteer opportunities in your hometown. Go door-to-door or stuff envelopes on behalf of your favorite political candidate. Volunteer to chaperone (and be in charge of cuts, scrapes, and bug bites) for a youth group's weekend camping trip. Sign up to staff the first aid tent at local charity walk/run/ bike events. All of these activities are great ways to meet new people, stay connected in your community, and do a good turn for others.

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How to manage home life while traveling

Physicians who travel regularly for locum tenens engagements have the process of leaving home and returning again down to a science. One important factor to handling home affairs while away is knowing that everything is in order—although the definition of "in order" may vary, depending on the physician. If you are single and live in an apartment, arranging for someone to collect your mail may be all you need to do before beginning your engagement. If, on the other hand, you are leaving a spouse, children, a hundred-year-old house, and several pets behind, a bit more planning may be required. Here are a few ideas that should help you leave for your next opportunity with relative ease.

An ounce of prevention.
If you leave your home unattended while away, make preventive maintenance a high priority. The last thing you need upon returning home from a long trip is to find that the air conditioner no longer cools the house or that the roof or a toilet has been leaking.

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From training to locum tenens practice: Myths and realities

Are you a resident or fellow about to complete training? Not yet sure where you want to settle down? Waiting for a new job to start and looking to generate income and gain valuable experience in the interim? Locum tenens may be your answer. Consider these common myths and realities to find out more about this practice alternative.

MYTH: LOCUM TENENS INVOLVES TOO MUCH PAPERWORK.

Reality: It is true that, in most cases, you must secure a medical license for each state in which you practice, and you will likely need hospital privileges as well. These formalities need not be daunting if you give yourself enough lead time. Start by speaking with a recruiter at a reputable locum tenens agency. Companies have full-time staff members who will guide you every step of the way and even do some of the paperwork for you. Online credentials verification resources make the process easier than ever, but the sooner you get started the better. Some states (California, for example) tend not to rush when it comes to processing medical license applications. The bottom line is, yes, there is paperwork involved– but you will have support from your recruiter to get it all squared away.

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Q&A: Common questions about locum tenens pay rates

Few among us would work without fair compensation, no matter how much we loved our jobs. Physicians who practice locum tenens on either a part-time of full-time basis are naturally interested in earning potential. In this article, we answer some of the most commonly asked questions about pay rates.

Q: HOW ARE PAY RATES DETERMINED?

A: Think back to Economics 101 where you learned about supply and demand. Pay rates for locum tenens physicians – who typically work as independent contractors and are matched to assignments by staffing agencies – are very much market driven. When there is a higher demand for, say, anesthesiologists than there are anesthesiologists to fill positions around the country (or in a particular geographic area), these physicians will command a higher rate than they would if they were in an oversupply situation. Pay rates may vary somewhat by location (i.e., you may earn more practicing in a remote community), but overall specialty demand tends to trump geography. Rates may be higher in practice settings where patient volume is above average, or where a position has been vacant for a long period of time.

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Why choose locum tenens?

To answer the question, "Why choose locum tenens" requires first addressing the question of who practices locum tenens as either a full-time career or on a part-time or occasional basis. In this article, we break the who question into five categories, each one followed by answers to the why question.

Just out of training

Doctors fresh out of residency or fellowship who have yet to decide where they want to settle down find that locum tenens offers an excellent opportunity to explore different areas of the country. Like the idea of living in Montana but not sure how you would handle the winters? With locum tenens, you can find out firsthand.

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The benefits of moving from locum tenens to a permanent position

The interview went great. Your potential new partners were friendly and eager to show you the best of everything - within the practice, at the hospital, and in the community. You were entertained at fine restaurants. A chatty real estate agent drove you around town while boasting about the quality of the schools, the fabulous amenities in the community, and the great climate. You accept the position and 6 months later realize that the practice is on shaky ground financially, your partners are not highly thought of within the medical community, the school board is more dysfunctional than your cousin Leonard's family, and it has not stopped raining since you arrived. If I had only known, you think to yourself.

It is not uncommon for physicians, particularly young professionals, to take a first job (and even a second or third) only to find themselves disillusioned after a relatively short period of time. The reasons may be specific, or it may simply be that the practice was not a "good fit." Jumping too quickly into a permanent job is an understandable mistake, especially for doctors just out of training who are eager to get settled and start earning a living. But even mid-career physicians can be seduced into positions that turn out to be disappointing.

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