NR-510 Wk 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, & two
other nurse practitioners. The owner of the practice recently made
comments about the need to produce more revenue. You relate with his
concerns & 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 & want to stay in the group. You see 20 patients per day on
average, & take call every third weekend.
What negotiation strategies should you use to propose a contract
renewal? Use logical reasoning & provide evidence based rationales for
your decisions. Keep in mind that your negotiation terms & 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 &/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 & be sure to come prepared. Salaries are usually based
off of the average salary of NPs in regards to geographical location, practice setting, &
practice specialty (Danielson, Potenza, & Onieal, 2016). For NPs, the professional
organization AANP gathers & reports salary information (Danielson, Potenza, & Onieal,
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 & life insurance, vacation
time, sick time, holiday pay, professional expenses such as reimbursement for CEUs &
any travel associated with CEUs, professional license renewal, DEA registration,
prescription registration fee, & retirement benefits offered such as a 401-k & 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 &
benefits should be one-third of what is billed under you & 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 & signed by all parties (Danielson, Potenza, & Onieal, 2016).