Pay packages for traveling nurses are quite intricate. They include a lot of variables that are not typically included in standard compensation packages. A general overview of how agencies view their pay packages including all agency-related costs will be provided in this article. We hope that this information will assist travel nurses in negotiating better pay packages.
The bill rate serves as the foundation for all travel nursing pay packages. The travel nurse's weekly pay is the bill rate that an agency can charge the hospital for their services. Rates for bills vary from contract to contract and from hospital to hospital. In addition, it is essential to keep in mind that bill rates fluctuate according to market conditions. When the market is hot and there is a lot of demand for travelers, for instance, bill rates are much higher.
In addition to the bill rate, we must also take into account the "time variables" in the Travel Nursing Contract. In particular, we want to take a gander at the number of contracted hours, weekly pay, and the number of weeks in the agreement. Because different contracts have different time variables, this is important. For instance, some contracts call for 40 hours per week while others call for 36 hours per week before making weekly pay. Besides, a few agreements, similar to those in California, compensate double time following 8 hours worked in a day.
Presently we should investigate a portion of the expenses related to movement nursing gets that occur in the background. The term "burdens" is commonly used to describe these costs. The agency has incurred these expenses because of the contract and pay package.
Costs are classified and accounted for in various ways by various agencies. Therefore, not all agencies may employ the burdens in our example. We will, however, keep track of all costs, so our calculations will end up in the same place. Examples of burdens include the items listed below.
Non-billable orientation hours are included in many hospital and agency contracts. In essence, the organization promises not to bill the hospital for a predetermined number of hours during the travel nurse's orientation. The usual time is between four and twelve hours, but it can be longer.
Vendor Management Services are utilized by numerous hospitals. The hospital and the agencies are connected through these services. They also charge a fee that ranges from 2%-6% of the bill rate.
Occasionally, hospitals charge billing fees to agencies. This is a fee that the hospital will pay to cover the cost of settling the agency and hospital bills. The fee is typically between 2% and 3% of the bill rate unless otherwise specified in the contract.
A clause in nearly every hospital/agency contract mandates liability insurance for the agency. The agreements commonly require both Expert and General risk protection.
To cover the costs associated with licensing, credentialing, conducting a background check, and obtaining a medical record for bringing their files into conformity with the standards set by a hospital, many organizations establish a predetermined sum that is deducted from each contract. This price varies according to the circumstances. It typically ranges from $150 to $500 per contract.
The "taxable base rate" serves as our foundation. The agency offers this taxable hourly rate as nurse’s wages.
Higher stipends and a lower taxable base rate are going to be offered by some organizations. Stipends will be lower and base rates will be higher at other agencies. It is essential to comprehend that the agency incurs higher payroll costs as a result of paying higher taxable base rates.
Basically, FICA taxes are paid by both employers and employees. The FICA charge for businesses is right now 7.65% of gross pay. Therefore, an organization incurs hourly FICA costs of 76.5 cents at a taxable base rate of $10. Conversely, on the off chance that an organization pays an available base pace of $20 each hour, they cause $1.53 in FICA costs each hour.
Additionally, based on the taxable base rate, agencies are required to pay certain taxes to the state. Costs associated with unemployment insurance, workers' compensation, and disability insurance are examples of these taxes. These costs are different in each state.
Now we have the agency's potential tax-free benefits and reimbursements. The most well-known tax-exempt repayments and advantages are travel payments, M&IE allowances, dwelling payments or organization gave lodging and health advantages. However, in addition to rental cars, 401(k)s, Giants tickets, and other offerings, agencies may also provide
This number is calculated in a variety of ways by various travel nursing businesses. Their approach to "Revenue" is the primary distinction. Some businesses consider their revenue to be the total bill rate.
When the Vendor Management fee is deducted, other businesses only consider themselves to have revenue.
The average gross profit margin for travel nursing agencies is between 20 and 25%. Keep in mind that agencies still have to pay their employees and use the gross profit to cover all business expenses.
You will benefit greatly from understanding nurses' pay package in this light. This information can assist travel nurses in their negotiations. As a result, they will be better able to distinguish between good and bad deals and will ultimately earn more money out of travel nurse weekly pay, hourly pay, or monthly pay!!
The world of travel nursing is sizzling hot right now. According to the Bureau of Labor Statistics (BLS), the demand for registered nurses (RNs) is projected to grow by a whopping 6.2% from 2020 to 2030, far outpacing the average for all occupations. This surge is driven by the increasing need for healthcare services, a consequence of our aging population and the rising prevalence of chronic illnesses.
And let's not forget the curveball thrown by the COVID-19 pandemic. The healthcare system has been grappling with a surge in patients, leading to a high demand for travel nurses who can step in and fill staffing gaps.
As a result, finding a job as a travel nurse has become relatively easy. Many travel nurse staffing agencies have more job openings than they have nurses to fill them, giving you the upper hand when it comes to negotiating your salary and benefits.
But that's not all. The average salary for travel nurses significantly outpaces that of permanent RNs. In 2022, the average travel nurse salary stood at $117,490 – a whopping 53% higher than the average salary for a permanent RN.
Besides the higher salary, travel nurses also enjoy a host of other benefits, including:
Now, if you're aiming for one of the highest-paying travel nursing positions, there are a few licensure requirements to keep in mind. The basic prerequisite is to have at least an associate degree in nursing. Some roles may call for a Bachelor of Science in Nursing (BSN) or higher. So, it's crucial to double-check the licensing criteria with your potential employer or travel nursing agency to ensure you meet their requirements.
Now, let's delve into the nitty-gritty of licensure requirements, depending on your location and where you're planning to work as a travel nurse.
If you're an RN living in a non-Nurse Licensure Compact (NLC) state and taking up a job in another non-compact state, you can apply for a license by endorsement. Once you're licensed in one state, you can apply for licensure by endorsement in another, and if granted, you'll have a license to practice in both states.
Residents of compact states may hold only one compact multi-state license issued in their primary state of residence. However, nurses from non-compact states are not bound by NLC rules. Hence, they may apply for a license by endorsement so that they can work in a compact state. This endorsement is a single-state license, similar to the original nursing license earned through the NCLEX-RN.
If you're an RN living in a compact state and taking up a job in another compact state, and you have declared your compact state as your primary state of residence, you can work in another compact state if you've applied for and received a multi-state license. It's always a good idea to check with the state board of nursing in your state of interest where you are planning to work to verify any additional requirements.
For RNs licensed in a compact state but seeking one of the highest-paying travel nursing jobs in a non-compact state, you must apply for licensure by endorsement to the board of nursing in your state of interest where you are planning to work. If granted, you will receive a single-state license valid only for that state.
Now that we've got the technicalities out of the way, let's focus on the exciting part: landing that dreams healthcare travel nurse job in a top location. Here is a list of six tips to help you on your travel nursing journey.
1. Do Your Research
Before you jump into the world of travel nursing, arm yourself with knowledge. Research the industry, understand the various types of travel nursing jobs available, explore different healthcare settings, and get to know the travel nursing companies you might partner with. The more you know, the more confidently you can navigate this exciting field.
2. Get Certified
If you're not already certified in your specialty area, consider pursuing certification. This step will make you the eligible candidate to potential employers and elevate your earning potential.
Networking is a key part of any job search, and travel nursing is no exception. Engage with online and offline nursing communities, attend nursing conferences and events, and build relationships with fellow travel nurses and potential employers. These connections can open new doors to exciting prospects.
4. Be Flexible
Flexibility is the name of the game in travel nursing. You may find yourself working in different locations, healthcare settings, and shifts. Embrace new challenges and adapt to different situations. The ability to be flexible is a valuable asset in the world of travel nursing.
5. Stay Organized
Travel nursing can be a whirlwind, so it's essential to stay organized. Keep track of your assignments, travel arrangements, and finances. Being well-organized will help you manage the demands of travel nursing more effectively and reduce stress.
6. Enjoy the Journey
Above all, savor the adventure of travel nursing. It's an opportunity to explore new places, meet new people, and expand your knowledge and skills. Make the most of your experience, soak up the learning opportunities, and enjoy the journey.
As you embark on your path to becoming a healthcare travel nurse, remember that it's not just a job; it's a transformative adventure. Stay positive, remain curious, and embrace the endless possibilities that this exciting career offers. Are you ready to take the plunge into the world of travel nursing? Connect with Voysta, our travel nursing agency in the U.S. to explore your next assignment and embark on a journey filled with discovery and fulfillment.
Are you an aspiring travel nurse or a seasoned traveler exploring new horizons? It's crucial to unravel the mystique of blacklisting in the travel nursing world. These "DNUs" (Do Not Use), "DNCs" (Do Not Call), or "DNSs" (Do Not Send) can have profound implications on your career. Let's dive into this intriguing realm, understand who wields the blacklist, and explore its potential impact.
Blacklisted, DNU, DNC, DNS... The terminology can be perplexing, but the concept is straightforward. When a travel nurse gets banned from working with a specific employer, it's akin to being placed on a professional blacklist. These blacklists can be temporary or permanent. Temporary bans often stem from failing exams during orientation, like the PBDS or EKG exams. On the other hand, we're going to focus on the more enduring DNUs in this exploration.
So, who holds the power to blacklist travel nurses, and what are the ramifications?
Getting blacklisted by a single hospital isn't catastrophic since it affects only one facility. However, a ban from an entire hospital system can be far-reaching. For example, if you're blacklisted from all HCA hospitals, your travel nurse job prospects in multiple states, particularly Texas and Florida, take a hit.
The consequences of agency blacklisting differ from one agency to another. Smaller agencies may not significantly impact your job prospects, as many hospitals work with multiple agencies. However, larger agencies can have a more substantial impact.
Many large agencies also act as Managed Service Providers (MSPs) for major hospitals and organizations. They have exclusive contracts, making it vital to stay in their good books. For instance, if you're DNU'd by American Mobile, it could lead to being banned from Kaiser Hospitals, University of Stanford Hospitals, and more.
Ever wondered how this web of blacklisting operates?
MSPs, like American Mobile, serve as exclusive staffing providers for hospitals or entire systems. They collaborate with sub-vendors when needed, but all submissions pass through the MSP's database. If you've been DNU'd by an MSP, your application is swiftly rejected.
DNUs occur for numerous reasons, usually linked to contract termination or clinical issues. Here are some common triggers:
Crucially, different employers maintain distinct criteria for enforcing DNUs, and it's often a subjective decision. Each case is unique, reflecting the complexity of the healthcare landscape.
Most often, hospitals or hospital systems enforce DNUs, while agencies are more lenient, considering their travel nurses as both employees and customers. However, there is a formal process to follow.
It's important to note that receiving a formal written report from the agency or hospital regarding the DNU is rare.
Prevention is the first line of defense. Always consider the potential for blacklisting when making decisions about contract cancellations or other actions that might lead to it. Communicate openly with the hospital and your recruiter about any concerns, such as family emergencies that could force you to cancel a contract.
If you do find yourself blacklisted:
In conclusion, thriving as a travel nurse and reaping the financial rewards depends on maximizing your opportunities in the job market. For more information on travel nursing jobs in the USA, connect with Voysta right away.
Don't let DNUs hinder your journey. Stay informed, communicate openly, and remember that every setback is an opportunity for a comeback in the dynamic world of travel nursing!
Many travel nurses prioritize earning a salary of $100K. The good news is that this goal is attainable, depending on factors such as your degree, certifications, specialty, location, experience, and registered nurse resume. The beauty of travel nursing jobs in the USA is that you have the freedom to choose assignments based on both pay and location. Read on to discover how you can make six figures as a nurse.
As previously mentioned, it is entirely possible to earn a six-figure salary as a travel nurse, depending on your specialty, location, and the ability to act quickly when high-paying nursing jobs are posted. Speak with your recruiter about opportunities to maximize your pay. In the meantime, we will share some truths about making six figures as a travel nurse:
To give you an idea, here are the 14 highest-paid travel nursing jobs in the USA currently:
The average salary for a travel nurse, as of February 2023, is $106,030 per year, or approximately $50.98 per hour. This equates to $2,039 per week or $8,835 per month. Travel RN salaries can range from $80,000 to $127,500, with the top 10th percentile earning $150,500 annually.
According to the US Bureau of Labor Statistics, the highest-paying states for travel nurses include California, Hawaii, Oregon, the District of Columbia, and Alaska.
The top five highest-paying cities, with salaries ranging from $139,000 to $155,000, are San Jose-Sunnyvale-Santa Clara, CA, San Francisco-Oakland-Hayward, CA, Vallejo-Fairfield, CA, Santa Rosa, CA, and Napa, CA.
To become a travel nurse, follow these tips:
Remember that travel nursing jobs in USA offer various opportunities for growth and advancement, but achieving a six-figure salary may require dedication and potential relocation. To earn a six-figure salary as a travel nurse, take the following steps:
If you're ready to kickstart your travel nursing career, consider partnering with Voysta. We offer comprehensive support, including benefits packages and guidance on financial investments. Our recruiters are knowledgeable about travel nursing salaries and the highest-paying states.