Working as an anesthesia provider isn’t only limited to being a full-time employee at one facility. Locum tenens positions offer valuable opportunities to travel, try new work environments, build professional skills, and earn higher pay.
Most locum tenens providers work for employers as 1099 contractors, not W-2 employees, which may be unfamiliar territory for you. But don’t let this stop you from exploring locum jobs that interest you. Once you understand the basics of practicing as an independent contractor vs. a full-time employee, you will be able to make informed decisions about the next steps in your career.
Here are three important things to consider before you make this transition:
1. Freedom & Flexibility
As a 1099 contractor, you have access to a greater variety of workplaces than as a W-2 employee. You have more control over factors like your location, responsibilities, and schedule when you aren’t tied to one full-time employer.
This freedom gives you the ability to “test-drive” a workplace or city, or take on roles with different sets of responsibilities, without a long-term commitment. You could take a locum position for a few months to see if it’s a good fit, then decide whether you want to extend or make a change. Since the demand for contractors is so high, you can design your schedule with more flexibility and add shifts that suit your preferences.
2. Health Insurance & Other Benefits
While you no longer receive full-time benefits from an employer as an independent contractor, you do have greater choice when it comes to health coverage. You can select coverage that best fits your situation and budget. Do some research on different plans — including full-coverage plans from major insurers, basic health and accident plans, individual plans on the Health Insurance Marketplace, or coverage through a partner’s job. Compare monthly premiums, deductibles, and benefit details before making a decision.
Other tools and discounts and savings are available specifically for independent contractors — including savings on travel, entertainment, hotel stays, and more.
3. Financial Planning & Taxes
Financial planning and paying taxes as an independent contractor can be slightly more complicated than as a full-time employee, but you may also have increased earning potential. Prioritizing your finances from the beginning will help you make more confident and educated decisions with your money.
Talk to a financial advisor and an accountant for expert advice. Ask about the best strategies to separate your personal and business expenses, allocate money for savings and investments, and pay quarterly taxes without penalties. And good news is, as an independent contractor, you could potentially pay less in income taxes overall, meaning more money in the bank for you.
Most importantly, Radar is here to support you on your contractor journey. All providers who take a job placed by Radar will have access to a comprehensive benefits program including health coverage options, tax support, financial planning support, and other tools and discounts designed specifically to make successful contractors.
Contact Radar Healthcare to speak with one of our recruiters.
