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How to price yourself in health IT consulting - Healthcare IS
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How to price yourself in health IT consulting - Healthcare IS

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When transitioning from permanent employment to contract consulting in healthcare IT you need to understand how to price yourself so that you are making a sound financial decision. …

When transitioning from permanent employment to contract consulting in healthcare IT you need to understand how to price yourself so that you are making a sound financial decision.

In our previous SlideShare presentation we outlined three crucial mistakes that can lead to a short career in contracting, the very first being pricing and budgeting. In this post we hope to address the issue of how to calculate your rate while considering every aspect of working independently.

If you have any additional questions please leave them in the comment section of our blog!

Published in Career , Business , Economy & Finance
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  • 1. HOW to Price Yourself For Health IT Contracting
  • 2. As a contractor, you’re paid on an hourly basis. 8h:00m:00s So, the first thing you want to do is calculate your total compensation as an hourly rate.
  • 3. Total Compensation •  •  •  •  Salary Bonuses Retirement Benefits (medical, dental, vision, disability)
  • 4. You’re not calculating what you pay for these benefits at your current job. You’re calculating what you would pay to get them on your own.
  • 5. In order to convert your salary, based on the typical number of hours a contract consultant will work in a year, divide the number by the 1,680 hours. (40hrs/week times 42 weeks/year)
  • 6. So, there are three ways to accept a contract and make sure you increase your compensation.
  • 7. 1. Work 40hrs/week for 42 weeks a year with a HIGHER hourly rate than the one you just calculated.
  • 8. 2. Get the hourly rate you just calculated while working 40hrs/ week for more than 42 weeks a year.
  • 9. 3. Get the hourly rate you just calculated while working only 42 weeks a year but working more than 40 hours a week.
  • 10. However, if two or all three of the variables above increase from what we’ve calculated, you’ll find that, in most cases, your income will increase by 25% to 40%.
  • 11. Learn More At HealthcareIS.com Receive weekly tips from Healthcare IS on ways to improve your contracting career. •  •  •  •  Ways to negotiate How to get the right contract Who to work with Tips for traveling consultants