Locum tenens cost comparison calculator
How much does it cost to hire a locum tenens physician? How much does it cost you to not hire a locum tenens physician? Our calculator can help you realize the ROI of locum tenens as part of your business strategy.
Use the dropdown menu below to select your state and the type of specialist you’re looking to hire to compare the cost of hiring a permanent physician, the cost of hiring a locum tenens physician, and what you’re costing your facility by leaving a gap in your organization. You can see just how much you’re losing by not utilizing a locum tenens physician while searching for a permanent one, or just how much uncollected revenue you’re leaving on the table by not opening the new service line you’ve been considering with locum tenens.
Select a specialty and state
Select a specialty and state from the dropdowns to see data on cost comparison
Compare the costs for hiring Physicians in
Uncollected revenue in unfilled position
Cost to hire a locum tenens physician
Cost to hire a permanent physician
A note about this tool
This tool is designed to help healthcare organizations compare the true costs of employing physicians full-time versus using locum tenens physicians as part of their overall staffing plan. It details the revenue you’d be leaving on the table if you don’t use a locum tenens physician while searching for a permanent placement.
Here’s how these numbers were calculated
Other than hourly rates, hotel and car costs, which were acquired from the LocumTenens.com accounting department and teams, all other figures were acquired through secondary research, and are detailed below. Most of these are average nationwide rates, so wide variances will occur on things such as airfare.
The permanent salary, gross charges, retirement benefits and signing bonus data were derived from a recent physician compensation report from the Medical Group Management Association (MGMA). MGMA is one of the leaders in benchmarking data for U.S. medical practices. The 2017 report represents 147,000 providers in a variety of specialties.
Permanent numbers include:
- Annual Salary (2017 MGMA DataDive Provider Compensation Survey Report)
- Tax (FICA Taxes [Social Security & Medicare])
- Benefits (BU.S. Department of Labor: Bureau of Labor Statistics)
- Retirement (2017 MGMA DataDive Provider Compensation Survey Report)
- Placement Fee (Association of Staff Physician Recruiters)
- Signing Bonus (2017 MGMA DataDive Provider Compensation Survey Report)
- Licensing (Federation of State Medical Boards)
- CME (Accreditation Council for Continuing Medical Education)
- Workers Comp (MedPro market rates)
- Malpractice Insurance (CNA Insurance Companies general rates)
- Relocation (2017 Sullivan Cotter Benefits Practices in Hospitals and Health Systems Survey Report)
Locum tenens numbers include:
- Rate (LocumTenens.com)
- Travel (LocumTenens.com average cost of 10 round-trip airline tickets)
- Housing (LocumTenens.com)
- Car (LocumTenens.com)
- Malpractice Insurance (National Council on Compensation Insurance workers compensation rates)