Is it worth working on adequately reviewing and negotiating your NP employment contract? Negotiating NP contracts is always worth it, so the NP is sure to have a profitable and productive relationship with the NP’s new employer. So, Is Getting Your Nurse Practitioner Worth It? This question may arise in one’s mind, especially when contemplating the disadvantages of being a nurse practitioner. The overall goal is to be very confident of the nurse practitioner contract details and that nps won’t hurt in the future with decisions finalized in the contract. Nurses should never settle. Understand the rights of each NP and study hard to keep them.
What is a NP Worth After School?
An NP is a valuable asset to any organization. The knowledge and skills needed to be a nurse practitioner are in high demand and worth a considerable amount for a health care practice. As an employee of a private practice, clinic or a hospital, an NP contributes to them turning a profit. Thus, nps should be compensated fairly. Nurses that progress from rns to aprns (including fnps) obtain an advanced degree from NP programs allowing them to obtain new certification (like a FNP) and provide additional services. Many NP programs report offering a doctorate to become a DNP. An NP is worth doing for interested nurses.
Your Contract Negotiation
Negotiating an NP contract is vital to ensure each NP has clarity on how a nurse’s potential future employer will reward performance, not just now but in the future. Nurses should realize that emotion should stay out of it, and nps should maintain a calm and focused attitude. When negotiating an NP contract, nurse practitioners are simply having a conversation. Even better than embarking upon this yourself — have an attorney do the review and negotiation for every NP. Someone with experience can better judge what should be included in the NP contract.
Your Clinical and Practice Issues to Review and Negotiate
Several issues within an NP contract need review and possibly negotiation. These include:
- Salary – Each NP should know the average amount an NP is paid hourly and annually. When the NP is aware if the average, the NP will know how to consider potential employer’s offer.
- Bonuses – the NP contract should state how bonuses will be paid and when. It should be well-defined. Don’t let your employer get away with making empty promises.
- Flexibility of Schedule – depending on nurse’s lifestyle and needs regarding scheduling, each NP will need to ensure it is laid out in the nurse practitioner employment contract.
- Vacation Time – most employers already offer about two or three weeks of paid vacation time. Every NP might want to negotiate for a few days more. If no paid vacation is offered, ensure your schedule’s flexibility allows for time away.
There are other points to review, such as continuing education, insurance benefits, and retirement. A thorough NP contract review and effective negotiation puts your career on the right track. You can learn more about the nursing field and professional development from authoritative sources like the American Association of Nurse Practitioners and The American Nurses Association.
FNP vs. Doctor Annual Salary in Practice?
If a FNP has ever wondered do nurse practitioners make as much as doctors, they may get the answers you desire below. Salary differences are not often published, so it is good to look at some estimates. It can help a medical student decide on a career path.
Difference between a Doctor and Nurse Practitioner Programs
A doctor or MD is a doctor of medicine. Becoming an MD takes about 11 post secondary years (after high school) of education, programs and training. The duties of a physician include diagnosing illnesses, treating injuries, taking medical histories, ordering diagnostic tests, reviewing tests, and prescribing treatment plans.
A FNP is a professional who provides care in several different healthcare settings. Becoming a nurse practitioner takes 6 to 8 years of post secondary education and training in a program. Many nurses go from RN to MSN to NP. The duties of an NP include diagnosing acute and chronic conditions, treating illnesses and injuries, ordering and performing x-rays, lab work and other tests, prescribing medications or treatment, and counseling.
Costs to Become a Nurse Practitioner vs Doctors in Health Care
Each person looking to enter the health field should research their state or region for the cost of education for both nps and doctors. Potential student debt could make a difference on which career path you choose. There can be quite a significant difference in cost. Also, to be considered, the physician has years of residency where the salary is compressed. Nurse practitioner costs are about 20 to 25 percent less than physician’s. So the nursing salary will win in the short term, but after residency is done for a physician, their salaries will continue to grow.
Examples of Salary Differences in the United States
Here are some examples of the median pay differences in practicing NPs and physicians. Years ago, the median salaries may have been vastly different, but the current share of salaries follows below:
- In Family Practice (FNPs), the median FNP earns around $89,000, while a physician earns $176,000
- In Emergency Medicine, nurses earn a median of around $103,000, while a physician earns $251,000
- In Pediatrics, an NP earns around $82,000, while a physician earns $171,000
Highest Paid Nurse Practitioners
When an NP chooses a specialty as a nurse practitioner (like a FNP), knowing which would be the answer to the highest paid salaries is good. So, what are the highest paid nurse practitioners? It might make a difference in the specialty nurses choose for their career. There are many options for nurses, and each one is as important to the healthcare system as another. Even if you feel you know what your ideal job would be, it could be an excellent decision to at least look over some of the highest paying specialties for a NP.
5 of the Top Positions
Here are 5 of the specialties which pay the most.
- Certified registered nurse anesthetist – this NP specialty is the highest in pay. Hourly wage can be as high as $87 an hour; annual salary can be between $166,000 and $181,000. Competition is very high for this position.
- Psychiatric mental health nurse practitioner – the pay scale for this specialty annually is around $107,000 to $139,000. The amount can differ from state to state. Some psychiatric mental health nps can prescribe medications.
- Pediatric NP – the specialty of pediatric nurse ranges about $131,000 a year. Although the salaries start to be in a similar range with other specialties, the duties can differ. However, pediatric nurses’ starting salary may be slightly higher than others.
- Orthopedic NP – this specialty has a $123,000 pay range. It is a field that can be very rewarding as you help patients recover from bone and muscle injuries.
- Urology NP – a specialty that isn’t well known, a urology NP makes about $120,000 a year.
Other Well-Paying Specialties
Here are some more specialties for a NP that offer excellent pay per year.
- General FNP — $111,000
- Certified nurse midwife — $108,000
- Pain management nurse — $101,000
- Family NP — $98,000
- Critical care nurse — $74,000
For nurse practitioners, it isn’t always the money that guides someone into choosing a field or specialty. It is often the service and assistance one can be to the patients who need someone to turn to and who can care for them effectively. No matter which specialty you choose, nurses will be of vital service to people in many ways.
When an experienced attorney reviews your NP contract, you will find great financial benefits that outweigh the cost of the review. If you need assistance with an employment agreement or contract review, schedule a NP Contract Review with Chelle Law today!
At Nurse Practitioner Contract Attorney, we’re a proficient legal team specializing in contracts for Nurse Practitioners. Our extensive experience in healthcare enables us to address your contractual challenges, providing tailored advice to protect your professional interests. To navigate your contract negotiations with confidence, feel free to schedule a consultation with us today.