I make a base salary and a quarterly bonus. An NP who worked 12 hours and saw 20 patients would be considered less productive than an NP who saw 20. If it is not, I would do a salary/production hybrid. Minimum Qualifications. E.g. The best way to do this is to have a contract . I own a Family Nurse Practitioner clinic and am looking to hire another NP. Classified Title: Nurse Practitioner Role/Level/Range: ACRP/04/MG Starting Salary Range: $100,000 - $116,600 - $148,390 (Commensurate with . All this can put pressure on an organizations staffing budget. Discussions: The estimated number of patients seen in a typical week by nurse practitioners is comparable to that by primary care physicians reported in the literature. RVUs are units of measure assigned to most codes in medical billing. If a bonus is based on collections, the employer should maintain a collections rate of at least 90%. National Library of Medicine In some contracts, the bonus language is so vague that the provider really can't tell when, how, and if he or she would get a bonus. Multiple organizations do not offer substantial raises. Note that there is no industry standard regarding any of the numbers provided above. This model is widespread among larger practices and corporations. Regardless if you are working part-time or full-time though, what is the best form of compensation for a nurse practitioner who is employed? Especially when mid-level providers make up a significant portion of your team. This assumes only 15 patients a day working 240 days a year. Knowing this, we can calculate the level of collections that our mid-level provider needs to produce before they start generating profit for the practice. Journal for Nurse Practitioners. Part 1- The RVU. The construction of strategy for measurement of NP productivity is a prerequisite for studies focusing on impact. . I just pay a flat rate per new and follow up visits though. I would need more of your insights as I venture into this unknown territory. Seems reasonable. Would you negotiate base pay if so by how much? GuideStar Eldercare - Nurse Practitioner Thank you! It is imperative that nurse practitioner students are educated and . Commenting is limited to medical professionals. It varies by specialty, experience and region; these numbers are general recommendations based off my experience. I know with all these 99024 visits I am not directly making money, however I am freeing up time in the other providers schedules for new visits and other billable services. The RVU eliminates any risk to the physician related to employer negotiated rates, capitated fees, reductions in reimbursement rates or failure or delays in collections. Here are some examples of language I have seen in NP contracts: Provider shall be paid an amount, if any, equal to (i) the Applicable Percentage of Net Collected Receipts received during each quarter of each calendar year during the term of employment from all professional services performed by Provider on or after the Effective Date, less (ii) the quarterly Base Salary paid to Provider. Capitated patients can be a windfall, but they are often complex and take more time. B., Trani J. L., Lombardi J. V. (2017). More than happy to help! 1. CorrespondenceRuth Kleinpell, PhD, RN, AGACNPBC, FAANP, Center for Clinical Research & Scholarship, Rush University College of Nursing, Rush University Medical . Hi, A new job wants to pay me 130K base and $34 per RVU on top of that. Quarterly expectation is $150,000+ to get the bonus which is set at $5,000. Is A Nurse Practitioner Cost-Effective? - What I've Learned As A Consequently, you could go weeks with earning very little. "><\/script>'); Figuratively speaking, since I am only there once a week, its actually just 2 days a year, No? The site is secure. Hopefully you can figure out which one the target is based on by the numbers. There is no standard provider bonus structure. Before Physicians have for years recognized the value provided by physician assistants (PAs), nurse practitioners (NPs), and other nonphysician practitioners (NPPs) to enhance their practices'. As the practice owner, you break-even on your investment when the total direct costs of your mid-level provider are equal to the profits that they generate for the practice. Sign up to our email list for updates on the newest articles and courses! You need to negotiate in your contract a salary that is paid regardless of production. That sounds amazing compared to where Im at now. This is the only job Ive had that pays a bonus structure and Im still trying to figure out how much to ask for and what a normal revenue is for a Nurse Practitioner. New Jersey average nurse . If you can get a large percentage of collections such as 60%-70% then go for it. document.write('