It’s reasonable to ask how much an anesthesiologist makes who is working on an independent contract. The same goes for the W-2 employees who also enjoy compensation with a salary.
Certified Registered Nurse Anesthetists (CRNAs) are some of the highest-paid advanced nurse practitioners in the U.S. But is it really beneficial if you go locum tenens? This guide is to inform you about the average pay of an anesthesiologist, what factors influence compensation in salary, and how you can negotiate higher hourly rates as a locum tenens anesthesiologist.
Why Anesthesia Providers Are in High Demand
There is a rapidly growing demand for both physician anesthesiologists and CRNAs in the U.S., and there are certain factors contributing to it. An aging population requires more surgical care, increasing the demand for many surgical procedures across the nation. The retirement of experienced anesthesia providers is also contributing to a shortage of providers, further increasing their demand. Additionally, there are other opportunities in medical practice, and a lower ratio of anesthesia professionals is being generated by educational programs currently to meet the growing demand.
The Growing Role of Locum Tenens in Anesthesia
Locum tenens is a Latin phrase and literally means “to hold the place”. It is shortly referred to as Locum. Recently, healthcare has witnessed an increasing trend of locum tenens providers in several fields, and anesthesiology is a major target. Facilities and hospitals consult locum anesthesia staffing agencies to find suitable anesthesia locums for their service to fill the staffing gap and fulfill urgent demand. It’s a win-win for both parties as the facility gets a chance to hire a professional, certified, and experienced anesthesia provider without waiting for the months that the traditional hiring procedure takes, and the provider gets job opportunities at good hourly rates. Additionally, providers have more control over the time they allocate, the services they offer, and the additional compensation they can request such lodging and per diem. This ensures a better work-life balance. But working as a locum tenens for anesthesia has its pros and cons.
Locum Tenens Anesthesiologist Salary
Typical Hourly and Yearly Salary Rates
The anesthesiologist’s pay per hour depends on several factors, some of which we have discussed later. But the average hourly wage for an anesthesiologist in the U.S. is around $275 to $400 per hour, while CRNAs typically earn $125 to $200 per hour, and much more if either are working as locum tenens.
Their yearly pay ranges from $436,640 for an anesthesiologist to $223,210 for a Certified Registered Nurse Anesthetist (CRNA). The difference in pay is due to several factors, one being the current hierarchical system present in medicine. However, there is often a great demand and higher hourly pay rates for CRNAs in rural communities. No state specifically requires supervision by an anesthesiologist, as any MD can serve as a supervising physician in states that actually require CRNA supervision.
How Locum Pay Compares to Salaried Positions
Anesthesia locum rates are usually higher because of an independent contract. The 1099 contract in the U.S. does not include benefits for permanent employees, such as retirement plans, health insurance, and social security. That is why a locum anesthesiologist’s salary is higher than that of providers working as W-2 employees. Locum tenens CRNAs’ pay can exceed $275-$325 per hour.
Key Factors That Influence Locum Tenens Anesthetist Compensation
Location and Cost of Living
The area where you practice your services can significantly impact your pay and expenses. In rural areas, facilities usually offer better pay, and the cost of living is also lower. Facilities often face challenges in hiring anesthesia providers in rural communities. Therefore, they attempt to offer higher hourly wages, and some facilities or contractors even provide housing or rental compensation. Urban areas tend to offer average wages.
Provider Experience, Skills, and Subspecialties
Your expertise, work background, and specialities can add a great amount of weight to your CV. Providers with work experience in diverse settings and different facilities are often paid more and are in great demand. A provider with subspecialty training in cardiac or pediatric anesthesia will enjoy a premium anesthesiologist hourly rate.
Facility Type (Hospital, ASC, Rural vs. Urban)
When the facility differs, so does the anesthesiologists’ pay per hour. Facilities in urban areas offer competitive prices. However, facilities in rural areas offer better salaries for anesthesia providers and CRNAs to travel, adapt, and, many times, provide solo care. Additionally, it also depends on the type of facility you are working with. There may be large variances from facility to facility based on case loads and types, working environment, and difficulty of staffing. Trauma centres or high-acuity hospitals often offer premium pay due to the intensity of the workload.
Shift Type, Call Requirements, and Urgency
Working day or night can also impact your hourly wage, with night calls commanding more pay. As a locum tenens anesthesiologist, many times you will often have more control over your preferred shifts and call requirements. Health care facilities are typically willing to bend on these factors to get needed help in the door. Additionally, locums are hired during staffing shortages or when their services are urgently needed for increased surgical volumes. So, the provider can demand more bucks than the regular wage rate.
Additional Benefits Locum Anesthetists Receive
Apart from the regular wage, providers often receive some other benefits as compensation, but it depends on what the contractor needs and/or the facility is willing to provide them for their services.
- Travel and Housing Allowances: Some facilities may offer to bear your travel costs and housing rent. Hospitals often have separate housing colonies or apartments, allowing locum anesthetists who live in other cities to reside there.
- Malpractice Insurance Coverage: Malpractice insurance is crucial, especially for anesthesia providers, and it may be provided for some independent contractors. But it is an additional benefit, not confirmed.
- Licensing and Credentialing Support: Locum CRNA providers travel in different states, and they require state licences to practice their services. Some facilities or locum tenens agencies handle license costs and filing to ensure quick availability.
Strategies to Maximize Your Locum Tenens Income
Negotiating Compensation Packages
The locum anesthesia compensation package can be improved. Locums do not get employee-provided benefits, so they can negotiate higher hourly rates. Additionally, they can charge more depending on the assignment’s type, work hours needed, and the services they will deliver. On a collective basis, locums can negotiate higher wages than W-2 fully employed providers.
Partnering with Reputable Staffing Agencies
A reputable locum tenens anesthesia staffing agency, like 1MAC Anesthesia, helps you to register as an anesthesia provider and browse marketplaces to find high-paying locum anesthesia jobs. Whether you plan to work as a 1099 contractor, locum tenens, or full-time W-2 employee, 1MAC Anesthesia provides unmatched opportunities to you based on your expertise and needs.
Staying Flexible and Open to Opportunities
A single contract may not be beneficial. To balance your income and earn some extra bucks, you should always be open to better opportunities by staying flexible. Being willing to work in a rural area, do night shifts, or serve in bustling facilities can maximize your earning potential as a locum anesthesiologist.
Is Locum Tenens the Right Path for Anesthesia Providers?
As an anesthesiologist, you can already earn a decent amount of money. However, for CRNAs, there is a great opportunity to explore, increase the experience on your CV, and earn more. People near retirement can benefit significantly by working as a locum tenens and deciding how much they will work for a facility. Plus, it allows a great work-life balance. You can even enjoy travelling to different states as you earn.
For professionals searching for locum anesthesiology jobs, 1MAC is the right platform. We connect providers and facilities to ensure continued contracting opportunities for providers and unbroken surgical services for facilities. Facilities can partner with us to develop a robust staffing contingency plan, preventing staffing shortages and delayed surgeries.
Register as a provider, and you will get the right tools to showcase your skills and availability to facilities and find the right opportunities without delays.
