NR 510 Week 3 TD
You are a Family Nurse Practitioner (FNP) employed as a contact
employee in a busy primary care practice for 2 years. The providers in the
group include one physician, who is also the owner of the practice, and
two other nurse practitioners. The owner of the practice recently made
comments about the need to produce more revenue. You relate with his
concerns and feel that you have several strategies that could be helpful.
Your contract is up for renewal in 3 months. You are highly satisfied with
your job and want to stay in the group. You see 20 patients per day on
average, and take call every third weekend.
What negotiation strategies should you use to propose a contract
renewal? Use logical reasoning and provide evidence based rationales
for your decisions. Keep in mind that your negotiation terms and
conditions must be within the legal scope of practice for an ANP.
There are many NPs who shy away from contract negotiations because they
assume their contract is predetermined and/or they do not want to get into a disagreement
with their current or potential employer (Danielson, Potenza, & Onieal, 2016). There is
no need to shy away from negotiating a compensation package, just remember that it is a
normal, professional conversation and be sure to come prepared. Salaries are usually
based off of the average salary of NPs in regards to geographical location, practice
setting, and practice specialty (Danielson, Potenza, & Onieal, 2016). For NPs, the
professional organization AANP gathers and reports salary information (Danielson,
Potenza, & Onieal, 2016).
It is important to negotiate more than just a salary into your compensation
package. Common benefits that can also be negotiated include call pay, bonuses, profit-
sharing, health insurance, malpractice insurance, disability and life insurance, vacation
time, sick time, holiday pay, professional expenses such as reimbursement for CEUs and
any travel associated with CEUs, professional license renewal, DEA registration,
prescription registration fee, and retirement benefits offered such as a 401-k and
employer matching (Danielson, Potenza, & Onieal, 2016).
According to Danielson et al. (2016), you should learn how to calculate the
revenue you bring or could bring into the practice. Buppert (2015), says an NPs salary
and benefits should be one-third of what is billed under you and your benefits should
equal out to approximately 25 percent of your base salary. Negotiations should happen
over a few meetings so that both parties are clear as to what the other expects (Danielson,
Potenza, & Onieal, 2016). Once you come to an agreement, a formal, written contract
should be produced and signed by all parties (Danielson, Potenza, & Onieal, 2016).