NR 510 Week 3 TD.docx - NR 510 Week 3 TD PART 1 You are a Family Nurse Practitioner(FNP employed as a contact employee in a busy primary care practice

NR 510 Week 3 TD.docx - NR 510 Week 3 TD PART 1 You are a...

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NR 510 Week 3 TD PART 1: 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. Discussion Question : 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).
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For my contract negotiations, I am aware of what my work as an NP contributes to a practice, including being a revenue generator. Buppert (2015), estimates that the pay per patient is $70 per visit. Since I see an average of 20 patients per day that equates to $1400 of revenue generated per day and $7000 per week. Assuming I work 46 weeks of the year, I would generate $322,000 a year. Assuming the practice has a 90 percent
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