Step 7 – Wayward’s Ultimate Guide to Negotiating Travel Nursing Contracts

Negotiating your travel nurse contract is like riding a wild bronco – thrilling, unpredictable, and totally worth it when you master it. You want the best deal, your recruiter wants a good commission, and the travel company has its profit margins. So, let’s break it down and make sure everyone wins.

Understand Your Bill Rate

Think of your Bill Rate as a pie. Your compensation, benefits, and reimbursements all come from this one delicious source. Knowing how this pie gets sliced is crucial before you dive into contract negotiations.

7 Key Ingredients of Travel Nurse Contracts

1. Travel Reimbursements

Travel reimbursements can be tricky. Dive into our separate post on “Making Sense of Travel Reimbursements” to get a clear picture of what’s available.

2. Licensing Reimbursements

Not all agencies offer licensing reimbursements. Licensing can be pricey, so consider whether you want it covered in your contract or prefer to handle it yourself for a tax deduction. Check out your specific state boards for details.

3. Benefits

Benefits can be a maze. Ask your recruiter about what’s on offer and if opting out affects your pay. Some companies might give you a tax-free monthly allowance for personal health insurance if they don’t provide it. Here’s a list of Wayward’s benefits

4. Housing

Housing is a major slice of your pie, second only to your salary. Whether you want company-provided housing or a stipend to find your own place, know the pros and cons. If you opt for a stipend, remember the tax implications.

Expert Tip: Start negotiating your travel nurse contract before you’re even submitted for a job.

5. Salary

Know your minimum hourly rate and be ready to negotiate. Consider if you need all the benefits offered or if a higher hourly rate is more beneficial. Think about the trade-offs and what works best for you.

6. Tax-Free Payments

Tax-free payments can be a nice perk, but they come with complexities. Understand what’s legal to claim and avoid any audit issues. The GSA sets maximum allowances for meals, lodging, and expenses based on your assignment area. Be wary of companies that engage in wage restructuring to inflate tax-free amounts.

Expert Tip: Consult a tax expert to navigate these waters safely.

7. Overtime

If you love clocking extra hours, negotiate your overtime rate separately. Companies benefit from your overtime work, so push for a higher rate. Remember, more hours mean more revenue for them too.

Saddle Up for Success

Before you’re submitted for any position, have these details ironed out. Know your pay, housing, benefits, and other key contract elements. Armed with this knowledge, you’ll ride through your contract negotiations like a pro.

Travel Nurse Salary: The Big Picture

Travel nursing offers the thrill of new places and a unique salary structure. Here’s what to consider:

Specialty and Experience: High-demand specialties like Cath Lab, ICU, ER, Labor & Delivery, or Peds often command higher pay.

Location: Assignments in high-cost areas or places with nursing shortages usually offer better compensation.

Assignment Duration: Pay can vary with the length of the assignment, typically around 13 weeks.

Average Salary: Travel nurses can earn between $1,100 to $3,000 per week, that’s  $57,300 to over $156,000 annually.

Perks and Benefits: Beyond salary, travel nurses often receive housing stipends, travel reimbursements, bonuses, and benefits like health insurance and retirement plans.

Travel Nurse Practitioners: Travel NPs can earn between $2,500 to $4,500 per week, depending on specialty and location.

Master these elements, and you’ll be well on your way to a successful and lucrative travel nursing career with Wayward Medical Staffing.

 

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