I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
As providers looking to start their own independent practice, leveraging locums (also referred to as locum tenens) is one option that new residents and physiatrists in practice have available to generate start-up money.
Though locums are a great option to generate revenue to start your new independent practice, they tend to be overlooked, not fully appreciated, and often viewed as a last resort. Most people search for independent practices or employee positions when looking for jobs. Locums, on the other hand, are rent-a-docs. They are substitutes, filling in for other physicians while they’re away. Because locums aren’t permanent positions but rather transient, the option is often and unfortunately looked down on.
When executed correctly, the benefits of locums are endless.
Chiefly, locums allow you to:
- pick your own schedule while still generating a fair amount of revenue
- practice within your scope while making money with little to no overhead—basically with no overhead
- obtain medical licensure in different states at the expense of the locum’s company, thus saving you money that can be spent on setting up your practice
Ideally, you could work a locum’s assignment for anywhere from 1-3 months and generate enough revenue to completely cover the initial start-up costs for forming your new independent practice. In turn, this eliminates a lot of headaches, strain, and uncertainty around where you would otherwise acquire the funds to establish your new practice.
Locums are a highly valuable strategy to utilize in generating revenue to build your independent practice without making a huge time commitment. By leveraging a locum’s company to provide you with insurance, medical licensure, experience, and funds to build and start your own practice, you put yourself in a position to minimize debt and build wealth.
For more practice tips, check out my FREE video course on building a highly profitable medical practice in as little as 90 days at http://www.sixtytosuccess.com.
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.