Most physicians who dabble in locums have no idea how the money actually moves. They see the hourly rate, sign the contract, and never learn what the agency is billing the hospital on the other side of that transaction. In this episode of the 1099 Tax Doctor Podcast, Dr. Eric and Jenna Wright sit down with Cory Kleinschmidt, Founder of Locumpedia, an independent platform that has become the central hub for physicians navigating the locum tenens industry. Cory came up in the industry, cutting his teeth at what would become Locumtenens.com under Rick Jackson, and launched Locumpedia in late 2019, roughly four months before COVID shut everything down. He pulls back the curtain on how the industry actually works: the $50 per hour spread that funds agency margins, why hospital perception of locums has flipped from necessary evil to proactive revenue tool, and why the locum tenens market has doubled to over $10 billion in five years while travel nursing has collapsed. Things You Will Learn: Why the locum tenens market is the only healthcare staffing segment that has grown every year since 2021, and what's driving physicians into itHow locum staffing agencies actually make money, and what the billing-versus-pay spread coversWhat questions every physician should ask an agency before signing, including whether they belong to NALTO Tools / Frameworks Covered: Locumpedia: An independent, agency-neutral job board and career resource aggregating 7,000+ locum listings from roughly 30 staffing firms in one searchable platform.The Agency Spread Model: The margin between what an agency bills a facility and what it pays the physician, which funds travel, malpractice coverage, and administrative support.NALTO Code of Ethics: The National Association of Locum Tenens Organizations sets ethical standards agencies agree to uphold, including transparency about pay and never presenting a candidate without consent.Interstate Medical License Compact (IMLC): A reciprocal licensing framework across 40+ states that removes one of the biggest historical barriers to multi-state locum work.The LLC Setup: The tax structuring move that separates locum physicians who keep their income from those who leave hundreds of thousands on the table. Timetamps: (0:00) The Cold Open: $200 Bill, $150 Pay, and the Spread That Runs the Industry (0:33) Meet Cory Kleinschmidt and Locumpedia (1:15) What Locumpedia Actually Is (3:04) Launching a Company Four Months Before COVID (and Pivoting to News) (5:18) Can Hospitals Post Jobs Directly? And Why the Agency Model Dominates (10:07) The Rise of Docs Going Straight Into Locums Out of Residency (11:03) The "No BS Guide to Locum Tenens" and What Docs Are Actually Searching For (13:54) The Market Doubled to $10 Billion in Five Years, and What's Driving It (16:52) Shopping Agencies, the $50 Spread, and Why NALTO Membership Matters (21:59) Locumpedia's Vendor Directory, Why Not to DIY, and the Interstate Medical License Compact (25:00) Episode Wrap-Up #LocumTenens #1099Physician #PhysicianEntrepreneur #LocumLife #PhysicianFinance #Locumpedia
