Unlike other healthcare professionals who earn a consistent salary, travel doctors are independent contractors and pay their own taxes. The amount you make will vary depending on the cost of living in the city or area where your assignment is located, and the taxes you’ll owe can be quite different. For this reason, it’s important to have a clear idea of your budget before accepting any locum assignments.
As a general rule, more experienced physicians tend to make a higher income than newer physician-employees. This is because physicians with years of experience have developed a stronger understanding of the medical field and can diagnose illnesses more quickly and efficiently. They’ll also have a greater earning potential as a result of their years of expertise, with bonuses and commissions often boosting their overall compensation package.
The average annual salary for a traveling doctor is $105,968. This number varies based on the location, specialty, and type of institution. In some cases, the earnings of a traveling doctor can reach six figures if they work in a field like oncology or pediatrics.
Physicians are often employed as part of a private practice or by hospitals and medical groups. This means that they get regular paychecks and job security, but this doesn’t necessarily mean that they earn the highest salaries. In fact, a travel doctor may earn more than a full-time employed physician in some cities, especially if they are located in an area with a high cost of living.