What is a Typical Travel Physical Therapy Salary?

Travel PT Salary Explained

When it comes to travel physical therapy pay (travel PT pay), there is a lot of misinformation and deception out there. There are dozens of different ways that money can be moved around and presented differently in a travel PT pay package to try to make the compensation look better. Understanding a typical permanent physical therapist’s salary and benefits package can be difficult enough, but travel PT pay packages take that to a new level. The big reason for this is that travel physical therapy pay can’t be expressed in a a yearly salary amount due to the nature of the jobs being temporary, short term positions. One traveler may choose to work back to back contracts for the whole year, while others, like us, may choose to just work one or two contracts each year. This will obviously make a massive impact on the amount each travel physical therapists earns each year. Since discussing compensation in terms of travel physical therapist salary doesn’t work, our best solution is to discuss pay in terms of weekly pay.

Now to complicate matters even more, most travel PTs receive tax free stipends for housing, meals, and incidentals (assuming they maintain a tax home) in addition to their hourly taxable pay. That means that even discussing pay in terms of weekly gross or net amounts can be confusing, since part of the money we receive each week is taxed and part of it is not. The best solution for all of this is to discuss all travel PT pay in terms of a weekly “take home pay” amount. This is essentially the net pay amount that the traveler will receive in their bank account each week. To determine this amount, we take the regular hourly taxable amount, multiply by 40 hours (the typical work week), subtract out the estimated taxes on that amount, and then add the stipend (sometimes called per diem) amounts. Since the majority of travel physical therapists and travel therapy recruiters talk about pay in these terms when discussing various travel PT jobs, it’s vital to understand how this all works when first starting out. To see in much more depth how this is calculated and how to find what your tax rate may be on the taxable portion of your travel PT pay, check out this article breaking it all down.

What is Normal for a Travel Physical Therapy Salary?

Now that we understand how travel physical therapy pay works, let’s discuss what you can actually expect to make in those weekly take home pay terms. If you ask a few travel therapists and recruiters what average pay should be for a travel contract, you can almost guarantee you’ll get conflicting answers. The reason for this is that is depends on a number of different factors. These factors include:

  • The location of the travel PT job
  • The setting in which the travel therapist will be working
  • The company and recruiter that the traveler chooses to work through
  • The urgency with which the facility needs to fill the position
  • The reimbursements included in the pay package that are separate from the weekly pay amount

Depending on these factors, over the past several years we’ve seen travel physical therapist pay offers range from $1,300-$2,500/week after taxes! That is a truly massive range, which leads to a lot of confusion for new travelers! You may talk to a current travel PT that tells you that you should never accept a job making less than $2,000/week take home, while another tells you they usually make around $1,500/week take home. To understand why this is, let’s discuss each of the factors mentioned above in more detail and explain exactly how they affect travel PT salary.

Travel PT Job Location

In general, the location of the potential travel PT job usually has the biggest impact on the pay that is offered. Travel jobs in higher cost of living areas tend to pay higher than jobs in lower cost of living areas. Also jobs on the west coast tend to pay higher than jobs on the east coast or in the midwest. In addition, rural jobs (read: less desirable locations) usually pay higher than jobs in cities where more physical therapists want to go. What this all means is that you’re much more likely to see a very high paying travel PT job in California in a high cost of living area or a very rural area than you are in a city on the east coast or in the midwest. As I mentioned earlier, every travel PT jobs is unique, so this isn’t always true but in the majority of cases it holds true.

  Travel PT Job Setting

Just like in the permanent physical therapy world where physical therapy salary is significantly affected by setting, so is the case with travel PT jobs. Interestingly enough, the settings that would typically pay well for a permanent PT aren’t always the ones that pay travel physical therapists well. Whereas for permanent therapists, skilled nursing facilities (SNF) often offer comparatively high pay, for travel therapists SNFs are usually the lowest paying setting. This can leave new travel PTs frustrated when they’re offered low pay for a SNF job that may not even be much higher than it would be for a permanent therapist taking a job in that facility. For travel physical therapists, typically home health pays the highest followed by outpatient and acute care, with SNFs and schools bringing up the rear.

Travel PT Company and Recruiter

There are well over 200 travel therapy companies in existence, so it should be no surprise that some of them pay better than others. In addition, over the years we’ve learned that some recruiters will pay more or less than others even at the same company for a given travel job. This means that when picking a company and recruiter you need to choose wisely! Generally (although not always) smaller companies with lower overhead are able to pay higher than bigger companies that have more buildings to maintain and employees to pay. The flip side though is that the bigger companies almost always have more jobs and better benefits. This makes the choice between big companies and small companies difficult. After all, high pay is wonderful but not if it means getting placed in a job that is a bad fit for you due to the company not having as many options.

***For help finding companies and recruiters that will fit you well, fill out this short questionnaire and we’ll help you out! 

Urgency of the Need of the Travel Job Facility

Every travel job is unique, which means that each job will differ with regards to why a travel PT is needed and how urgently they need the physical therapist. For example, a small outpatient facility that just had their only physical therapist leave will need someone to fill in much more urgently than a large company that just lost one out of their twelve PTs on staff. In the first situation, the facility will likely be willing to pay more to get a PT in there as quickly as possible (our specialty as travelers) so that they can get new evaluations in, whereas the second facility might be fine spreading the caseload out among the other therapists for a few weeks. Some jobs pay higher in a given location and setting just because the need is more urgent.

Reimbursements in the Pay Package

You have to look at each pay package as one big pie. You can cut the pie into two huge pieces or eight small pieces, but in the end it’s still the same amount of pie. For any travel job, there is a total amount that the travel company is able to pay you, and it’s up to you and them how that pay is divided. New travelers not understanding this is why some travel companies will use things like tuition reimbursement, vacation days, and money for CEUs to entice travelers to work with them, but ultimately that money all comes from the same pie. In practical terms, that means that the more reimbursements and perks that you receive in your contract, the lower your weekly take home pay amount will be. Let’s look at an example of this:

  • Contract 1: $1,600/week take home pay x 13 weeks
    • $400 license reimbursement for the cost of getting this new state license
    • $350 beginning and $350 ending travel reimbursement for getting to and from the travel assignment location
    • $300 CEU reimbursement during the contract
  • Contract 2: $1,700/week take home pay x 13 weeks
    • No reimbursements offered for licensing, travel costs, or CEUs

In this example, Contract 2 pays $100/week higher than Contract 1, but when we break all of those reimbursements down into a weekly amount ($400 + $350 + $350 + $300 = $1,400 / 13 weeks = $107/week) the traveler would actually make less in total with Contract 2.

This is the difficulty with discussing only weekly pay and not looking at the whole picture. It’s completely possible (and we’ve seen it often) that the traveler that takes Contract 2 could brag about making $1,700/week after taxes, and the traveler that takes Contract 1 could feel like they are being taken advantage of by their company since they’re only making $1,600/week after taxes, when in reality the total compensation with Contract 1 is better than Contract 2! This is the danger of comparing weekly pay to other travelers sometimes. In addition, one of these contracts could have some intangible benefits that don’t necessarily show up in the weekly pay or reimbursements that the other one doesn’t!

What Does This All Mean for Average Travel PT Salary?

Determining a normal travel physical therapist salary is impossible since, unlike permanent PT positions, travelers may choose to work any number of weeks per year with the time off between contracts being unpaid. This means the best way to compare pay in the travel PT world is in terms of weekly take home pay amounts. When determining what is a normal weekly take home amount, we have to take in to account a variety of factors that have a significant impact on the pay amount. The location, setting, urgency, reimbursement amounts, and the travel company that a particular travel job is through all have a big impact on weekly pay.

It’s very difficult to make an apples to apples comparison in pay between travel PT jobs and with other travelers since every travel company and contract is unique. Don’t be fooled by travel companies offering high weekly pay but no reimbursements and poor benefits because when you consider the total compensation package you may actually make more with a recruiter offering less pay weekly. Take the whole pay package and the company benefits into account each time!

If after reading all of this, you still want a general range as to what you can expect to earn as a travel physical therapist (I hear you, I searched far and wide before we started traveling 4.5 years ago), here’s a general guideline I can give you:

  • East Coast and Midwest: $1,500-$1,900/week after taxes
  • West Coast: $1,700-$2,100/week after taxes

Where you can expect to fall within that range will depend on the factors above, but the majority of jobs are going to be within these amounts. Any job offers paying less than this are probably not worth considering. You can certainly make more than this sometimes as well in certain circumstances!

Travel therapy can be confusing and intimidating when first starting out. We’re doing our best to help travelers become as knowledgeable as possible to avoid being taken advantage of by marketing gimmicks and smooth talking recruiters. If you would like help finding a few recruiters and companies that we like and trust then, feel free to reach out and we can help you. If you have any questions or suggestions, then contact us!

 

Written by Jared Casazza, PT, DPT

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Jared has been a traveling physical therapist since 2015 and is co-founder of Travel Therapy Mentor. He travels with his girlfriend, fellow physical therapist, and Travel Therapy Mentor partner, Whitney.

How Big Should Your Emergency Fund be as a Travel Therapist?

Written by Jared Casazza, PT, DPT

What is an Emergency Fund?

An emergency fund is an important part of the total financial portfolio for all individuals and families. This is money that you have set aside that is easily accessible, usually in a checking, savings, or money market account, that is there for peace of mind for when the unexpected inevitably occurs. This could include things like a big car repair, an unexpected medical bill, or last minute travel to be with a suddenly ill friend or relative. These things usually seem to happen at the worst possible times, and since they are unexpected, they can’t really be budgeted for on a monthly basis. Even though this money is, hopefully, rarely touched, the security of knowing that it’s there if you need it can be priceless.

The Importance of an Emergency Fund as a Travel Therapist

In addition to the events above, travel therapists have many additional and usually more frequent unexpected expenses, which I believe constitutes having a larger emergency fund than is generally recommended for the typical individual. Things such as canceled contracts, difficulty finding jobs that fit your desired start date, and potential issues with short term housing all mean either less income, higher expenses, or perhaps both during any given month. An adequate emergency fund can smooth out these bumps in the road and mean a lot less stress in the long term.

Whitney and I have certainly had our fair share of costly unexpected circumstances arise during our last four years as travel therapists. These have included: extremely costly truck and fifth wheel repairs (sometimes at the same time…); Whitney’s fall and subsequent broken arm (with many weeks of missed work and lower pay once she was able to work finally); delaying starting work due to our desired contracts and dates not lining up; Whitney’s grandmother passing away; and also a canceled contract for Whitney (this ended up only being a couple of days of missed work, but could have easily been several weeks under different circumstances). This events were all unfortunate but would have been made much worse if we had money troubles thrown in there at the same time due to not having a big enough emergency fund.

So, How Much Should You Have Saved?

Most conventional financial planners recommend about 3 months worth of expenses as an emergency fund for the average employee. For travel therapists, I think that 3-6 months worth of expenses is a much safer goal with the added uncertainty that comes along with the travel therapist lifestyle. Considering the higher incomes that we make as travelers compared to permanent therapists, I think that this is definitely attainable within the first 1-2 years of working as a traveler.

If this sounds unrealistic to you, especially as a student or new grad, don’t worry, that wasn’t even close to possible for Whitney and I when we started working as new grad travel PT’s. In fact, we had almost zero money saved when we started our first contracts. This is one reason that we chose to take our first contracts only about an hour and a half from our hometown. We knew we needed to save up a big emergency fund before feeling comfortable venturing far outside our comfort zones, and in hindsight we’re very glad we did.

If you’re planning to start traveling soon and have a small or non existent emergency fund like we did, be sure to be extra cautious to minimize unexpected costs while you save up. Taking your first contract in your home state, making sure to have a 40 hour guarantee, getting a 30 day cancellation clause written into your contract, asking for up-front reimbursements on your contract, decreasing your monthly expenses, and signing up only for month to month leases (instead of locking yourself into a 3 month lease) are all great ways to minimize the frequency and/or impact of those unexpected expenses.

Once you’ve minimized your risk as a travel therapist and start working, do your best to get to that 3-6 months worth of expenses emergency fund saved up as quickly as possible. The last thing you want to do is rack up credit card debt paying for emergencies!

Do you have an emergency fund? And if so, how many months of expenses do you have saved? Let us know in the comments below!


If you need help getting in touch with recruiters that will have your back and help you avoid the unexpected as much as possible, then fill out this form and we’ll help you out! If you have questions about emergency funds or anything else travel therapy related, feel free to send us a message.

Be sure to follow along with our travels on Instagram (with occasional giveaways!) and tune into our weekly Facebook Live videos on the Travel Therapy Mentor Facebook page. For more finance related content, check out our other website, FifthWheelPT.com.

Reaching Semi-Retirement in Three Years as a Travel Therapist: Jared’s Story

Written by: Jared Casazza, PT, DPT

The Past

Education

I spent a total of 8 years in college (3 of which were in community college trying to decide my direction in life) which culminated in a Doctor of Physical Therapy degree, earned in May of 2015. Even though I was very proud of this accomplishment and the incredible amount of work it took to achieve it, I knew that physical therapy was not something that I would spend the next 20-30 years of my life doing full time. I’ve had various interests throughout my life and knew myself well enough to know that eventually I would likely become bored with physical therapy like so many of my passions in the past.

My Personality

You see, I get consumed with an area of interest for a period of time, before eventually becoming mostly disinterested once I feel that I’ve achieved a certain level of proficiency in the area. I seem to find something I like and throw myself into being the best that I can be in that area, which ultimately leads to me burning out with the pursuit. In my 30 years, this has happened with basketball, chess, video games, diet/nutrition, powerlifting/bodybuilding, and now to some degree physical therapy and finance. I still enjoy all of these things, but I no longer feel an intense urge to learn everything or be “the best” at them anymore like I did with all of them at one point or another in my life. At some juncture, the return on invested time and energy in any area of interest leads to a point of diminishing returns, and this is always where I seem to gradually disengage. At 30 years of age, I still don’t know if this is a good or bad thing, but I have accepted it as a part of my personality.

Knowing about this personality trait (flaw?), I was skeptical whether the time and money investment that is synonymous with 3 years of graduate school (after already completing 5 years of undergraduate work) would be worth it when I had no idea how long I would be passionate about the field. I ultimately decided that it was, and I am very happy with where I am now because of the choice. Although, I would be lying if I said I never questioned whether a DPT degree is worth it.

Student Loan Debt

Upon graduation in 2015, I had about $95,000 in student debt from grad school alone, and that included trying my best to be frugal by living at home and commuting to classes. Even though this is a massive sum, it is generally on the low end of the debt range of what many physical therapists graduate with. Terrified by this student debt, I became engrossed by the idea of increasing my income and decreasing my expenses to pay down the loans as quickly as possible.

After hundreds of hours of research and performing my own calculations and projections for the future, I ultimately decided that it would be in my best interest to pay the minimum on my loans while investing heavily in retirement and brokerage accounts. This has turned out to be a very good choice so far, with my student debt growing at an effective rate of about 3.2% per year while on the REPAYE plan, and my investment portfolio growing at a rate of around 9% since I started heavily investing (this was closer to 11% before the big drop in December 2018)… and this isn’t even accounting for the tax savings from utilizing the retirement accounts. This plan isn’t for everyone, of course, but I do think it should be a consideration for those trying to reach financial Independence as soon as possible with a lot of student debt.

Financial Independence

As for financial independence, while researching what to do with my student loans in late 2014, I stumbled upon a couple of blogs talking about saving heavily and retiring early, and I was immediately sold. Once I knew the math behind achieving financial independence and calculated “my FI number,” I knew that was the goal I needed to reach as soon as possible. My main motivation for pursuing financial independence so aggressively was to have as many options as possible for the future in case my interests shifted again and I became passionate about something different and wanted to pursue that.

Traveling Physical Therapy

In my first year of physical therapy school, I researched the options and found that the easiest way to make the most money as a physical therapist, in order to reach my financial independence goal, is by taking travel contracts. In some cases a travel physical therapist can make twice as much or more when compared to a therapist taking a permanent full time job in one location, especially as a new grad.

Whitney, my significant other of over 5 years and also a physical therapist who graduated at the same time as me, also liked the idea of making extra money while going on adventures, moving to and working in new places around the country together. Without a doubt, this was one of the best decisions that either of us have ever made.

Living in a Camper

Finding affordable short term housing at each assignment location can be the biggest difficulty of being a travel therapist, and to combat that we saved our money and paid cash for a fifth wheel camper and truck to haul it after our first 6 months of working and saving aggressively. For the majority of our travel careers, we have lived and traveled in the camper. Whether or not we have come out ahead financially with this decision is still up for debate, but we did enjoy the simplicity of finding somewhere to live while traveling in the fifth wheel and also the consistency of our living arrangement. There have been many pros and cons to traveling in a fifth wheel, but overall we wouldn’t change our decision.

Maximizing My Income and Savings Rate

After having a goal of financial independence in my cross-hairs, I wasn’t content with just making more money as a traveling therapist, so I did everything feasible to minimize my expenses while simultaneously finding ways to make more money along the way. This led to working as many hours as my travel assignments would allow with hundreds of hours of overtime in total over three years, taking part time jobs when available, creating this blog (just as a hobby initially with hopes to eventually generate some income), and going a little overboard with credit card rewards.

In reality, I hustled so much and minimized my expenses to a point that I have been able to save 100% of my income earned from my regular 9-5 travel physical therapy jobs, and even extra on top of that some months. The first two years, I was able to live on just the money earned from credit card/bank account sign up bonus combined with overtime hours and part time work. The last year, to my surprise, the FifthWheelPT blog actually started consistently bringing in enough money to cover all of my living expenses most months.

The Present

After 3 years of living frugally and saving my entire full time paycheck as a travel therapist (each year with a savings rate of between 85-90% of my total income), combined with the investment returns I mentioned above, I officially “semi-retired” in July 2018 at 29 years old. I tracked my progress to financial independence with my monthly “Path to 4%” posts each month for the past 2.5 years along the way, and will continue to do so until I fully reach my “FI number.” Even though I haven’t fully reached that number yet, there were various reasons that I went ahead and transitioned into semi-retirement when I did, with a primary one being our desire to travel internationally.

I refer to what I’m currently doing as “semi-retirement” because I still plan to write on this website, write on the FifthWheelPT blog, andhelp those interested in travel therapy get started, which takes up about 5-10 hours per week, and I will also likely continue to work one travel assignment (3 months) per year to keep my physical therapy skills from getting rusty. I still enjoy the job and helping patients, but I no longer wish to do it full time for the entire year.

We celebrated this semi-retirement with a 5 month trip around the world at the end of 2018, which was a wonderful and eye opening experience. By utilizing credit card points to keep expenses lower while traveling, I was able to spend less than an average of $37/day on the trip, all of which was able to be covered by money brought in from this blog. This meant that I didn’t even have to start withdrawing money from my investment accounts, which was a blessing with the market taking such a hit at the end of 2018! This trip really made us realize that life is short and there is so much that we want to see and do before settling down and having kids. We plan to take several more 3-6 month long trips all over the world for the next few years before deciding what’s next for us. We’re currently planning a 15 week trip to Europe in May, which we are extremely excited about.

The Future

Right now, we still own our fifth wheel and truck, but we are considering selling them between now and May when we leave on our next trip, so that we don’t have to pay personal property taxes, insurance, storage fees, and deal with further depreciation while taking these long trips and not using the truck and camper. I have to admit that this has led to a bit of an identity crisis for me, since many people know me as the “Fifth Wheel PT” now… if we sell it do I have to rename the blog?!

We haven’t worked as physical therapists in 7 months since leaving for our Around the World Trip, but after searching for jobs since we returned to the US in December, Whitney finally found a Travel PT contract about 3 hours from home. She started work this week, however I still don’t have a job lined up as of now. I’m working on trying to set up a short term contract or PRN work in the same area as Whitney. But, if I don’t end up working before leaving on our next trip to Europe in May, then I will most likely find a travel contract in September when we get back from the trip. Although that will mean I will have a 15 month gap in my work history, which I’m a little concerned about.

We plan to go to a few physical therapy conferences each year to network with other therapists and students and talk about travel therapy as well as finances and how these things have so positively impacted our lives. I may not be as ravenous with learning new things about personal finance and investing as I once was, but I still enjoy writing and talking about it. I’m also not nearly as involved with travel therapy as I once was, but I have learned a ton and want to spread the knowledge and let others know that an exciting and lucrative adventure is possible.

I’m considering writing a book in the future about personal finance and investing from the perspective of a physical therapist, and possibly even more specifically from the perspective of a travel therapist, but I don’t know that I have the motivation required to do that right now. Nonetheless, I plan to continue to write about whatever interests me on the FifthWheelPT website and to write articles about travel therapy on this website.

Ultimately I’m grappling with the realization that financial independence and retiring early is really just the beginning, not the end of the journey. With time and brain power freed up to a large extent, I’m not sure where I’ll go from here, but I’m okay with that uncertainty.

Conclusion

It has been a wild ride for both Whitney and me since graduation in 2015. I would have never anticipated doing what I am now back then, but I’m very grateful that things have turned out the way that they have.

I undoubtedly sacrificed on some things to reach semi-retirement so quickly, but by no means was I a “miser,” living an unfulfilling life in those 3 years of saving aggressively. We took dozens of weekend trips all over the east coast (Whitney has written all about those trips here); spent a few days in Canada; stayed at an all-inclusive resort in Jamaica for a week; I took my brother to Aruba for his high school graduation; Whitney and I went on a cruise to the Bahamas; and we bought plenty of stuff that we really didn’t need (you know, the American way).

I really didn’t do anything special to get in the position I’m in besides looking for ways to maximize my income and minimize my spending while still having a good time. This combined with a cultivated urge to learn as much as possible in my areas of interest have paid dividends. No two paths are the same, but I feel that just about everyone has room to make headway on these fronts.

Thank you for reading this. If you’re a regular reader, then I hope that you have a little better insight into who I am, and if you’re a new reader, then this should be a good introduction to me and my life. Feel free to reach out to me with questions or comments!

 

This article was originally published on our personal blog. You can learn more about Jared’s story by visiting our blog at FifthWheelPT.com.

Travel Therapy: The Path to Financial Freedom (Guest Post)

Written by Jared Casazza, PT, DPT

I recently wrote an article that was featured on the Covalent Careers (New Grad Physical Therapy) website, which provides resources for PT, OT, and SLP. The title of my article is “Travel PT: The Path to Financial Freedom,” and I discuss how I have used Travel PT as a means to improve my financial future.

Here is an excerpt from the article:

With tuition prices continuing to increase each year, it’s no surprise that the amount of student debt that therapists are graduating with continues to rise as well. I talk to students and new grads every day through my site that are upset about the logistics involved with paying off six-figure student loan debt, while also doing their best to build a life after grad school. Some services, such as Fitbux, offer assistance with determining a plan to handle this debt as a new grad. Fitbux is a wonderful resource for developing the most optimal plan for getting to the zero debt finish line, and having a plan is a vital part of the process. But besides having a sound financial plan, another vital aspect is optimizing income. There are many ways to increase your income when coming out of school, including working multiple jobs or opening your own cash-based practice, but in my opinion, the easiest (and most fun) path to financial freedom is pursuing travel therapy contracts. …

You can check out the full article at: 

https://covalentcareers.com/resources/travel-pt-path-financial-freedom/

A big thanks to Covalent Careers for featuring me on their site!

If you have questions about getting started on your career in travel therapy, please send us a message and we will be happy to help you along the way!