Should I consider extending my contract?

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Hi,

I have been a travel nurse for 4 weeks in MD and the hospital I am working at is willing to extend my contract (the length of the contract is negotiable).

What do you think of this new offer?

Hourly pay $17

Overtime $34

Housing stipend per month $3600

Per diem per month $980

I feel that I should get a completion bonus. I have heard conflicting views on whether to take the bonus or to ask for an increase in my hourly pay instead.

What do you think about extending my contract this early?

Any thoughts will be much appreciated!

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Is the pay package the only thing you are considering when it comes to extending?

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I love the location, hospital, and so far it's been a great experience. The pay package was the only thing I wasn't sure about.

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How much is your housing monthly?

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Housing costs me $1500 a month.

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So you're getting about $38/hr after housing is paid....I don't really think it's TOO bad.

However, L&D is in high demand....you could probably make more if money is your bottom line

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Is the extension pay the same as your current contract? While I don't think you really want a completion bonus (you get nothing if you do not complete for any reason), I certainly would try to get more for an extension. For one thing, they may not pay you for travel for an extension, so an extension may actually pay less. Depending on which hospital in MD (DC metro area should pay more), I think you are being significantly underpaid in your specialty (you may find a better paying assignment in the same area). Time is on your side, and the hospital either likes you are has few options. You do need to shop around with some other agencies to see what might be fair market for L&D right now but it is a seller's market. Come up with a fair proposal. Your agency may not be able to pay it out of the existing bill rate, but may be able to raise it to a rapid response rate based on supply and demand for L&D. Hit them with an offer and if their counter offer is not acceptable, table the extension for a month and try again.

By my calculations (without know about your health insurance benefit if any plus travel compensation), I make that you are earning about $45 an hour - PanTravelers calculator will show a slightly higher adjusted amount to account for payroll taxes. Add in your travel compensation and health insurance cost (the COBRA value less any copay) and shoot for $50 to $53 an hour. That is likely about $3 to $5 an hour more than you are making now (or about $1,500 to $2,500 completion bonus as an alternative negotiation tactic). That is not unreasonable.

No matter what, you need to negotiate your OT to around $50 an hour if you are working any OT. Think of your base hourly pay at around $32 an hour to visualize what your OT should be. Your agency will not have to adjust the bill rate to pay you that and still make a profit off your extra work (all their fixed expenses have been paid already).

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