Remember, agencies must still pay their internal workers and cover all costs of business with the gross profit. One of the biggest benefits of travel nursing … I hope this helps! The following items are examples of burdens. If you increase the size of one piece, by default you are decreasing the size of another. We’re glad to hear the information is useful. You can ask for the bill rate. Now let’s take a look at some of the costs associated with travel nursing contracts that take place behind the scenes. I grew up in the northeast but enjoy every corner of the country. They report gross profits of 80%+ and net profits of 3%-6%. Use the search option in the navbar. For some reason, there is a tendency for travelers to think that agencies are “making money off of them”. Your total NET (take home) travel nurse pay each week would be $1962. This video seems to be particularly useful to new travelers. There may not be a pay differential between shifts, but many hospitals only have night shifts available. Now, everyone has probably heard the term “profit margin” or “gross profit margin”. Travel Nurse Pay Breakdown. . The money isn’t unlimited, but you should advocate for what you deserve! In this example, we’ll use a bill rate of $70 per hour. Next, let’s take a look at the payroll costs the agency will incur. That said, I don’t have a blog post specifically for this topic, but I’ll work on one (thanks for the idea!). We’ll also assume that the travel nurse is going to take the agency’s medical insurance. We typically wouldn’t require a permanent employer to let us know how much revenue they were generating off of us. So your GROSS (before taxes) weekly pay will be $2160 per week. Understanding the pay package in this light is highly beneficial for travel nurses. So, at this point, we have the following details: Total anticipated revenue: $32,760 (468*$70). We’ve also provided details on how best to compare travel nursing pay packages. In our example, this would mean the agency’s gross profit margin is 21.4%. We begin with the “taxable base rate”. The important thing to understand for this article is that paying higher taxable base rates increases the payroll costs that the agency incurs. The easiest way to manage your travel nursing career. Overtime is not always common as a travel nurse, but you should know in advance what the rate is for extra hours. We hope that travel nurses can use this information to help them negotiate better pay packages. Now we’re left with the tax-free reimbursements and benefits that the agency can potentially provide. This is important because different contracts have different time variables. Some companies consider the entire bill rate to be their revenue. All travel nursing pay packages begin with the bill rate. Travel Nursing – Is It Worth It Without a Tax Home? One benefit for travel nurses that is real is the housing. The main difference is in how they treat “Revenue”. Remember, agencies bill hospitals by the hour. Research salaries in your cities of interest with NurseFly. A blended rate combines an hourly taxable wage such as $20 an hour with your non-taxable reimbursements and stipends to give you a higher hourly rate. How do I obtain housing, do I drive my own car? Be ready to negotiate pay and have a hard limit for what you are willing to accept and not accept. You would multiply the hourly rate after taxes by the number of hours worked each week to figure out your NET income as a travel nurse. Agencies have some flexibility in how the money you receive is distributed, but travel nursing pay is often compared to a cake or pie. Moreover, some contracts, like those in California, pay overtime after 8 hours are worked in a day. Or, risk being audited and having to pay back the government for the tax-free stipends, along with other fees. It takes some shuffling of pay rates and numerous negotiations, but I am confident you will settle on the travel nurse pay package that is right for you. There are several types of Vendor Management Services, but they all charge a fee to agencies. You can always ask if there are opportunities for overtime in your interview with the facility and try to negotiate the OT rate before signing. Travel Nursing – Is It Worth It Without a Tax Home? Always try to take the majority of your money as tax-free stipends. I have been a critical care nurse since 2007. The Hospital Corporation of America is a publicly traded hospital company. This is a very common bill rate in many parts of the country in the current job market (2018). Be adaptable and be realistic about where you are willing to accept a job. We started with a bill rate of $70 per hour. Additionally, we’re going to use standard overtime rules in this example. You can get it by joining BluePipes through this link. As such, I will not be eligible for most Tax Advantage Plans, which typically include meals and incidental expenses. Here are a couple of articles that might help too: Negotiating Tips for Travel Nurses A company’s gross profit margin is calculated as follows: Different travel nursing companies actually calculate this in different ways. If you’ve already joined then you can get it by logging in and going to bluepipes.com/ebook. Non-billable orientation: $560 (8 hours*$70) = $1.20 per hour (560/468), Vendor Management fee: $2.10 per hour (.03*70), Liability Insurance: $1.18 per hour (550/468), Compliance: $300 = $.64 per hour ($300/468). Therefore, this example would be a decent rate for the travel nurse. Therefore, if an agency pays a taxable base rate of $10 per hour, then they incur 76.5 cents in FICA costs per hour. Travel Nursing Overtime Pay Video This cost varies depending on what’s involved. Create your free Travel Nursing Resume on BluePipes! If you opt to take agency provided housing you will NOT get any sort of housing stipend, and still have a very low taxable hourly wage. Travel nursing pay is often based on demand for nurses, and travel nurses need to decide if you are willing to be flexible with pay if your heart is set on specific locations. The best way to know whether or not you’re getting a good deal is to compare offers from multiple agencies. So the burdens we use in our example may not be used by all agencies. This means, you will take home $45-$48 per hour on the example $60/hour rate. I think it’s best to view it like any other job. 36 hours per week, “Base Rate” (taxable wages) $22/hour, Weekly stipends $1368. Filed under For Career Seekers, For the Workforce, Return to the Workforce. Sometimes hospitals charge agencies a billing fee. If you use the 25% tax rate, that means $198 will be deducted from your base pay. Travel nursing agencies typically strive to obtain gross profit margins between 20% and 25%. However, we will be accounting for all costs so our calculations will ultimately end up in the same place. As a result, they’ll be better able to spot good deals versus bad and ultimately end up making more money!! We actually have a free eBook on negotiating. When travel nursing companies advertise pay rates, they will often tell you a blended rate. Now let’s subtract each of the compensation variables from the remaining $62.21 to see what the agency is left with. While this is an unconventional approach, it will provide a clear illustration.
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