Travel nurses provide critical staffing for hospitals across the country. They fill gaps caused by nurse shortages, seasonal population fluctuations, and other temporary demands. Travel nurses work in different settings every few months and must quickly adapt to new people, protocols, and environments. They must have strong nursing skills and a positive attitude to thrive in this career.
Sign-on and referral bonuses
Sign-on and referral bonuses are great for travel nurse jobs. Hospitals or other large healthcare organizations typically offer these to retain quality healthcare professionals who could work at their facility. A sign-on bonus can range from $250 to $5,000 or more and be paid out after completing your contract. These are generally paid separately from your bill rate. Some travel nurse companies also offer completion bonuses to encourage travel nurses to terminate their contracts and stay with their agency. These are great ways to boost your income and raise your pay if you have performed well on an assignment. If you’re looking for a travel nurse job with a hefty sign-on bonus, make sure to do your research and stick with your gut. This could be the difference between a job you love and one unsuitable for you.
Hospital and agency bonuses
Regarding travel nurse bonuses, you’ll find many types of bonuses available for different contracts. These can be good or bad, but you need to understand what they are and why they’re offered so that you can make an informed decision about them. Hospitals will often offer sign-on bonuses for new staff that they need to hire. These bonuses may be in the form of a lump sum of money or other incentives. This is an excellent way for hospitals to entice you to work with them, but be sure you know the terms and conditions before signing on. In addition, hospitals may also offer completion bonuses for traveling nurses who complete their assignments. These bonuses are usually paid separately from the bill rate and will vary based on your specific assignment. These bonuses can be very lucrative for nurses, but you must know what to look for. It’s important to note that these bonuses are not always paid out as a lump sum and are typically offered only to travel nurses who have been on the job for a set number of weeks. If you’re a travel nurse who loves to make money, you should take advantage of all the bonuses available. However, it’s important to remember that these bonuses are typically taxable and will affect your AGI number.
Extension bonuses
If you’re a travel nurse, you may have heard about the possibility of extending your contract. A contract extension is a great way to stay in your current hospital or therapy unit longer and enjoy the benefits that come with it. It’s best to vocalize your desire to keep on early, around 4-5 weeks before your original contract ends. This will give the hospital or therapy department time to think about and negotiate an extension with you. Some hospitals offer bonus incentives to encourage nurses to stay on contract, such as completion bonuses. These are usually a few thousand dollars awarded to a travel nurse when they complete the agreed-upon contract hours. Another common incentive is a one-time signing bonus. Some agencies offer these to new nurses, but they’re not always available and can vary from agency to agency. These bonus payments are taxed higher than your regular income, so check with your accountant. Getting an extension isn’t as complicated as it sounds, but it does require patience and understanding. Ultimately, it’s a win-win situation for you and the hospital. The first step to negotiating an extension is understanding how to travel pay works. This is important because everything you earn as a travel nurse comes from this one bill rate, which the hospital or agency agrees to. Knowing that rate will help you negotiate more money for your next contract extension.
Breaking a contract
Breaking a contract with a travel nurse job can have serious consequences. In addition to the negative impact on you, it can also negatively affect other healthcare professionals at the hospital where you work and hurt your ability to secure future assignments. When you sign on with a travel nursing agency, you commit to a specific length of time and a certain pay rate for each position. This commitment allows agencies to protect their clients’ interests while placing them in jobs they can be confident in. Recruiters are a critical part of the process, as they work to find the best fit for each client and provide guidance along the way. They can help keep you on track with licensing and credentials and ensure your documents are always up-to-date, preventing potential issues that could result in the cancellation of your contract. Another factor that can lead to contract cancellation is seasonal demand patterns. Keeping your paperwork updated and in good standing can help to prevent issues with a travel nursing contract cancellation. It’s also a good idea to remain in communication with your travel nurse recruiter leading up to the start date of your assignment and be sure to communicate any issues you encounter on the job to your agency so they can be addressed before they become more significant concerns.
