travel nurse pay breakdown
This is obviously true, but no more so than any permanent employer. Travel nursing agencies typically strive to obtain gross profit margins between 20% and 25%. The average hourly pay for a Travel Nurse (RN) is $35.80. Travel Nurse Pay Breakdown. Your email address will not be published. Agencies have some flexibility in how the money you receive is distributed, but travel nursing pay is often compared to a cake or pie. Now, everyone has probably heard the term “profit margin” or “gross profit margin”. By contrast, if an agency pays a taxable base rate of $20 per hour, then they incur $1.53 in FICA costs per hour. Almost every agency/hospital contract has a clause that requires the agency to have liability insurance. Find resources to empower your healthcare career adventure. 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. Be adaptable and be realistic about where you are willing to accept a job. For example, if you want more money allocated for travel or licensure reimbursement, they may offer a lower weekly meals and incidentals rate. Use the search option in the navbar. Some contracts are 13 weeks while others are only 8 weeks. It is more beneficial for the travel nurse in most locations to find their own housing. Similarly, agencies must also pay certain taxes to the state based on the taxable base rate. In order to be eligible for the tax-free stipends you must claim a permanent tax home. Travel nursing allows me to meet amazing people and satisfy my wanderlust. We have an article on this topic here. In some cases, the contract between the hospital and the agency makes the bill rates confidential. The money isn’t unlimited, but you should advocate for what you deserve! This video seems to be particularly useful to new travelers. Travel nurses can use this information to inform their negotiations. For example, you’ll find contracts for 36 hours per week and others for 40 hours per week . Visit PayScale to research travel nurse (rn) hourly pay by city, experience, skill, employer and more. How do you find out the bill rate? In this example, we’ll use 8 hours of non-billable orientation, a 3% vendor management fee, $300 for compliance costs and $550 for the cost of liability insurance. We’ve identified seven states where the typical salary for a Travel Nurse job is above the national average. It takes a little extra time, but it’s worth it. Yes, it can be overwhelming with all of the variables. They incorporate many variables that are not common in traditional compensation packages. Required fields are marked *, One of the biggest benefits of travel nursing is being able to move around freely and explore the country, often, making significantly more money than you would as a staff nurse. Again- you will only be taxed on the $22/hour “base rate”. These are costs incurred by the agency that are directly related to the contract and pay package. Well, time is how revenue is generated. Here is … These costs vary from state to state. That said, we should always negotiate to get the best deal. RN Salaries and Travel Nursing Salaries Travel nurses can expect to make 18% more than a staff RN position. Many agency/hospital contracts include non-billable orientation hours. You can get it by joining BluePipes through this link. In this example, we’ll use a travel stipend of $700, an M&IE stipend of $300 per week, and a lodging stipend of $2000 per month. Now we’re left with the tax-free reimbursements and benefits that the agency can potentially provide. This cost varies depending on what’s involved. This means that fixed costs, like a travel stipend, are more expensive per hour on a shorter contract than on a longer contract. . So we’re left with $62.21 per hour. That’s the $15 gross profit divided by $67.90. Negotiating Travel Nursing Pay Free eBook, 5 Reasons Nurses Should Engage in Professional Networking, Top 10 Details to Include on a Nursing Resume and 2020 Writing Guide, Everything You Need to Know About the Travel Nurse Housing Stipend, How to Write an Effective Nursing Resume Summary. There are several types of Vendor Management Services, but they all charge a fee to agencies. We started with a bill rate of $70 per hour. So the burdens we use in our example may not be used by all agencies. If you ARE claiming a permanent tax home, only a very small portion is taxed, and the rest will be in the form of tax-free stipends. That said, I don’t have a blog post specifically for this topic, but I’ll work on one (thanks for the idea!). Be ready to negotiate pay and have a hard limit for what you are willing to accept and not accept. That’s the $15 gross profit divided by the $70 bill rate. The bill rate is the hourly rate that an agency can charge the hospital for the travel nurse’s work. I think it’s best to view it like any other job.