Is it worth it to work on getting your NP employment contract properly reviewed and negotiated? It is always worth it to negotiate NP contracts so the NP is sure to have a profitable and productive relationship with the NP’s new employer. The overall goal is to be very confident of the nurse practitioner contract details and that nps won’t be hurting 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.
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What is a NP Worth After School?
An NP is a valuable asset to any organization. The knowledge and skill of an NP is 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 clearly worth doing for nurses that are interested.
Your Contract Negotiation
Negotiating an NP contract is important to ensure each NP has clarity on how a nurse’s potential future employer will reward performance; not just now but in the future as well. 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 have better judgement as to what should be included in the NP contract.
Your Clinical and Practice Issues to Review and Negotiate
There are a number of issues within an NP contract that need review and possibly negotiation. These include:
- Salary – Each NP should know the average amount an NP is paid hourly and/or 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 clearly 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, then ensure that the flexibility of your schedule 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.
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 take a look at some estimates. It can help a medical student decide, perhaps, on a career path.
Difference between a Doctor and Nurse Practitioner Programs
A doctor or MD is a doctor of medicine. It takes about 11 post secondary years (after high school) of education, programs and training to become an MD. The duties of a physician include diagnosing illnesses, treating injuries, taking medical histories, ordering diagnostic tests, reviewing tests, and prescribing plans of treatment.
A FNP is a professional who provides care in a number of different healthcare settings. It takes between 6 to 8 years of post secondary education and training in a program to become a nurse practitioner. 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 own 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 large difference in cost. Also to be considered, the physician has years of residency to do where the salary is compressed. Nurse practitioner costs are about 20 to 25 percent less than physician’s costs. 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), it is good to know which would be the answer to the highest paid salaries. So, what are the highest paid nurse practitioners? It might make a difference in the specialty nurses choose for their career. There are a number of 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 a good 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 terms of 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 be quite different. For pediatric nurses, however, the starting salary may be a bit 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 your NP contract is reviewed by an experienced attorney, you will find great financial benefits which end up outweighing the cost of the review. If you are in need of assistance with an employment agreement or contract review schedule a NP Contract Review with Chelle Law today!