In this second episode of a two-episode interview, host David Mandell continues his conversation with Corey Kleinschmidt, an industry veteran in the locum tenens space.

The episode kicks off with a recap of Part 1 and a reintroduction to Cory’s extensive background in the industry, including his work with Jackson Healthcare and his current role at Locumpedia. The focus then shifts to actionable steps for physicians considering locum—starting with educating themselves through resources like Locumpedia’s No BS Guide and connecting with other providers who’ve already taken the plunge.

Cory outlines the importance of understanding the business side of locums, emphasizing that physicians are essentially independent contractors. This means getting smart about taxes, possibly forming an LLC, and making strategic choices about which agencies to partner with. He explains how working with staffing firms can simplify everything from job placement to credentialing and malpractice coverage, while also highlighting the variability in agency models—some being high-touch and others more transactional.

Licensing and credentialing are also critical topics covered in this episode. Cory discusses the value of multi-state licensing and the Interstate Medical Licensure Compact (IMLC), as well as how staffing firms often assist in navigating these hurdles. The conversation wraps up with a look at contracts, pay structures, and what to expect in terms of housing, travel reimbursement, and malpractice coverage. David and Cory underscore the importance of doing your homework to ensure a successful and rewarding locum tenens experience.

KEY INSIGHTS:

1. The No BS Guide on Locumpedia is a comprehensive starting point for understanding locum tenens.
   
   
2. Locumpedia’s “Locum CME” news roundup keeps physicians up to date on trends, including how AI is shaping the field.
   
   
3. Talking to other physicians with locum experience can offer real-world insight into the pros and cons.
   
   
4. Most physicians working locums are classified as independent contractors and should understand how this affects taxes and benefits.
   
   
5. Many physicians form LLCs to optimize tax deductions and liability protection.
   
   
6. Staffing firms play a central role in matching physicians to opportunities and handling all non-clinical logistics.
   
   
7. There are over 200 locum tenens agencies, so it’s important to research and vet potential partners through reviews and referrals.
   
   
8. The Interstate Medical Licensure Compact (IMLC) can simplify multi-state licensing for qualified physicians.
   
   
9. Staffing firms often provide malpractice insurance, travel and housing—details that should be reviewed in the contract.
   
   
10. Contracts typically include compensation terms, responsibilities, reimbursement policies, and clauses like noncompetes and cancellation terms.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

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In this first episode of a two-episode interview, host David Mandell speaks with Cory Kleinschmidt, an industry veteran in the locum tenens space. Cory shares his journey into the field, which began unexpectedly in the late 1990s when he helped develop LocumTenens.com, a job board that played a significant role in the industry’s growth. He later founded Locumpedia, a digital platform dedicated to locum tenens professionals, offering resources, job listings, and insights into the industry.

Cory explains the concept of locum tenens, which allows physicians to work as temporary providers in various healthcare settings, providing them with flexibility, higher earnings, and work-life balance. He highlights how the industry has evolved from a necessary staffing solution to a strategic workforce model, driven by growing physician shortages and changing work preferences.

This first part of a two-episode interview also covers trends in locum tenens, including the increasing interest from younger physicians, the rising demand for specific specialties like neurology, cardiology, and psychiatry, and the impact of AI. Cory emphasizes that locum tenens is becoming an essential part of healthcare staffing, allowing doctors to explore different practice environments while mitigating burnout and financial stress.

Key Insights:

1. Locum tenens, meaning "to hold the place," originated in the Catholic Church before transitioning into healthcare staffing.
   
   
2. The industry has grown significantly, with more physicians, especially younger ones, choosing it for career flexibility and income potential.
   
   
3. Locumpedia is a digital platform that provides a free, centralized resource for physicians and healthcare organizations.
   
   
4. The No-BS Guide to Locum Tenens was created to offer straightforward, unbiased insights into locum work. See https://www.locumpedia.com/.
   
   
5. Locum tenens physicians work as 1099 independent contractors, allowing them to take advantage of tax benefits and business deductions.
   
   
6. The demand for locum tenens is increasing due to physician shortages, burnout, and changing work preferences.
   
   
7. Specialties such as hospital medicine, neurology, cardiology, psychiatry, anesthesiology, and radiology are currently in high demand.
   
   
8. AI is expected to impact radiology, but the combination of AI with skilled radiologists is seen as the future rather than full automation.
   
   
9. More doctors are using locum tenens as a way to test different work environments before committing to full-time positions.
   
   
10. Locum tenens is becoming an essential part of modern healthcare staffing, allowing hospitals to adapt to patient demand and financial constraints efficiently.

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

Host David Mandell welcomes Dr. Jude Pierre back to the podcast for an engaging discussion on physician entrepreneurship, financial pitfalls, and operational best practices. They begin by revisiting common mistakes doctors make when purchasing their first or second home, such as relying on 100% financing and overspending on a house before their career stabilizes. Dr. Pierre emphasizes the importance of financial prudence and warns about the risks associated with early-career real estate decisions.

The conversation then shifts to the benefits of hiring a medical scribe, a strategy that transformed Dr. Pierre’s practice. He explains how scribes improve efficiency by documenting patient interactions in real time, allowing physicians to focus more on patient care. His transition from an in-house scribe to a virtual scribe further optimized workflow while reducing costs. He also discusses the financial benefits of Medicare Advantage, outlining how physicians can maximize revenue while ensuring high-quality patient care.

Lastly, the discussion covers physician burnout and the importance of self-care, social connection, and financial planning. Dr. Pierre stresses to David that doctors should recognize their worth, invest in their practices wisely, and plan their personal finances strategically. He highlights the advantages of owning medical real estate and encourages physicians to take control of their financial future by being proactive in wealth management. The episode closes with a reminder that strategic decision-making, both professionally and personally, can lead to long-term success.

KEY INSIGHTS:

• Many physicians fall into the trap of buying a large home too early, only to face financial strain when their career trajectory changes.
  
  
• 100% financing often leads to a lack of equity, which can create problems during economic downturns.
  
  
• Physicians should be mindful of lifestyle creep, resisting the temptation to upgrade their homes or cars just because they can afford them.
  
  
• Hiring a medical scribe can free up significant time, improving work-life balance and patient interactions.
  
  
• Virtual scribes offer a cost-effective and efficient alternative to in-house scribes, reducing administrative burdens.
  
  
• Medicare Advantage provides an opportunity for physicians to earn steady income through capitation, but it requires proper patient management.
  
  
• Owning the building where a physician practices can be a smart long-term financial decision, adding equity and stability to their business.
  
  
• Physicians should be aware of their worth and avoid undervaluing their services, ensuring they receive fair compensation.
  
  
• Small personal care habits, like regular haircuts, contribute to mental well-being and help combat burnout.
  
  
• A structured financial plan, including strategic investments and savings, is essential for long-term financial success.
  
  

Learn more, including additional show notes, links, and detailed key takeaways, by visiting physicianswealthpodcast.com.

Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!