Locum Staffing Financial Information
Navigating Medical Recruiting and Payment
For many physicians starting the locums process there is a bit of uncertainty regarding financial re-reimbursement. As a disclaimer, we are not financial experts and would advise each locum physician to seek personal guidance with regard to financial collections and taxes, however, we do have experience in this area that is worth sharing.
As a locums physician, your contract with Preferred Solutions will fall under the status of independent contractor. Your payment will come directly from Preferred Solutions to you or a corporation of your choosing. If you choose direct personal re-reimbursement, a 1099 that will be generated for your tax purposes. Depending on your state of residence and state of work, federal and state taxes will apply and be your responsibility. If you choose to seek reimbursement through a corporation (LLC, PA, S-Corp), monies will be transferred to the corporation, with you being identified as the physician performing the work. Disbursement of this money and tax liabilities will then fall to the corporation. Many physicians seek this path though we encourage physicians to seek expert help in these arenas. If you would like our help in finding an income tax expert regarding locum positions, please contact us.