Navigating mid-contract pay rate changes
If you’ve experienced changes in your pay rate during an assignment, you’re not alone. It’s grown more and more common recently, and you may be looking for some answers.
Here’s a quick look at how and why this happens, and what to expect.
How bill rates are established:
Travel nurse bill rates are set by a healthcare facility based on market demand and budget analysis from its managed service provider (MSP) and/or vendor management system (VMS).
Factored into each bill rate is a traveler’s pay, per diems (established annually by government guidelines), benefits, and agency fees.
When a contract change takes place, it starts with the facility’s bill rate, and then affects each section of a travel package which adjusts to work with the rate and IRS guidelines.
What happens when your rate changes?
When rates change, a facility contacts the agency, who should then contact you. Your recruiter/candidate care rep should go over the details, give you an overview of the market, and identify any available opportunities.
Your choices are to a) accept the new rate so your agency can quickly revise a contract or b) end your contract. Some agencies may enforce a penalty for ending in mid-contract, but not all. To know where you stand, be sure to review your contract or contact your recruiter.
It can be frustrating to see your pay suddenly change. But it has nothing to do with your performance, relationship with a nurse manager, or even your agency. And it’s not uncommon. Always reach out to your agency with questions—they’re there to help. The best agencies are there to look out for your best interest and provide support as needed. Put them to work for you to ensure your best travel experience.
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