Understand Your Travel Nursing Pay Packages

Travel nursing pay packages are broken down into several parts. Each factor should be reviewed and calculated before deciding on a travel assignment that is financially suitable for you. It is important to remember that the pay structure of a travel nurse is far more complex than permanent compensation packages.

The pay package for a travel nurse opportunity is likely to include:

  • Hourly pay rates
  • Housing or a housing stipend
  • Per diem or meals and Incidentals
  • Travel stipends
  • Certification reimbursement
  • License reimbursement
  • Medical benefits

Creating a checklist is a great way to calculate and clarify everything you need as far as compensation. This will also navigate your conversation with your recruiter so they can better assist you with any questions or concerns you may have with your pay packages.

Your checklist should include:

  • The amount of pay in which you need to earn
  • The amount of pay in which you want to earn
  • Desired benefits
  • Desired locations
  • Things you can be flexible on- shift, start, length, rate etc.

Ask about travel nursing benefits, pay and more by contacting your recruiter at PPR Travel Nursing or visiting www.pprtravelnursing.com.

MSP and VMS – How Are They Different?

Managed Service Providers (MSP) and Vendor Management Systems, although very different, work cohesively to assist in the success of hiring organizations.

A Managed Service Provider is an outsourced agency that handles a hiring organizations temporary staffing needs. It’s common for hospitals to use an MSP to take the hiring burden off their shoulders. A hospital might use an MSP to staff travel nurses.

An MSP completely manages a client’s contingent staffing needs which includes:

  • Filling open positions
  • Boosting candidate quality
  • Increasing vendor visibility
  • Reducing premium labor spend
  • Solving inefficient process
  • Increasing candidate submissions

What about the Vendor Management Systems?

A VMS is a reportable software tool that functions to support the MSP. The VMS collects measurable data such as the time and expense per vendor submission. This software provides vendor manager visibility on numerous situations for the client’s executive and management team to see.

An MSP uses VMS software for:

  • Collecting candidate submissions
  • Coordinating candidate interviews
  • Job offers
  • Billing
  • Collecting candidate documentation

Contact us todayto learn more about our MSP solution and how we can help your organization thrive!

Travel Teams: Share Your Adventure!

As a travel nurse, traveling alone from assignment to assignment gives you a strong sense of independence, but traveling with a buddy is so much more fun! Traveling with another travel nurse is a great way to venture across the country.

Traveling with another travel nurse certainly has its benefits. For one – the camaraderie. Sharing your adventures, experiences, and memories is one of the best parts of traveling with a friend.

Another great benefit of travel nursing with a partner is the money you save. If you are traveling with another nurse, you can often split housing costs and travel expenses. You can also earn $1000 referral bonus for referring your friends. Let’s face it, we all love a little loot!

Of course, traveling in teams isn’t always rainbows and sunshine. Traveling with another travel nurse may present some challenges.For instance, it is not always possible to find positions for two people together at the same hospital, for the same shift, or even in the same town. Also, there is the possibility of something going awry and you could be left with covering all housing expenses on your own.

But not to worry, the pros of travel nursing with a buddy far outweigh the cons. The best advice we can give you and your travel companion is to be flexible. The more open you are to shift and location, the easier it will be to find great opportunities over and over again.

Start your travel team journey today at pprtravelnursing.com.

Four Money Saving Tips for Travel Nurses

We sat down with Financial Advisor Mark Cagnassola and asked him to share his top four money management tips for travel nurses.

  1. Six months cash reserve
  2. Credit balance less than 30 days
  3. Ensure adequate protection
  4. Pay yourself first

“A good financial decision gives you one step forward, but a bad one can mean two steps back,” said Mark who has assisted PPR travel nurses with their finances for the last 18 years.

Six months cash reserve

The first basic principle Mark recommends is to have at least six months of living expenses on reserve. If you know your expenses total $5,000 each month considering mortgage or rent, insurance, car and basic food and entertainment expenses, then you need to have $30,000 tucked away for those rainy days. This is your “cash stash” emergency fund and ensures you don’t have to go into debt if you find yourself needing a new air condition unit or even a car.

Credit balance less than 30 days

The second principle relates to any credit card balance and not buying anything that you cannot pay for that month. Mark suggests that the only debt a travel nurse should have is a home. And when it comes to a mortgage, opt into a 15-year versus a 30-year because you will be paying far less for your residence in the long term.

Ensure adequate protection

Travel nurses are one of many professions in which a sickness or disability can quickly result in the loss of the ability to earn a living.

“You went to school for a long timing to become a nurse, and the most valuable asset you have is the ability to earn an income,” said Mark. “Your protection, should the unfortunate happen, comes in the form of life and disability insurance.”

Life insurance is for those people you love should something happen to you. There are several factors that come into play when determining the appropriate insurance such as age, marital and dependent status. The younger you are, the less expensive it is.

When it comes to disability insurance, you’ll want to make sure you are covered for 100 percent of your take home income, which means you will likely have to supplement what your employer provides and be sure you are covered in between assignments.

Pay yourself first

The last guiding principle is to be sure you set up spickets and turn those on so money funnels every month back to yourself. This will give you the freedom to make that important purchase or take that bucket list trip, because you’ve paid yourself first. Now go enjoy life!

“An exercise I often share with new travel nurses is I ask them to back into their savings plan by considering their retirement goals,” said Mark. “If you save $125 per week, that translates to $6,500 each year, and if you do that for 25 years at an average 8 percent return, you’ll have $513,000 at the end of 25 years.”

Some possible retirement saving options include:

Roth IRAs have income limit rules that are impacted by marital status and the type of plan. A tax advisor will know what option is best for your particular situation.

Traditional 401k is an attractive option especially if your employer matches your contribution. PPR matches up to 3 percent, which is essentially free money and with PPR you don’t have to be vested, which makes it an even sweeter deal for travel nurses.

A Roth 401k does not have any income limit rules, and while you don’t get a tax break on the front end like a traditional 401k, the growth your account makes is tax free.

“Young people who are on a long-term time frame before they plan to use their retirement funds should not be afraid to be in a riskier investment,” said Mark. “We can reasonably expect the long-term market to go up. I’ve seen a lot of people throughout my career become independently wealthy just by following the basic principles.”

When it comes to the shorter term, there are other valuable money saving tips that travel nurses can consider. For a more in depth understanding, Mark’s top recommended reading is The Millionaire Next Door by Thomas J. Stanley.

Remember to consult with your financial planner and tax advisor before making a decision that can impact your financial future.

When You Don’t Know Your Contract Labor Process is Hurting Your Efficiency

It’s occurring in facilities nearly everywhere: a lack of centralized contract labor that’s actually hurting efficiency. While facilities need contract labor to stay up and running, it also creates challenges in dealing directly with hundreds of staffing vendors—all with differing rates, contracts, and criteria. On top of that, there’s the added challenge of time management when calling and emailing hiring and HR managers is a must.

This lack of efficiency in facilities is often not understood CEOs, and often goes unchanged because there is not a clear picture of how much of an issue has developed. The CFO may be underreporting the amount of agency they use, which can actually make it difficult for CEOs to truly understand how the process is hurting efficiency. MSPs can act as a safety net to help with data gathering/reporting to increase transparency and visibility into contract labor spend.

As we mentioned in our last blog post, “When Your Contract Labor Process is Hurting Your Efficiency Turn to an MSP,” on top of not knowing how to deal with hiring mayhem, many CEOs are not aware of just how much this inefficiency might be costing the facility. This is where an MSP can help.

We handle all of the heavy lifting and once the MSP program is put in place, helping the CEO, C-Suite or CFO understand where the new focus should be when it comes to contract hiring. An MSP provides a single point of contact for managing the entire staffing process from start to finish. The streamlined workflow leads to faster and better hiring.

An MSP can help uncover financial issues, and HR issues. Whatever it may be, we work with each client to customize a plan to save you money you didn’t know was being spent. Sounds pretty great, huh? Here’s how we get started; it’s only a few weeks of implementation.

We’ll contact agencies to determine how much money is actually being spent. Next, we have data/bill rates to analyze. We may even need to train employees. We do all of this within a few week timeframe to get you running as efficiently as possible.

If you know your hiring process isn’t running as efficiently as it could be, and you know you could use some help streamlining it all, contact PPR Vendor Solutions today to get the process started.