Locum Tenens Uncovered: Insights From Industry Expert Corey Kleinschmidt (Part 2) Wealth Planning For The Modern Physician podcast

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Locum Tenens Uncovered: Insights from Industry Expert Corey Kleinschmidt (Part 2)

4d ago 35:28

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In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space.

The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.

Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.

Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.

KEY INSIGHTS:

The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
Many physicians form LLCs to optimize tax deductions and liability protection.
Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

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