Navigating Flexible Hour Work in Healthcare

Navigating Part-Time Work in Healthcare: Exploring Flexible Hour Options for Therapists: A Strategic Guide

Are the demands of a 40-hour workweek leaving you burnt out as a healthcare provider? Been there, done that. Just a year ago, I found myself dragging through the work week, unable to provide the quality care my patients deserved due to sheer exhaustion. Recognizing the need for a change, I opted for more flexibility in my work hours by transitioning to part-time employment. This guide outlines the actionable steps I took to shift towards a more accommodating schedule, whether it be part-time or per diem. Keep reading to find the roadmap to alleviate burnout and embrace a healthier work-life balance.

1. "Financial Mastery 101: Unveiling the Numbers Behind Your Part-Time Journey"

Addressing the first hurdle in transitioning to part-time work: navigating the financial challenges that come with a potential pay cut. Let's delve into my personal journey as a physical therapist and how I strategically planned for the shift to working fewer than 40 hours per week.

Early on in my career, I envisioned a semi-retired lifestyle and set a plan in motion to achieve it. My goal was to create financial stability while working towards the flexibility of part-time employment. Through boosting my income, establishing passive income streams, and adopting an aggressive savings and investment strategy, I paved the way for a smoother transition. After seven years of full-time work as a physical therapist, both as a traveler and a staff therapist, I positioned myself to comfortably shift to a 20-hour workweek without financial panic.

Could I have expedited this transition by being more aggressive with savings and earnings? Definitely. However, my personal choice was to balance financial goals with a desire to travel and enjoy life along the way. Each journey is unique, and with the right financial planning and understanding your financial situation, the path to part-time work is feasible and rewarding. 

Embarking on the journey towards part-time work requires a solid grasp of your financial landscape. Understanding your numbers is key – it's not just about budgeting; it's about knowing your monthly/annual expenses, net worth, and your FIRE number (the net worth and income needed for a seamless shift to decreased hours).

To navigate this transition effectively, start by building an emergency fund, establishing passive income streams beyond your 9-5, and ensuring your expenses are consistently below your income. For me, this financial preparation involved meticulous savings and investments, diversifying income sources, and maintaining a balanced budget. Want more information on how to figure out your numbers? Start with this free guide that outlines the exact steps to follow on your journey: 10 step roadmap to financial independence.  

Keep reading to unveil more actionable steps to attain your desired work-life balance.

2. Navigating Health Insurance: A Vital Aspect of Transitioning to Part-Time Work

Addressing the second tricky hurdle: understanding health insurance options. The intertwining of health insurance with employment can be a challenge, especially when considering alternative work schedules. Let's dive into strategies for securing reliable health insurance coverage during this transition.

• Partner-Provided Health Insurance:
• The simplest option is to explore health insurance coverage through your spouse or domestic partner, if available. This will require a bit of planning and timing to ensure that the transition happens during open enrollment for your partner’s plan. This can be a straightforward solution to maintain comprehensive health coverage if it applies to your situation. 
• Part-Time Jobs with Benefits:
• Ah yes, the elusive unicorn job – part-time positions that come with full benefits. Though rare, these opportunities exist. I personally secured a part-time role (20 hours a week) with not only the flexibility I desired but also full benefits, including FREE health insurance with a reasonable deductible. Pro tip: Building experience in your field before making the transition can enhance your negotiation power and chances of landing such coveted positions.
• Health Insurance Options on the Marketplace:
• Explore health insurance plans available on the marketplace. While typically pricier than employer-provided plans, state-sponsored options are worth investigating. These plans are often income-based, potentially offering reduced costs for those working fewer hours. Include this expense in your budget calculations and FIRE number determination.

3. Strategically craft the path to Part-time: Start the discussion early.

Initiating the transition from full-time to part-time work demands careful consideration and planning. I navigated this shift successfully through being up front with key players and decision makers, and I'm here to share my insights on the process.

Job Hopping to Find the Right Fit:

• Before finding the perfect fit, I worked at several hospitals to understand various cultures to find what worked best for me. After two years of full-time commitment at my current hospital, I felt ready to explore part-time options. Early conversations with fellow part-timers and my supervisor provided valuable insights into potential schedules and benefits.

Financial Preparedness and Supervisor Collaboration:

• Once I determined my financial readiness for part-time work, I engaged in open discussions with my supervisor about my goal. Regular communication over several months led to a collaborative timeline for the transition. Recognizing the cost of finding new employees, my supervisor was supportive, emphasizing the mutual benefit of retaining skilled therapists. 

Negotiating for the Ideal Schedule:

• Recognizing the value of retaining talent, supervisors often appreciate early communication about your desire for a part-time schedule. Flexibility in negotiating hours and positions can lead to mutually beneficial arrangements. In my case, I secured a fully benefited position at 20 hours a week, with a trade-off of working every other weekend, providing me with extended breaks and a schedule tailored to my preferences. An additional consideration for therapists working in hospital, skilled nursing, and rehab situations is to use weekend coverage needs/requirements to your advantage. For example, in my situation, I work 10 hour shifts and I work every other weekend (Friday through Monday), followed by 10 full days off. Weekends are typically more difficult to staff, which can be used to your advantage as leverage for a more flexible schedule. 

Remember, your supervisor can be your ally in achieving the work schedule that suits both your needs and theirs. Stay tuned for more insights on navigating the intricacies of transitioning to part-time work in the therapeutic setting.

4. Build in flexibility for additional hours: discuss extra hours with boss or pick up PRN at a higher paying facility

Navigating the intricacies of part-time work often involves building in flexibility to accommodate varying financial needs or unexpected expenses. In my experience, discussing extra hours with your supervisor or exploring PRN opportunities at a higher paying facility can be valuable strategies.

Hospital-Based Flexibility:

• At my current hospital, additional hours are often available, providing the flexibility to easily transition to a 40-hour workweek when needed. This served as a valuable buffer in the initial months of part-time work, allowing me to manage unexpected expenses and pursue additional savings goals.

Discussing Extra Hours with Your Supervisor:

• It's beneficial to discuss the option of picking up extra hours directly with your supervisor. Some facilities are open to accommodating additional hours, especially if there's a mutual understanding of the need for flexibility. This collaborative approach can strengthen your relationship with your supervisor and provide financial stability when required.

Exploring PRN Opportunities:

• For those seeking higher pay rates for additional hours, exploring PRN opportunities at a separate facility can be a strategic move. PRN rates are often higher than hourly wages in part-time roles, offering a financial advantage. While this might be a more lucrative option in some cases, personal preferences, such as enjoying the current workplace and colleagues, can influence the decision.

Fostering Flexibility Through Collaboration:

• By demonstrating flexibility and assisting colleagues, I've fostered a reciprocal relationship with my supervisor. This has translated into increased flexibility in scheduling requests. Open communication about your willingness to contribute to the team can enhance your standing and make it easier to negotiate a schedule that suits your needs. 

5. Consider PRN Work: Ultimate Flexibility with Considerations for Health Insurance

If part-time with benefits is unavailable or not a viable option for you, exploring PRN work is an alternative. PRN roles offer ultimate flexibility, allowing you to dictate your work hours and eliminating the need to request time off. PRN (as-needed) work could be a viable solution, but it comes with its own set of considerations, particularly regarding health insurance.

Health Insurance Considerations:

• One significant drawback of PRN work is the lack of health insurance and additional benefits like PTO or retirement accounts (401k/403b/457). This makes it crucial to assess your health insurance needs and explore alternative coverage options. Check out Step number 2 of this post for more information on health insurance options when employer coverage is not an option. 

Higher Hourly Rates and Flexibility:

• PRN jobs typically come with higher hourly rates, which can offset the increased cost of health insurance. This financial advantage may appeal to those prioritizing flexibility over comprehensive benefits.

Uncertain Hours and Flexing Considerations:

• It's essential to acknowledge that PRN hours aren't guaranteed, and flexibility in scheduling may lead to uncertainty. In situations requiring staff flexing, PRN employees may be affected more than full-time or part-time counterparts.

Building Multiple PRN Gigs:

• To ensure sufficient work hours, many therapists choose to have multiple PRN gigs. This approach provides a level of security and flexibility, allowing therapists to manage their schedules effectively.

Navigating the world of PRN work requires careful consideration of your priorities and the potential trade-offs involved. Stay tuned for more insights on optimizing your work arrangements as a part-time therapist.

6. Consider Travel Therapy: A Unique Option for Flexibility with Considerations

Considering a shift to working fewer hours? Travel therapy offers a distinct approach with its own set of benefits and challenges. Here's a closer look at the unique aspects of travel therapy, including financial advantages and potential pitfalls.

Financial Advantages of Travel Therapy:

• Weekly take-home pay from travel therapy often surpasses that of a full-time job. While travel assignments are typically 40 hours a week, they last for shorter durations, ranging from 13 to 26 weeks. The higher pay during these assignments allows for substantial savings, providing a financial cushion for periods without work.

Alternative to Traditional Part-Time Work:

• Travel therapy offers a different perspective on part-time work, operating on a more annual basis. While the weekly hours may be similar to full-time positions during assignments, the overall time worked in a year can be significantly less. Many travelers take advantage of travel flexibility to work six months out of the year and travel the other six. 

Navigating Health Insurance Challenges:

• One of the primary challenges of taking breaks between travel assignments is health insurance. Travel companies typically provide insurance during assignments and for a brief period between contracts. To bridge the gap, travelers often explore state-provided health insurance from the marketplace, leveraging the potential for affordable coverage due to their lower taxable income.

COBRA and State-Provided Health Insurance:

• During breaks, travelers may face the need for interim health insurance. While travel companies offer insurance for a limited period, some opt for COBRA plans. Alternatively, state-provided health insurance from the marketplace becomes a viable option, offering cost-effective coverage during periods of reduced income.

Shifting to part-time work in healthcare requires careful planning, financial awareness, and proactive communication. By understanding your numbers, exploring various health insurance options, and collaborating with supervisors, you can achieve a more fulfilling work-life balance. Consider the flexibility of part-time, PRN or the unique benefits of travel therapy to tailor your approach to part-time success.

Interested in learning more about financial independence and money management? Check out my free guide "10 steps to financial Zen" for an overview of how to achieve your money goals.