Locum Tenens Uncovered: Insights from Industry Expert Cory Kleinschmidt (Part 1)

Wealth Planning for the Modern Physician

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.

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